The subject property comprises a former two-storey hosiery factory which has been converted to form individual commercial units within the same. There are communal loading areas serving the majority of the units, together with some communal toilet facilities.
The units themselves are situated at both ground and first floor level, with the first floor areas benefiting from lift access. There is a parking area for the property offering 22 spaces accessed from John Street, a further 15 spaces on Victoria Street and an additional 3 spaces adjacent to the property on Victoria Street. The floor areas do not include the communal loading and corridor areas, which are also extensive. The total site area is in the order of 1.01 acres (0.41 hectares).
( Agency Pilot Software ref: 9057 )
Location
The property is located fronting onto both John Street and Victoria Street / Mill View, Hinckley, with access to the same off both streets. The surrounding area is a mixture of commercial and residential properties, with Derby Road and Leicester Road being in close proximity to the property which are two of the routes leading into Hinckley town centre, approximately ¼ mile distant. Hinckley is a market town with a population in the order of 55,000 (Local Authority 112,000) lying approximately 13 miles to the south west of Leicester.
The town enjoys good motorway communications with junction 1 of the M69, being located on the south eastern fringe of the conurbation approximately 2 miles from the town centre
Accommodation
44,367 sq ft (4121.8 sq m)
Terms
SERVICES All mains services are connected to the property, with the gas and electricity supplies being sub-metered for individual units. The water charges are paid via the service charge for the property.
TENURE The Freehold interest in the property is available at an asking price of £1,500,000, subject to formal leases that are in place, which are drawn on internal repairing and insuring terms together with a service charge to cover the maintenance of the communal areas. The landlords are responsible for repairs to the structure of the building. Brief lease details as follows: Unit 1 - expiring 31/08/2027 - £10,500 pax Unit 2 & 3 - expiring 24/07/2030 - £20,000 pax Unit 4 & 6 - expiring 31/08/2027 - £41,500 pax Unit 5 - expiring 31/08/2027 - £15,500 pax Unit 7, 8, 8A & 9 - expiring 09/03/2032 - £34,000 pax Gross Passing Rent - £121,500 pax
LEGAL COSTS Each party to bear their own legal costs.
ENERGY PERFORMANCE CERTIFICATE EPC Ratings - Unit 1 (C53), Unit 2 (C58), Unit 3 (D83), Unit 4 & 6 (C54), Unit 5 (D89), Unit 7 (E120), Unit 8 (D100), Unit 8A (E117) and Unit 9 (D86).
Specification
- Fully let to three tenants
- Gross passing rental £121,500 per annum
- Low average passing rent of £2.75 per sq ft
- Residential development potential (STPP)