Units 1 - 11 Greyfriars Business Park
Frank Foley Way
Stafford
ST16 2ST

Substantial High Yielding Office Investment

  • 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
    11/Dec/2019
  • Rent
    £211,182 per Annum Exclusive
  • Status
    Available
  • Price*
    £850,000
  • Sector
    Office
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
Important Auction & Property Update
  • Units 1 - 11 Greyfriars Business Park<br>Frank Foley Way<br>Stafford<br>ST16 2ST
  • Expand
  • Photos
  • Map

* More information on the term "price" can be found here

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.

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.

Tenancy & Accommodation

 FloorFloor Areas (Approx)TenantTermRent p.a.x.Next
Review
1AGround
125.42 sq m
(1,350 sq ft)
INSTITUTE OF EXPLOSIVES
ENGINEERS
10 years from 03/06/2016 (1)£16,87430/06/2020
(1)
1B &
2B
First
First
125.74 sq m
116.08 sq m
(1,353 sq ft)
(1,250 sq ft)
STAFFORDSHIRE & STOKE-ON-TRENT
PARTNERSHIP NHS TRUST
10 years from 05/04/2013£26,000-
2AGround
100.52 sq m
(1,082 sq ft)
INSTITUTE OF EXPLOSIVES
ENGINEERS
Approximately 8 years from 01/06/2018 until 02/06/2026 (2)£10,82003/06/2021
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---
6AGround
140.93 sq m
(1,517 sq ft)
FASTSIGNS INTERNATIONAL INC5 years from 01/09/2019£13,500-
7AGround
116.13 sq m
(1,250 sq ft)
SECRETARY OF STATE FOR COMMUNITIES AND LOCAL GOVERNMENT15 years from 22/08/2009£15,000-
7BFirst
116.13 sq m
(1,250 sq ft)
VACANT---
8A & 9AGround
272.20 sq m
(2,930 sq ft)
SWM CRC LIMITED guaranteed by INGEUS UK LIMITEDApproximately 9 years from 04/03/2016 expiring
01/04/2025 (4)
£29,40004/03/2022
8BFirst
92.72 sq m
(998 sq ft)
ENABLING SOLUTIONS LIMITEDA term of years from 21/12/2017 (Tenancy at Will)£11,315-
9BFirst
185.15 sq m
(1,993 sq ft)
THE ROYAL WOLVERHAMPTON NHS TRUST5 years from 04/03/2015£19,930-
10A &
11A
Ground
204.38 sq m
(2,200 sq ft)
ENVIRONMENT AGENCY10 years from 21/07/2010£27,500-
10B & 11BFirst
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 £500 plus VAT (£600 inclusive of VAT) buyer's administration charge payable to Acuitus Limited

Property Documents

  • Solicitors Legal Pack
    Updated Date
    05.12.19
    File Size
    49 MB
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  • Catalogue Page
    Updated Date
    20.11.19
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    20.11.19
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    19.09.19
    File Size
    150 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    19.09.19
    File Size
    36 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George GoucherGeorge Goucher +44 (0)20 7034 4860george.goucher@acuitus.co.uk
Seller's Solicitors
W Legal 5th Floor Maybrook House, 40 Blackfriars Street
Manchester
M3 2EG
0161 214 4001
Michael Lopian 0161 214 4001michael.lopian@wlegal.co.uk

Useful Links

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