Let to Managed Serviced Offices Limited until 2024 at only £5 p.s.f.
3 yearly RPI linked rental increases (3)
Approximately 1,490.90 sq m (16,048 sq ft) of flexible accommodation
Adjacent to the major Merry Hill Shopping Centre and “The Landmark” residential development
Currentlyproducing £80,240 (2)
Residential conversion potential (subject to consents) with canal frontage
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 38
Auction 23rd March 2016
Rent £80,240 per Annum Exclusive
Status Sold
Price £800,000
Sector Office
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
10 miles west of Birmingham, 8 miles south of Wolverhampton, 24 miles north of Worcester
Roads
A458, A4036, A491, M5
Air
Birmingham Airport
Situation
Dudley Court South is situated some 2.5 miles south-west of Dudley town centre on a 750,000 sq ft business park accessed off Waterfront Way. The major Merry Hill Shopping Centre is approximately 700 metres to the south, with anchor tenants including M&S, Debenhams and Sainsbury’s. Also located nearby is “The Landmark”, a major housing development consisting of some 181 apartments.
Tenure
Virtual Freehold. Held for a term of 999 years from 25/03/1989 (less two days) at a peppercorn rent.
Location
Miles
10 miles west of Birmingham, 8 miles south of Wolverhampton, 24 miles north of Worcester
Roads
A458, A4036, A491, M5
Air
Birmingham Airport
Situation
Dudley Court South is situated some 2.5 miles south-west of Dudley town centre on a 750,000 sq ft business park accessed off Waterfront Way. The major Merry Hill Shopping Centre is approximately 700 metres to the south, with anchor tenants including M&S, Debenhams and Sainsbury’s. Also located nearby is “The Landmark”, a major housing development consisting of some 181 apartments.
Tenure
Virtual Freehold. Held for a term of 999 years from 25/03/1989 (less two days) at a peppercorn rent.
Description
The property comprises a well specified and modern self-contained building on the ground and first floors offering flexible accommodation and benefitting from central heating, suspended ceilings and two passenger lifts. The property benefits from designated car parking spaces in addition to ample free parking in a large car park adjoining the office complex.
Six Week Completion
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a well specified and modern self-contained building on the ground and first floors offering flexible accommodation and benefitting from central heating, suspended ceilings and two passenger lifts. The property benefits from designated car parking spaces in addition to ample free parking in a large car park adjoining the office complex.
Six Week Completion
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground First
Office Office
745.45 sq m 745.45 sq m
(8,024 sq ft) (8,024 sq ft)
MANAGED SERVICED OFFICES LIMITED (1)
10 years and 6 months from 22/11/2013 until 21/05/2024 (2)
£80,240 (2)
22/11/2016 and 3 yearly rental increases linked to RPI (3)
Totals
1,490.90 sq m
(16,048 sq ft)
£80,240
1) Managed Serviced Offices offer a range of fully furnished, flexible, serviced offices for clients with business centres throughout the West Midlands, Central England and the South East. (Source: www.msoworkspace.com) (2) Under the terms of the lease, the current rent reserved is £64,192 p.a.x. The lease provides for the rent to be reviewed on 22/11/2016 to a minimum of £80,240 p.a.x. or increased further in line with the formula dated in the rent review clause in the lease. The seller will pay to the buyer the difference between the current rent reserved of £64,192 p.a.x. and £80,240 p.a.x. Therefore the property will produce a minimum of £80,240 per annum exclusive. (3) The rent reviews are linked to the Retail Price Index (please see lease for formula).
