Entirely let to Interserve (Facilities Management) Limited - ultimately owned by Interserve Plc
Reversionary lease recently signed extending the term for an additional 5 years (subject to option)
Accommodation totalling approximately 1,088.95 sq m (11,722 sq ft) on a large site of approx 0.65 hectares (1.60 acres)
Future redevelopment potential (subject to consents)
Lot 69
Auction 18th October 2018
Rent £120,000 per Annum Exclusive
Status Sold
Price £850,000
Sector Office
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
15 miles south of Birmingham, 18 miles west of Royal Leamington Spa, 19 miles north-east of Worcester
Roads
A435, M42, M40, M5
Rail
Redditch Railway Station
Air
Birmingham International Airport
Situation
The property is situated in an established office and industrial area, strategically located on the A435 which provides access to the M42, M40 and M5 to the north. Nearby occupiers include Toolstation, Valeo, Adare SEC, Carpet & Flooring, Gardner Denver and Avon.
Tenure
Freehold.
Location
Miles
15 miles south of Birmingham, 18 miles west of Royal Leamington Spa, 19 miles north-east of Worcester
Roads
A435, M42, M40, M5
Rail
Redditch Railway Station
Air
Birmingham International Airport
Situation
The property is situated in an established office and industrial area, strategically located on the A435 which provides access to the M42, M40 and M5 to the north. Nearby occupiers include Toolstation, Valeo, Adare SEC, Carpet & Flooring, Gardner Denver and Avon.
Tenure
Freehold.
Description
The property comprises a two storey detached office building on a large site totalling 0.65 hectares (1.60 acres) with substantial car parking.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
C
Description
The property comprises a two storey detached office building on a large site totalling 0.65 hectares (1.60 acres) with substantial car parking.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
C
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reversion
Ground First
Office Office
452.59 sq m 636.36 sq m
(4,872 sq ft) (6,850 sq ft)
INTERSERVE (FACILITIES MANAGEMENT) LIMITED (1)
15 years from 22/12/2008 on a full repairing and insuring lease (2)
£120,000
21/12/2023
Total
1,088.95 sq m
(11,722 sq ft)
£120,000
(1) Interserve (Facilities Management) Limited is ultimately owned by Interserve Plc, a leader in construction, equipment, facilities management and citizen services. Interserve is headquartered in the UK and is FTSE listed (www.interserve.com). For the year ending 31st December 2017, Interserve (Facilities Management) Limited reported a turnover of £654,375,000, pre-tax profits of £1,697,000 and a total net worth of £33,373,000 (Source: Experian Group 19/09/2018). (2) The tenant occupies the property under a lease for a term of 10 years from 22/12/2008 until 21/12/2018 at a current rent reserved of £120,000 p.a.x. A reversionary lease has been signed extending the term for an additional 5 years from 22/12/2018 until 21/12/2023 at a rent of £120,000 p.a.x. The reversionary lease provides for a tenant option to determine on 22/12/2021.
