Summary
98 Cobham Road comprises an end of terrace industrial unit of steel portal frame construction with brick elevations. There is a pitched roof over the main warehouse with a flat roof located over the office section to the front.
The warehouse is currently used for car repairs and benefits from a rear roller shutter door, together with two separate mezzanine floors, mainly used for storage. The office section benefits from an office, reception area and WC facilities on the ground floor and three offices on the first floor.
Externally there is forecourt parking towards the front of the property, with 4 parking spaces (8 spaces if parked nose to tail). There is a separate yard area, located adjacent to an accessway at the rear of the property. This rear yard is currently used for vehicle storage but if used for parking, we would expect this area to be able to accommodate approximately 9 or 10 vehicles.
Key Points
Approx 3,741 sq ft + mezzanine of 974 sq ftAvailable Freehold, subject to existing lease which expires Feb 2031 (outside the 1954 L&T Act)Rental Income: £35,000 per annum exclusiveProminent position fronting Cobham RoadIncludes separate rear yard/parking area
Tenure
The property is held Freehold, subject to a Full Repairing and Insuring Lease (limited by way of a photographic schedule of condition) on the following terms:
• Tenant - J M G Porsche Limited
• Guarantor - Jonathan Brian Mitchell
• Term - 6 years from 22nd February 2025
• Lease Expiry - 21st February 2031
• Tenant Break Option - 21st February 2028 (subject to 6m notice)
• Landlord and Tenant Act - Lease granted outside the protection of the 1954 Landlord and Tenant Act (no automatic right of renewal).
• Rent (Per annum) - £35,000 exclusive.
• Open Market Rent Review - 21st February 2028
Price
£500,000
We are advised that VAT is not applicable on the purchase price.
Business Rates
Rateable Value: £24,500
The Rates Payable will be determined by the Uniform Business Rate Multiplier which is set by the government annually.
EPC
The property has an energy rating of D-79. The current EPC is valid until April 2035.
AML
A successful bidder will be required to satisfy all Anti Money Laundering requirements when Heads of Terms are agreed.
Location
The property is located in a highly visible position fronting Cobham Road, which is one of the main estate roads leading through the popular and well-established Ferndown Industrial Estate.
Ferndown Industrial Estate is an established commercial location benefitting from direct access to the A31 leading to the M27/M3 motorway network and beyond.