Unit 1, West Ridge Business Park Cothey Way Ryde Isle of Wight PO33 1QT

Unit 1, West Ridge Business Park
Cothey Way
Ryde
Isle of Wight
PO33 1QT

Freehold Office/Industrial Investment

Let to Pascall Electronics Limited, guaranteed by Intelek plc
Two self-contained buildings of approximately 2,985 sq m (32,139 sq ft)
4 acre site
Active management potential/redevelopment potential
Important rent review to be activated
Six week completion available

Lot
24
Auction
9th December 2010
Rent
£273,200 per Annum Exclusive
Status
Withdrawn Prior
Price
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP

Important Update Interested?

Expand
Photos
Map

Freehold Office/Industrial Investment

Let to Pascall Electronics Limited, guaranteed by Intelek plc
Two self-contained buildings of approximately 2,985 sq m (32,139 sq ft)
4 acre site
Active management potential/redevelopment potential
Important rent review to be activated
Six week completion available

Lot 24
Auction 9th December 2010
Rent £273,200 per Annum Exclusive
Status Withdrawn Prior
Price
Sector
Office
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP

Property Information

Location

8 miles east of Cowes; 10 miles south of Portsmouth; 85 miles south of London
Roads: A3 (M), M27, A3
Rail: Smallbrook Junction Rail
Air: Gatwick Airport, Southampton Airport

Situation

The property is prominently situated on the east side of Brading Road (A3054), south of its junction with Bullen Road. The location is a mixed-use area with motor trade, office and warehouse occupiers close by. The site is surrounded by residential to the north and east. Nearby occupiers include Tesco, McDonald's and a number of car dealerships.

Tenure

Freehold.

Location

8 miles east of Cowes; 10 miles south of Portsmouth; 85 miles south of London
Roads: A3 (M), M27, A3
Rail: Smallbrook Junction Rail
Air: Gatwick Airport, Southampton Airport

Situation

Tenure

Freehold.

Description

The property comprises TWO MODERN INTERCONNECTING BUILDINGS on a landscaped site of approximately 1.62 hectares (4 acres). The first building is a modern 'L' shaped highly specified OFFICE BUILDING benefiting from suspended ceilings and central heating as well as a double height reception area and a lift. The second building is a single span, portal framed INDUSTRIAL/ PRODUCTION BUILDING with an eaves height of approximately 4.30 metres (14 ft). There are two full height loading doors. The property has approximately 120 car parking spaces on the site.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Building	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review
Building 1 Building 2	Ground First Ground Mezzanine	Office Office Industrial Industrial	941.75 sq m 972.13 sq m 981.88 sq m 68.38 sq m	(10,137 sq ft) (10,464 sq ft) (10,569 sq ft) (736 sq ft)	PASCALL ELECTRONICS LIMITED guaranteed by INTELEK PLC (1)	17 years from 26/05/1999 on a repairing and insuring lease (2)	£273,200	May 2009 (3)
Totals			2,964.14 sq m	(31,906 sq ft) (2)			£273,200

(1) For the year ending 31st December 2009, Pascall Electronics Limited reported a turnover of £9,411,000, a pre-tax profit of £508,000 and a net worth of £1,898,000. (Source: www.riskdisk.com 11/11/2010) For the year ending 31st March 2010, Intelek Limited reported a turnover of £37,706,000 a pre-tax profit of £3,211,000 and a net worth of £4,871,000. (Source: www.riskdisk.com 11/11/2010)(2) The areas stated above for Building 1 are Net Internal Areas (NIA) and for Building 2 Gross Internal Areas (GIA).(3) The lease provides for the rent to be reviewed to either (i) open market value or (ii) 125% of the value of 20,000-50,000 sq ft of modern industrial units in Southampton and Portsmouth based on the GIA of both Building 1 and Building 2, which equates to 3,320.64 sq m (34,667 sq ft). For details please see the rent review provisions in the lease.