A modern two storey hi-tech industrial/business unit which is available to purchase as an investment. The property is located on a modern estate within the prime industrial/business location for Borehamwood. The current lease expires in June 2030 with a mutual break clause and rent review in June 2025. The unit was constructed circa 2003 and providing high quality fully fitted offices to the first floor with warehouse/storage accommodation to the ground floor.
( Agency Pilot Software ref: 102116 )
Location
Devonshire Business Park is located on Chester Road, approximately midway between Manor Way and Warwick Road. The property has excellent communication links with access to the A1(M) approximately 1/2 mile to the east, providing direct access to the M25 to the north and London to the south. Borehamwood town centre is approximately half a mile to the west.
Accommodation
Ground Floor Warehouse / Storage 187.41 sq m (2,017sq ft )
First Floor Office accommodation 186.51 sq m (2,008sq ft )
TOTAL 373.92 sq m(4,025sq ft )
Terms
Lease Terms The property is let to Gemec Ltd by way of a lease extending from 15th June 2020 to 14th June 2030 on FRI terms. The passing rent is of £XXX per annum with a rent review due in June 2025. There is a mutual break clause on the 15 th June 2025 subject to 6 months prior notice. The lease is excluded from the security of tenure provisions of the Landlord & Tenant Act 1954. There is a schedule of condition attached to the lease and a copy of the lease is available upon request.
Ownership The property is owned freehold.
Industrial Market The industrial market has seen substantial growth in rental and capital values in the last 5 years and particularly in the last 12-24 months the growth in open market rental levels being achieved has accelerated. The Borehamwood industrial market has seen increasing levels of occupier demand, with very low levels of availability and the new 32 Acre Sky Studio development, due for completion in late 2022 is expecting to considerably add to levels of demand.
Current open market rental levels for similar properties being achieved is in excess of £XXX psf which would translate to a rent of £XXX for the subject property.
EPC Band D - 89 Guide
Price Offers invited in the region of £XXX (One Million, One Hundred Thousand Pounds) for the freehold interest. The purchase price reflects a net initial yield of 5% on the passing rent but 6.6% on the expected rental level achievable upon review (before purchasers’ costs).
VAT The property is VAT registered and will be payable on the purchase price.
Specification
• Modern two storey hi-tech industrial/business unit
• Modern estate within the prime industrial/business location for Borehamwood
• Within ½ mile of the A1
• Within 1 ½ miles of Borehamwood town centre and mainline train station
• Lease expiry June 2030
• Mutual break clause and rent review in June 2025