10 year lease from October 2017 (subject to option)
Approximately 5,284 sq ft
Other occupiers on the estate include Jewson, Howdens and Plumb Center
Strategic location close to A1(M) and about 1/2 mile east of Letchworth town centre
Lot 43
Auction 11th July 2018
Rent £39,000 per Annum Exclusive
Status Sold Prior
Price
Sector Industrial/Warehouse
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
4 miles north-east of Hitchin, 20 miles south-west of Cambridge
Roads
A505, A1(M) (junction 9)
Rail
Letchworth Garden City Railway Station
Air
London Luton Airport
Situation
The property is situated on Works Road, close to its junction with Arden Press Way, on the strategically located Woodside Industrial Estate. Woodside Industrial Estate benefits from easy access to A1(M) via junction 9 which is approximately 1 mile away. Other occupiers on the estate include Jewson, Howdens, Plumb Center and a number of independent operators.
Tenure
Virtual Freehold. For a term of 999 years (less 10 days) from 25th December 1909 at a current rent of £4,343.48 p.a.x., subject to rent reviews every 25 years. The next rent review is in 2033 when the rent will increase to £7,125.96 p.a.x. Thereafter (beginning in 2058) the rent will increase to the higher of OMV of the land or 2% annually compounded from 2008, the base figure being the current rent. The rent is subject to any change in the ratio of the lettable space within the demise to the lettable space within the Estate.
Location
Miles
4 miles north-east of Hitchin, 20 miles south-west of Cambridge
Roads
A505, A1(M) (junction 9)
Rail
Letchworth Garden City Railway Station
Air
London Luton Airport
Situation
The property is situated on Works Road, close to its junction with Arden Press Way, on the strategically located Woodside Industrial Estate. Woodside Industrial Estate benefits from easy access to A1(M) via junction 9 which is approximately 1 mile away. Other occupiers on the estate include Jewson, Howdens, Plumb Center and a number of independent operators.
Tenure
Virtual Freehold. For a term of 999 years (less 10 days) from 25th December 1909 at a current rent of £4,343.48 p.a.x., subject to rent reviews every 25 years. The next rent review is in 2033 when the rent will increase to £7,125.96 p.a.x. Thereafter (beginning in 2058) the rent will increase to the higher of OMV of the land or 2% annually compounded from 2008, the base figure being the current rent. The rent is subject to any change in the ratio of the lettable space within the demise to the lettable space within the Estate.
Description
The property comprises ground floor warehouse accommodation with the first floor providing office accommodation. The property benefits from loading facilities at the rear and forecourt parking.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises ground floor warehouse accommodation with the first floor providing office accommodation. The property benefits from loading facilities at the rear and forecourt parking.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
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/ (Reversion)
Ground First
Warehouse Offices
369.30 sq m 121.40 sq m
(3,976 sq ft) (1,308 sq ft)
THP SYSTEMS LTD (1)
10 years from 06/10/2017 (2) on a full repairing and insuring lease (3)
£39,000
06/10/2022 (05/10/2027)
Total
490.70 sq m
(5,284 sq ft)
£39,000
(1) Founded in 2010, THP Systems provide vibration test systems, shakers, products and solutions for the aerospace, automotive, defence, telecoms and ground transportation industries (Source: www.thp-systems.com 12/06/2018). A rent deposit equal to 3 months rent plus VAT is held by the Vendor. (2) The lease provides for a tenant option to determine on 5th October 2022. (3) The lease is let on full repairing and insuring terms subject to a photographic Schedule of Condition.
