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Agent Details |
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Wareing & Company
38 Holly Walk,
LEAMINGTON SPA
Warwickshire
CV32 4LY
01926430700 |
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Property / Business Search |
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16 Shottery Brook, Stratford Upon Avon |
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Description:
The property is situated in the second phase of Shottery Brook Office Park where four out of the seven buildings are owner occupied with the balance being tenanted, two of which are by Face 2 Face Contact Limited who have taken the subject building as expansion space as it is immediately adjacent to their main premises.
Unit 16 is a detached two storey building of traditional cavity brickwork construction with powder coated double glazed windows, raised access floors, LG3 lighting, comfort cooling, fully fitted WC’s (including a shower) and flexible open plan accommodation. Outside there are twelve allocated car spaces.
The unit has a net internal area of 3,320 sq ft (308.43 sq m). |
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Location:
Shottery Brook Office Park occupies an excellent location just off the A3400 and the A46 which leads to Junction 15 of the M40 Motorway, approximately six miles distant and thereby the National Motorway Network.
The scheme is approximately 1.5 miles to the north west of Stratford Upon Avon town centre, with the Maybird Retail Park just half a mile from the development whose occupiers include Tesco's, Boots, B & Q, WH Smith, Halfords and JJB Sports amongst others.
As a consequence of various sites being redeveloped since 2005, the profile of Timothy's Bridge Road has changed and now has a good mix of businesses including three courtyard office schemes, Footsteps Children's Day Nursery, two modern warehouse / retail units, an 18,000 sq ft headquarters office building, a Business Centre and various other office and warehouse units. The ‘park and ride' facility is approximately ¼ of a mile from the subject premises with a bus stop on Timothy's Bridge Road. |
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Freehold Price:
£415,000 plus VAT for the long leasehold interest in the property subject to the occupational lease. A purchase at this level would reflect a net initial yield of 7.65% having deducted the usual purchasers costs of 5.8%. |
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Lease Terms:
The property has been let to Face2Face Contact Limited by way of a new full repairing and insuring lease for a term of ten years which commenced 24th June 2011. A service charge is payable by the tenant to cover a proportionate cost of charges for the upkeep of the common parts of the Estate including landscaping and car park and for reimbursing the landlord with the cost of the building insurance premium.
The tenant has a break clause which is effective at the end of the fifth year of the term subject to six months written prior notice. If this is not exercised, a rent review will take place at this time.
The rent of £39,250 per annum (exclusive of business rates, estate service charge, VAT and all other outgoings payable quarterly in advance) equates to £11.82 psf or thereabouts. The tenant has been granted a 6 month rent free period which will be effective after 4 years and 6 months from the commencement of the term. |
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Tenancy:
The company is a dedicated Field Support Services provider, offering a broad range of services to clients across several different industry sectors. Established in 2006 through an MBO of the UK Field Services Division of Intrum Justitia, one of Europe's leading credit management companies, the company offer a range of services including debt collection and counselling and working with various energy suppliers with regard to debt and investigation visits.
The company originally took Unit 17, Shottery Brook Office Park in 2007 and as a result of expansion of the business, it has been necessary to take the adjacent subject premises.
The footprint of the building will be sold and the freeholder will grant a new 125 year lease on the building. The freehold interest will be held within the estate management company which is controlled by the owners of the individual buildings.
An estate service charge will be levied to cover the maintenance, repair and upkeep of the car parking areas, access road and landscaping. The cost is shared between the occupiers and recovered on a pro-rata floor area basis. |
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Viewing:
MARK THOMPSON
01926 430700 |
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The particulars given in respect of this property are believed to be correct but their accuracy cannot be guaranteed and they are expressly excluded from any contract. |
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