FOR SALE. OFFICE INVESTMENT Oak House West, Bromyard Road, Worcester, WR2 5HP. fishergerman.co.uk. hallscommercial.co.uk

Transcription

1 hallscommercial.co.uk

2 High yielding office investment. Prominent position fronting main arterial route into Worcester City Centre 4,796 sq ft. ( sq m) two storey office building. Rental income of 30,100 per annum exclusive. Freehold We are instructed to seek offers in the region of 350,000 (three hundred and fifty thousand pounds) subject to contract and exclusive of VAT for the freehold interest in the property. A purchase at this level would reflect a net initial yield of 8.29%. This reflects an attractive capital value of per sq. ft.

3 Location The property sits at the entrance to Everoak Industrial Estate which is accessed off the A44 Bromyard Road approximately 1 mile west of Worcester city centre. There is easy access to the west to the A4440 Western and Southern bypass which in turn links to Hereford via the A44 (to the west), Malvern via the A449 (to the south west) and the M5 at junction 7 (to the south east). Bromyard Road is a busy main arterial route leading directly into Worcester city centre and the area immediately surrounding the property comprises predominantly industrial, motor trade and office uses with residential beyond. Other occupiers nearby include VW, Audi, Nissan, Renault and Joy Mining Machinery.

4 Description Oak House West forms part of a substantial two storey office building of brick construction with a flat roof. The property benefits from a substantial main entrance leading into a large reception area with male and female WCs off. The remainder of the ground floor comprises open plan space which is currently utilised as a workshop area incorporating double doors leading out to the rear car park. There is also a kitchen at ground floor level. The first floor comprises open plan office accommodation which has been sub divided to create a board room and other cellular offices. There are solid floors with carpet tiles, perimeter trunking, suspended ceilings and Cat 2 lighting. The offices benefit from relatively new UPVC double glazed window units on both sides providing excellent levels of natural light supplemented by roof lights. Externally, there are parking spaces to the front and side of the property together with part of the main estate roadway from its junction with Bromyard Road over which other occupiers of the estate enjoy a right of way. Tenure We understand that the property is held freehold under title number WR A sale of the freehold would be subject to the leases described below. Energy Performance Energy performance rating D. Rateable value The property has a rateable value of 35,250. Services We understand that mains services are available to the property, namely mains water, electricity, gas and drainage. Accommodation The building provides the following net internal floor areas:- Floor Room sq m sq ft Ground Reception Kitchen Workshop ,852 First Boardroom Store Cupboard Offices ,046 Total ,796 We have also measured the office in accordance with the new IPMS guidelines as follows: Floor Room sq m sq ft Ground Reception Kitchen Workshop ,855 First Boardroom Store Cupboard Offices ,055 Total ,853 The property sits on a site of approximately acres (0.151 hectares) as more particularly shown edged red on the plan on the back page of these particulars.

5 Leases The property is let in the main to Spin UK Limited on a full repairing and insuring lease for a term of 10 years from 5 November The passing rent amounts to 27,750 per annum exclusive payable quarterly in advance. We understand that the Tenant s liability in terms of repair to the roof has been limited. Further information An information pack containing copies of the leases, energy performance certificate, title register and plans and information relating to service charges and insurance is available upon request. A further lease exists on part of the car park in favour of Worcester Children s Indoor Play Limited for a term of 3 years from 22 October 2010 at a passing rent of 2,350 per annum exclusive. We understand the tenant is holding over. There is also a lease to AP Wireless II (UK) Ltd relating to roof space and dated 20 June The lease expires 29 June 2064 and the rent is peppercorn. The lease is for telecoms use and there is a termination clause which can be exercised should the Landlord wish to demolish/redevelop. Tenant s covenants Spin UK Limited - Spin Group was founded in 1981 and consists of Spin UK, based in Worcester, Spin SA based in Barcelona and Spin Malaysia Sdn Bhd, based in Kuala Lumpa. Spin UK designs, manufactures and commissions special purpose test systems specifically to customer s requirements. Their expertise is in providing test solutions for production processes. Their latest accounts dated 31 December 2015 show working capital of 681,315 and net assets of 745,366. Worcester Children s Indoor Play Limited a successful children s play centre, trading as Little Acorns, offering soft play, children s parties and other events from their premises to the rear of the subject property.

6 Fixtures and fittings Any fixtures and fittings not expressly mentioned within the confines of these particulars are excluded from the sale. Legal costs Each party to pay their own legal costs associated with this transaction. Money laundering The successful purchaser will be required to submit two forms of identity, in accordance with Money Laundering Regulations. VAT We understand that the property is elected for VAT and therefore VAT is payable on the purchase price. Viewing Viewings are available subject to prior appointment with the agent Robert Champion T: E: Luke Weaver T: E: Please note: Fisher German LLP and any Joint Agents give notice that: The particulars are produced in good faith are set out as a general guide only and do not constitute or form any part of an offer or any contract. No person within Fisher German has any authority to make or give representation or warranty on any property.