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Units 1 - 4 Newton Park, Hopkinson Way, Portway West Business Park, Andover, SP10 3SH
13,954 Sq Ft / Other / Investment
Withdrawn - Last updated: 09 April 2024
Summary
The property comprises a multi-let industrial estate of four steel portal framed units. The units are set within a tarmac surfaced yard, with each property allocated car and lorry parking, allowing ample space for lorry circulation and loading. Units 1, 2 & 3 have been subject to additional foam insulation works to improve their energy efficiency since the EPCs were carried out.
Key Points
Rare opportunity to acquire a multi-let industrial investment on one of Andover’s premier Business Parks.13,954 sq ft across four units on a site extending to 0.872 AcresGross rent £XXX per annumNet rent £XXX per annum.Offers in excess of £XXX subject to contract and exclusive of VAT for the Long Leasehold interest, reflecting a net initial yield of 9.00% assuming purchaser’s costs of 5.70%.
Anti Money Laundering
To comply with Anti Money Laundering regulations, Curchod & Co undertake ID checks for all successful purchasers and tenants where legislation requires us to do so.
Legal Costs
The buyer will pay Test Valley Borough Council’s legal and estates fees in connection with granting consent for the assignment of the Headlease (estimated to be £XXX no VAT). Thereafter, each party is to bear their own legal costs.
Location
The property occupies a prominent position on the corner of Hopkinson Way and Smeaton Road on the Portway West Business Park, which is one of Andover’s premier commercial areas and within half a mile of the nearby Hundred Acre Junction of the A303. Nearby occupiers include Howard Tenens, LWC Drinks Limited, Stannah and Enterprise Rent-a-car.
Andover is an important commercial centre of north Hampshire, situated on the A303 Trunk Road. The A303 links directly to the M3 at Junction 8, approximately 20 miles to the east, London and the M25 and interconnects with the A34 dual carriageway running north from the M3 at Winchester, linking Newbury and Oxford to the M40. Main line railway connection to London Waterloo (approximately 70 minutes).Terms
The property is held on a lease dated 5th April 1984 for a term of 125-years from the 14th November 1983, subject to upward only 5-yearly rent reviews to 16% of the estimated full rack rental value of the land and buildings on a lease in the open market for a term certain equivalent to the residue unexpired on the said term at the commencement of the relevant review period. The passing rent is £XXX per annum. There is an outstanding review from 14th November 2023. Please see the attached Tenancy Schedule.
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