Summary
The property is a detached warehouse / industrial building now used as a showroom and trade counter unit.
The unit is of steel portal frame construction with low level brickwork and insulated cladding above, under a pitched steel sheet insulated roof.
Internally the unit provides showroom and office space to the front of the ground floor with warehouse space behind. There is further storage on an area of mezzanine floor above the front office space.
Access to the building is a pedestrian door way in the front elevation or via roller shutter doors in the side elevation.
Key Points
Detached Trade Counter UnitWell established, good quality tenantTenant lease to 2028 at rent of £85,000 paLong leasehold for sale£750,000 plus VAT subject to contract
Tenure
The property is held by way of a ground lease from Wiltshire Council for a term of 125 years commencing 29th March 1985. The current ground rent payable is £14,700 per annum which is subject to review every 14 years. The next review is therefore due on 29th March 2025.
The rent is to be reviewed to 14% of the “full annual rack rent” of a hypothetical warehouse building of no less than 15,000 sq.ft. The whole property has been sub let to Howden Joinery Properties Ltd (Company Reg No. 05656171) on a full repairing and insuring lease for a Term of 10 years commencing 19th December 2018. The rent payable from the review date of 31st August 2023 is £85,000 pa. There is a further rent review due on 31st August 2028.
Howden Joinery Limited (Company Reg No. 00526923) stand as guarantor to the lease.
A copy of the ground lease and the occupational lease are available from the agent on request.
Tenant Profile (Source - Creditsafe)
Howdens is a leading trade supplier of fitted kitchen. See https://www.howdens.com/
The tenant, Howden Joinery Properties Ltd; for the year 2023 recorded a turnover of £76,699.000 with a pre tax profit of £2,709,000. The Company has a Creditsafe Score of 86 “very low risk”.
The Guarantor company, Howden Joinery Ltd; for 2023 recorded a turnover of £2,264,615,000 with a pre tax profit of £387,704,000. The Company has a Creditscore of 100 “very low risk”
Terms
The long leasehold interest is offered for sale subject to the occupational lease to Howden Joinery Properties Ltd at a price of £750,000 subject to contract and exclusive of VAT.
Business Rates
Rateable Value effective from 1st April 2023, £60,500.
EPC
Rating C - 69
Legal Costs
Each party shall be responsible for their own legal costs incurred in any transaction.
Location
Chippenham is a busy and expanding town with a population of approximately 40,000 people, located approximately 4 miles south of Junction 17 of the M4 Motorway. The Bumpers Farm Industrial Estate is the primary industrial and warehouse location in Chippenham. The Estate benefits from direct access from the A350 Chippenham western by-pass.