Freehold and Long Leasehold Offices and Former Printworks - Investment and Development Opportunity
Part let to Local World Limited, trading as Grimsby Telegraph
Highly visible site on the A180 Inner Ring Road
Sea views from the upper floors
Close to Grimsby’s marina and docks
Development proposal for 43 flats – subject to consents
Lot 54
Auction 9th July 2014
Rent £66,906 per Annum
Status Sold
Price £400,000
Sector Office
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
On behalf of Helix Property Advisors
Property Information
Location
Miles
28 miles east of Scunthorpe, 33 miles south-east of Hull, 77 miles east of Leeds
Roads
A16, A18, A180 (M180)
Rail
New Clee Station, Grimsby Docks Station
Air
Humberside Airport (14 miles)
Situation
The property is situated in a highly visible position on the south side of the A180 Cleethorpe Road, close to Grimsby’ s marina and docks, the upper floors benefiting from sea views.
Tenure
Freehold. Parts of the print works to the rear are held on 7 separate long leases from the Enrolled Freemen of Grimsby, 5 expiring in 2027, 1 in 2117 and 1 in 2120, in addition there are two licence agreements, the combined total rent due is £3,722 per annum. Please refer to the legal pack for further details.
Location
Miles
28 miles east of Scunthorpe, 33 miles south-east of Hull, 77 miles east of Leeds
Roads
A16, A18, A180 (M180)
Rail
New Clee Station, Grimsby Docks Station
Air
Humberside Airport (14 miles)
Situation
The property is situated in a highly visible position on the south side of the A180 Cleethorpe Road, close to Grimsby’ s marina and docks, the upper floors benefiting from sea views.
Tenure
Freehold. Parts of the print works to the rear are held on 7 separate long leases from the Enrolled Freemen of Grimsby, 5 expiring in 2027, 1 in 2117 and 1 in 2120, in addition there are two licence agreements, the combined total rent due is £3,722 per annum. Please refer to the legal pack for further details.
Description
The front of the property comprises a four floor office building with modern internal specification including air conditioning, gas central heating, Category 2 lighting and perimeter trunking. There is a communal reception area and the offices are predominantly open plan, each floor having its own kitchen and toilet facilities allowing for letting on a floor by floor basis. The rear of the property comprises the two storey former printworks with loading bay. The property also benefits from on-site car parking.
VAT
VAT is applicable to this lot.
Viewings
There will be block viewings for this property. Interested parties must register
their details with the Auctioneers and may be required to provide identification
on site.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The front of the property comprises a four floor office building with modern internal specification including air conditioning, gas central heating, Category 2 lighting and perimeter trunking. There is a communal reception area and the offices are predominantly open plan, each floor having its own kitchen and toilet facilities allowing for letting on a floor by floor basis. The rear of the property comprises the two storey former printworks with loading bay. The property also benefits from on-site car parking.
VAT
VAT is applicable to this lot.
Viewings
There will be block viewings for this property. Interested parties must register
their details with the Auctioneers and may be required to provide identification
on site.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a
Reversion
Ground
Office
516.45 sq m
(5,559 sq ft)
VACANT
First
Office
1,033.01 sq m
(11,118 sq ft)
VACANT
First
Server Rooms
Not Measured
LOCAL WORLD LIMITED
4 years 11 months from 31/12/2012 (1)
£3,535
Second
Office
841.06 sq m
(9,053 sq ft)
LOCAL WORLD LIMITED
4 years 11 months from 31/12/2012 (2)
£63,371
01/12/2017
Third
Office
348.39 sq m
(3,750 sq ft)
VACANT
Sub Total
2,738.91 sq m
(29,480 sq ft)
Ground
Print Works
2,016.40 sq m
(21,704 sq ft)
VACANT
First
Print Works
1,040 sq m
(11,194 sq ft)
VACANT
Sub Total
3,056.40 sq m
(32,898 sq ft)
Totals
5,795.31 sq m
(63,378 sq ft)
£66,906
(1) Negotiations are taking place for a lease of two server rooms on the first floor in addition to the tenants occupation of the premises on the second floor of the building at a proposed rent of £3,535 pa. There is a mutual rolling option to determine the lease on 3 months notice. The sellers intend for the lease to be in place on completion of the sale of the property. (2) There is a mutual rolling option to determine the lease given 6 months notice. The lease is subject to a schedule of condition.
