Office For Sale
Investment Opportunity - Well specified detached office investment.
Approx 5,500 ft2 (511 m2)
| Let to A1 covenant until 31 March 2022
| Net rental income of £50,575 per annum
| Capital value of £100 per ft2
Basingstoke is major centre for commerce and industry with a borough population of approximately 150,000. The town is 45 miles to the south west of London adjacent to Junctions 6 and 7 of the M3 Motorway. There is also a frequent rail service to London Waterloo (approx. 45 minutes).
The Property lies approximately 1.5 miles north of Junction 6 of the M3 Motorway on Stroudley Road, part of the Daneshill estate. It is situated immediately opposite Basepoint Business Centre.
The premises comprises a modern, detached two-storey office unit forming part of the scheme of five similar units. The building provides predominantly open plan accommodation throughout with natural light from all four elevations. The specification includes gas fired central heating as well as air conditioning, raised floor, suspended ceilings with inset lighting and with male and female WC facilities. There are a minimum of 16 onsite parking spaces.
Approximate Net Internal Areas
Ground floor 254 2,733
First floor 254 2,733
Total 508 5,466
The Property is held leasehold from Basingstoke & Deane Borough Council for a term of 125 years from 26 April 1985. A ground rent is payable following a lease renewal based on the higher of the base rent (£8,250 per annum) or 15% of the rent received.
The property is let to an A1 covenant for a term of two years from 1 April 2020 at a rent of £59,500 per annum without review. The tenant is responsible for all internal non-structural repairs and decorations to include windows, doors and their frames. The Landlord is responsible for the main structure including the foundations, elevations and the roof. We are advised that the tenant has been in occupation since February 2016.
The tenant is one of the UK’s largest social housing and repairs providers maintaining around 700,000 such houses in the UK.
£550,000 reflecting a net initial yield of approximately 8.77% allowing for purchasers costs at 4.84%. We are advised that the property has not been elected for VAT and therefore no VAT will be chargeable upon the sale.
Rateable value: £44,500
The small business rate multiplier for the year 2020/21 is 49.9p in the £.
We understand that all mains services are connected to the property.
Woolley and Wallis Commercial have not tested the services mentioned in these particulars.
Prospective purchasers must satisfy themselves as to the permitted planning uses for the property.
Strictly by appointment only through Woolley & Wallis Commercial (01722 330333)