Business park investment comprising three terraces of offices
Approximately 2,628.76 sq m (28,296 sq ft) with 90 on-site car parking spaces on a site area of 1.96 acres (0.79 hectares)
Let to tenants including NHS, Secretary of State for the Communities & Local Government and The Environment Agency
Established business park with nearby occupiers include Dunelm, The Range, Halfords, Dulux, National Tyres, Magnet Kitchens and Screwfix
High yielding on Guide Price
Lot 34
Auction 11th December 2019
Rent £211,182 per Annum Exclusive
Status Withdrawn Post
Price
Sector Office
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
Property Information
Location
Miles
26 miles north-west of Birmingham
Roads
A34, A449, M6
Rail
Stafford
Air
Birmingham Airport
Situation
Stafford, the county town of Staffordshire, is located 26 miles north-west of Birmingham. The town benefits from an excellent road network, with junctions 13 and 14 of the M6 located approximately 3 miles to the north and south. The property is located half a mile north of Stafford town centre, adjoining a Site of Specific Scientific Interest and west of the A34 Foregate Street, which provides access to Junction 14 of the M6 motorway. Nearby occupiers include Dunelm, The Range, Halfords, Dulux, National Tyres, Magnet Kitchens and Screwfix.
Tenure
Long Leasehold. Held for a term of 109 years from 8th September 2014 at a current ground rent of £66,245 pa, subject to 5 yearly rent reviews at 2% per annum compounded. The next rent review is on 8th September 2024.
Location
Miles
26 miles north-west of Birmingham
Roads
A34, A449, M6
Rail
Stafford
Air
Birmingham Airport
Situation
Stafford, the county town of Staffordshire, is located 26 miles north-west of Birmingham. The town benefits from an excellent road network, with junctions 13 and 14 of the M6 located approximately 3 miles to the north and south. The property is located half a mile north of Stafford town centre, adjoining a Site of Specific Scientific Interest and west of the A34 Foregate Street, which provides access to Junction 14 of the M6 motorway. Nearby occupiers include Dunelm, The Range, Halfords, Dulux, National Tyres, Magnet Kitchens and Screwfix.
Tenure
Long Leasehold. Held for a term of 109 years from 8th September 2014 at a current ground rent of £66,245 pa, subject to 5 yearly rent reviews at 2% per annum compounded. The next rent review is on 8th September 2024.
Description
The property comprises three separate office terraces each arranged on ground and first floors to provide accommodation totalling some 2,629 sq m (28,296 sq ft). The properties have the benefit of perimeter trunking, suspended ceilings and flexible divisible suites. The property benefits from 90 on-site car parking spaces, on a site area of approximately 1.96 acres (0.79 hectares).
VAT
VAT is applicable to this lot.
EPC
Please see legal pack at acuitus.co.uk.
Description
The property comprises three separate office terraces each arranged on ground and first floors to provide accommodation totalling some 2,629 sq m (28,296 sq ft). The properties have the benefit of perimeter trunking, suspended ceilings and flexible divisible suites. The property benefits from 90 on-site car parking spaces, on a site area of approximately 1.96 acres (0.79 hectares).
Approximately 8 years from 01/06/2018 until 02/06/2026 (2)
£10,820
03/06/2021
3A, 4A & 5A
Ground
344.95 sq m
(3,713 sq ft)
CORY ENVIRONMENTAL (GLOUCESTERSHIRE) LIMITED
6 years from 20/04/2016 (3)
£40,843
-
3B, 4B, 5B & 6B
First
491.55 sq m
(5,291 sq ft)
VACANT
-
-
-
6A
Ground
140.93 sq m
(1,517 sq ft)
FASTSIGNS INTERNATIONAL INC
5 years from 01/09/2019
£13,500
-
7A
Ground
116.13 sq m
(1,250 sq ft)
SECRETARY OF STATE FOR COMMUNITIES AND LOCAL GOVERNMENT
15 years from 22/08/2009
£15,000
-
7B
First
116.13 sq m
(1,250 sq ft)
VACANT
-
-
-
8A & 9A
Ground
272.20 sq m
(2,930 sq ft)
SWM CRC LIMITED guaranteed by INGEUS UK LIMITED
Approximately 9 years from 04/03/2016 expiring 01/04/2025 (4)
£29,400
04/03/2022
8B
First
92.72 sq m
(998 sq ft)
ENABLING SOLUTIONS LIMITED
A term of years from 21/12/2017 (Tenancy at Will)
£11,315
-
9B
First
185.15 sq m
(1,993 sq ft)
THE ROYAL WOLVERHAMPTON NHS TRUST
5 years from 04/03/2015
£19,930
-
10A & 11A
Ground
204.38 sq m
(2,200 sq ft)
ENVIRONMENT AGENCY
10 years from 21/07/2010
£27,500
-
10B & 11B
First
196.86 sq m
(2,119 sq ft)
VACANT
-
-
-
Total
2,628.76 sq m
(28,296 sq ft)
£211,182
(1) The lease provides for a tenant option to determine on 03/06/2023. The current rent passing is £16,107 per annum with a fixed rental increase on 30/06/2020 to £16,874 per annum - the vendor has agreed to make an allowance on completion so that the rent on completion will be £16,874 per annum. (2) The tenant recently expanded their occupation from Unit 1A into Units 1A and 2A. The lease provides for a tenant option to determine on 02/06/2021. (3) The lease provides for a tenant option to determine on 20/10/2020 with a one month rent free period if the tenant doesn't exercise their break option. (4) The lease provides for a tenant option to determine on 01/04/2022 with a rent penalty equivalent to 3 months if the break is exercised and a rent free period of 3 months if the tenant does not exercise their break option.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
