Office 11 was originally is own self-contained office but the previous owners knocked through from office 12 next door to create one open plan space ground and first floor space.
The current owners are looking to return the building back to its original configuration (at their cost) and give a sale and lease back on office 11. On completion of the sale a new lease will simultaneously start for a term of 5 years at a rent of £27,188 per annum + VAT. The lease will be based on standard commercial full repairing and insuring terms and will contain a three year mutual break clause having given 6 months prior written notice. A full Credit Safe company report is available on the proposed tenant which gives a international credit score of A and a contract limit of £75,000 with a net worth of £559,769 for accounts year ending 2023.
The building itself is a modern construction built in 2008, in recent times the building has been upgraded with new air conditioning units and LED lights. The accommodation is laid out as follows: Ground floor entrance door leads to a corridor with disabled access toilet, electrical cupboard and a door leading to the ground floor office or first floor via the stairs. The ground floor office is open plan with eight windows giving plenty of natural light into the space. The ceilings are suspended ceilings tiles with LED lights set within them, the floors are carpeted floor tiles and there is a kitchen facility as well as a separate room with sink currently used as a storage cupboard. On the first floor there is a toilet at the top of the stairs as a store room next door to it which could be converted into a kitchen/breakout room given its proximity to the toilets plumbing next door. There is a large board room/meeting room with four windows and infrastructure for a large LCD display screen. The main office space is open plan featuring five windows, carpet tiles, suspended ceiling tiles and LED panels in the ceiling.
Location
Located off Timothy's Bridge Road on the Stratford Enterprise Park with easy road access to the A46 and M40 at junction 15. The property is also located within walking distance of the town with a present canal side walk into the town via the towpath or pavement. Timothy's Bridge Road also is on the main bus route with regular buses into and out of the Town.
Accommodation
Ground and first floor space.
Terms
Price: £335,000 + VAT.
Tenure: The property is long leasehold but the Freeholder has indicated they would sell the Freehold interest should any purchaser be interested.
Service Charge: The service charge for the whole building is £343.42 per quarter (2023) this would need to be reapportioned if the building were to be split into Offices 11 & 12.
Rateable Value: The rateable value for the whole building is £52,500 (2023) this would need to be re-evaluated if the building were to be split into Offices 11 & 12 source: www.voa.gov.uk
Rates Payable: The rates payable are calculated as a multiplier of the rateable value. If the rateable value is £12,000 or less, small businesses may be entitled to 100% rates relief providing the property is their only business premises. Any interested applicants should contact the local authority and verify the multiplier and check if any rates relief is available for their business.
Legal Costs & Holding Deposit: Each party pays their own legal costs.
VAT: Value Added Tax at the prevailing rate is applicable on all costs shown in these particulars apart from business rates.
EPC: The Energy Performance Rating of the property is = B.
A full copy of this report is available from the agent’s office upon request.
Specification
- 8.1% Gross Yield
- Sale & Lease Back
- New 5 Year Lease with 3 Year Break
- £27,188 per annum + VAT
- £335,000 + VAT