Modern light industrial terrace comprising 10 units
Located within the established Space Business Park
Strategically located close to Junction 2 of the M2 motorway
Lot 46
Auction 19th October 2017
Rent £55,987 per Annum Exclusive
Status Sold
Price £540,000
Sector Industrial/Warehouse
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
8 miles north of Maidstone, 30 miles south east of Central London
Roads
A228, M2 (Junction 2)
Rail
Strood Rail (1 mile)
Air
Southend Airport & London City Airport
Situation
The property is situated on Knight Road, Strood's main industrial and commercial area. The terrace forms part of Space Business Park which comprises 51 units over 1.39 acres. Other nearby occupiers include Royal Mail and Speedy Hire. The location benefits from quick access to the M2 Motorway (Junction 2).
Tenure
Freehold.
Location
Miles
8 miles north of Maidstone, 30 miles south east of Central London
Roads
A228, M2 (Junction 2)
Rail
Strood Rail (1 mile)
Air
Southend Airport & London City Airport
Situation
The property is situated on Knight Road, Strood's main industrial and commercial area. The terrace forms part of Space Business Park which comprises 51 units over 1.39 acres. Other nearby occupiers include Royal Mail and Speedy Hire. The location benefits from quick access to the M2 Motorway (Junction 2).
Tenure
Freehold.
Description
The property comprises a terrace of 10 ground floor light industrial units with flexible mezzanine floors. Each unit has front elevation loading access with a dedicated parking space, access to shared visitor parking and the estate’s two amenity blocks. The property forms part of the larger Space Business Park. Further information about the scheme can be found at http://www.spacebc.com.
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 terrace of 10 ground floor light industrial units with flexible mezzanine floors. Each unit has front elevation loading access with a dedicated parking space, access to shared visitor parking and the estate’s two amenity blocks. The property forms part of the larger Space Business Park. Further information about the scheme can be found at http://www.spacebc.com.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Floor Areas (Approx)
Tenant
Term
Rent/Licence Fee p.a.x.
Reversion
Unit 1
Ground & Mezzanine
39.76 sq m
(428 sq ft)
INDIVIDUAL t/a JLB Limited
Licence to occupy from 27/01/2017 (1)
£5,598.42 (2)
Unit 2
Ground & Mezzanine
36.23 sq m
(390 sq ft)
INDIVIDUAL t/a Acute Elevators
Licence to occupy from 11/02/2015 (1)
£5,499.92 (2)
Unit 3
Ground & Mezzanine
36.23 sq m
(390 sq ft)
THE SELLER by way of a leaseback t/a Space Business Park Managers Office
3 years from completion (3)
£5,558 (4)
November 2020
Unit 4
Ground & Mezzanine
36.23 sq m
(390 sq ft)
ROCA TRADING
3 years from 15/06/2017 (5)
£5,557 (2) (6)
14/06/2020
Unit 5
Ground & Mezzanine
36.23 sq m
(390 sq ft)
INDIVIDUAL t/a EJS Floor Solutions
Licence to occupy from 16/03/2016 (1)
£5,732.36 (2)
Unit 6
Ground & Mezzanine
36.23 sq m
(390 sq ft)
MODERN LIGHTING SOLUTIONS LTD
3 years from 24/04/2017
£5,460 (2) (7)
23/04/2020
Unit 7
Ground & Mezzanine
36.23 sq m
(390 sq ft)
INDIVIDUAL
Licence to occupy from 26/08/2015 (1)
£5,732.36 (2)
Unit 8
Ground & Mezzanine
36.23 sq m
(390 sq ft)
PRESSFORD SAFETY SERVICES LIMITED
Licence to occupy from 30/09/2015 (1)
£5,732.36 (2)
Unit 9
Ground & Mezzanine
36.23 sq m
(390 sq ft)
INDIVIDUAL t/a Southern Insulation (Kent) Limited
Licence to occupy from 04/02/2013 (1)
£5,378.36 (2)
Unit 10
Ground & Mezzanine
36.23 sq m
(390 sq ft)
INDIVIDUAL t/a Pilon Limited
Licence to occupy from 04/08/2017 (1)
£5,732.36 (2)
Total
365.83 sq m
(3,938 sq ft)
£55,981.14 (2)
(1) The licenses provide 3% per annum rent increases and rolling mutual break option, subject to one month’s notice. (2) The licence fees stated in the schedule above are the approximate net fees, i.e the contractual fee less the approximate service charge. The 2017 service charge equates to £3.52 psf. (3) The lease provides a mutual rolling tenant break option subject to one year’s notice. (4) The leases provide fixed rental increases to £5,753 p.a.x. in year 2 and £5,948 p.a.x. in year 3. (5) There is an agreement in place which provides a tenant option to purchase the unit in the first 6 months of the term. Please refer to the legal pack for further information. (6) The lease provides fixed rental increases to £5,752 p.a.x. in year 2 and £5,947 p.a.x. in year 3. (7) The lease provides fixed rental increases to £5,655 p.a.x. in year 2 and £5,850 p.a.x. in year 3.
