FOR SALE – FREEHOLD OFFICE & WAREHOUSE INVESTMENT
Fully let and producing £111,500 PAX plus Vat
LOCATION: Stowmarket is a busy market town adjoining the A14 between Ipswich and Bury St Edmunds. Stowmarket Railway Station is on the Norwich to London main line and provides a service to Liverpool Street with a journey time of approximately 1 hour 40 minutes. The property is located on the southern side of Creeting Road on the Tomo Industrial Estate which is located east of Stowmarket town centre.
DESCRIPTION: The property comprises a modern, two storey, self contained office building with a self contained 3 bay warehouse to the rear, all of which is fully let. There is ample on site car parking. The office accommodation comprises a variety of partitioned and open plan office circulation areas with ancillary storage, kitchens, Disabled and male and female WCs and a shower room. The accommodation is mostly air conditioned and provides attractive and flexible office accommodation with a full I.T network and excellent broadband capabilities.
ACCOMMODATION: The overall property provides the following approximate accommodation measured on net and gross internal basis:
First Floor Offices-Let 4,270 sq ft (396.6 sqm)
Ground Floor Stores / reception / office / server 3,903 sq ft (362.6 sqm)
Offices Sub-Total 8,173 sq ft (759.2 sqm)
Warehouse Area-Let (GIA) 24,304 sq ft (2,257 sqm)
2 separate storage areas each comprising 567 sq ft (52.70 sqm)
Warehouse Sub-Total 24,871 sq ft (2310.50 sqm)
Grand Total 33,044 sq ft (3,069 sqm)
The property occupies an overall site area of 0.467 hectares. (1.15 acres) and includes an additional car parking area let for £1,000 p.a plus Vat.
PLANNING: The offices have planning permission for uses within Class B1 of the 1987 Use Classes Order, whilst the warehouse has planning within Class B8. The office building may also suit alternative uses, subject to planning.
BUSINESS RATES: The property is assessed as follows:-
Ground Floor-Offices & Premises RV £23,000. First Floor-Offices & Premises RV £23,500.
Warehouse & premises- RV £72,000.
TENANCIES: The warehouse is let to Monumart Ltd for a term of 10 years from 8th August 2016 at a rental of £70,000 PAX plus Vat subject to a break clause and rent review at the 5th year. A rent deposit is held; further information available on request. Nb The tenant is not in occupation and the warehouse lease is on the market for assignment. The entire office building is let to Juuce Ltd on two, 5 year FRI leases which expire 10th April 2023 at a rental of £41,500 PAX plus Vat, increasing to £42,500 in 2020 and £43,500 PAX in 2021. A rent deposit is held-further details upon application. The entire property is therefore fully let and producing £111,500 PAX plus Vat which increases to £113,500 PAX plus Vat by 2021.
TENURE: The overall property is held on a freehold tenure. There is a site security charge payable. Further details on application.
PROPOSAL: Offers invited in the region of £1,200,000 plus Vat for the benefit of this fully let, freehold investment. This represents an attractive capital value of around £387 per sqm. (£36 per sq ft) overall or a gross yield of 9.3% and a net yield, after deducting purchaser’s costs, of just under 9%.
VIEWING: Strictly by prior appointment through Beane Wass & Box.
Tel: (01473) 212656 or E-Mail: firstname.lastname@example.org
Contact Richard Bertram
SUBJECT TO CONTRACT