Bright Horizons Day Nursery, Pomeroy Crescent, Hedge End, Southampton, SO30 2LF

Description

Hedge End is an affluent and busy town to the east of Southampton within the borough of Eastleigh. There are plans for extensive new housing in the area with many under development and an already established catchment.
The property is well located adjacent to the Wellstead Primary School and a local park and within easy reach of the Hedge End retail parks.
The property is situated approximately 5.9 miles to the north east of Southampton City Centre. Hedge End railway station is approximately 1 mile to the east, while Southampton International Airport and Southampton Parkway mainline railway station are also located close to Junction 5 of the M27.
The property comprises a Grade II listed building which was extensively refurbished and extended in 2012 for the specific needs of the tenant company.
The property provides well laid out fit for purpose modern day nursery space with extensive outside space and parking. The site is registered for 64 children and its last Ofsted report was good.
We refer you to floor plans for layout.
The building extends to approx.. 237 Sqm. (Please note areas taken from VOA.gov.uk)

Planning

Interested parties are advised to make their own enquiries of the Local Authority for confirmation.

EPC Text

Asset Rating - C68

Rating

Rateable Value £25,000
Source www.voa.org.uk The 2020/2021 standard multiplier is 0.499 (XXX payable per £1). The 2020/2021 small business multiplier is 0.499 (XXX payable per £1). This determines what business rates are payable. All parties are advised to make their own enquiries for confirmation. *If you qualify as a 'small business' you may be eligible for substantial relief in connection with business rates payable. We advise all parties speak to the local authority in the first instance for confirmation.

Terms

Offers invited in the region of £945,000 subject to contract for the freehold interest subject to and with the benefit of the subsisting tenancy as outlined above.
A purchase at this level shows an attractive net initial yield of 6% after allowance for usual buyer's costs at 5.69%.


Please note all prospective purchasers will need to be verified for 'Anti Money Laundering' purposes prior to issuing memorandum of agreed terms of sale.

The property is let to Yellow Dot Limited for a term of 20 years commencing 1st April 2018 at a passing rent of £60,000 per annum exclusive.
The lease is drawn on standard full repairing and insuring terms and subject to a rent review on an upward only basis on 1st April 2021 and every third year.
The lease contains a tenant's option to break at the 1st April 2028, subject to six month's written notice.
The lease provides a desirable 17 years to expiry and 7 years to break.

Covenant Information
The tenant Yellow Dot was up until 2018 a locally run chain of day nurseries and pre-schools operating throughout Hampshire. The business was acquired in 2018 and is now operated by Bright Horizons, one of the UK's largest operators with over 300 centres and a thirty year history.
Further information can be found on the tenant's website www.brighthorizons.co.uk

( Agency Pilot Software Ref: 7231 )