Description
For Sale/To Let - Character Class E Freehold Opportunity
Fordingbridge is an attractive town located approximately 12 miles south of Salisbury and 7 miles north of Ringwood on the A338 and has a population of approximately 6000 (2011 Census).
The town plays host to a healthy mixture of local, regional and national retailers trading alongside a range of hospitality lead and Professional services businesses.
The subject premises comprises of two separate elements, the first being the 'Old School House' which is a grade II listed building fronting Provost Street, comprising several separate ground floor office rooms forming one unit. The unit is suitable for a range of uses and the main front room benefits from a double frontage. The unit is currently vacant and available to either purchase or let and has been recently fully refurbished by the landlord/vendor.
The second element on offer is 'West Wing, School House' which is let to Hampshire Police on a 25 year lease (see overleaf for further details). This is a newer construction and while it is currently tenanted which provides very secure income, if the tenant were to vacate, could be converted to residential accommodation (subject to planning) and create an attractive scheme owing to the high vaulted ceilings. This aspect is available to purchase either as a standalone investment (long leasehold) or in combination with the front vacant unit (freehold). Please note, no internals photos are available of West Wing at the current tenant's request.
To the rear, both units benefit from car parking spaces, see accommodation schedule for breakdown.
Accommodation
Old School House (Vacant)
Office 1 - 213 Sq. Ft. (19.82 Sq. M.)
Office 2 - 299 Sq. Ft. (27.76 Sq. M.)
Office 3 - 94 Sq. Ft. (8.7 Sq. M.)
Office 4 - 130 Sq. Ft. (12.12 Sq. M.)
Kitchenette
WC
2 Car Parking Spaces
Total Net Internal Area - 736 Sq. Ft. (68.4 Sq. M.)
School House West Wing (Tenanted)
Office 464 Sq. Ft. (43.12 Sq. M.)
Office 421 Sq. Ft. (39.13 Sq. M.)
Kitchenette. Male and Female WC
3 Car Parking Spaces
Total Net Internal Area 885 Sq. Ft. (82.25 Sq. M.)
Planning
Under the new planning regulations, we believe the current permitted use to be use class 'E' which includes uses such as retail, professional services, cafe, health clinics, indoor recreation/sport and office. All parties are advised to make their own enquiries of the local authority for confirmation.
EPC Text
Asset Rating - Old School House - TBC
School House West Wing - D (93)
Rating
Rateable Value - Old School House - £7,600
School House West Wing - £8,600
Source www.gov.uk/find-business-rates
Terms
Old School House - Vacant Part
Available by way of a new effective full repairing and insuring lease at a rental of £9,000 per annum, exclusive.
Or
Offers invited in the region of £120,000 with the benefit of vacant possession for a new 999 year long leasehold
School House West Wing - Tenanted Part
Offers invited in the region of £130,000 for a new 999 year long leasehold with the benefit of the existing tenancy in situ.
Total Building - Freehold (HP381520)
Offers invited in the region of £250,000 for the freehold interest to include both elements detailed above.
We understand that VAT is not payable.
Tenancy Details
The unit known as West Wing, School House 34-36 Provost Street is let to 'The Police and Crime Commissioner for the Hampshire Police Area' by way of an effectively full repairing and insuring lease dated 27th September 2013 for a term of 25 years (expiring 2038) at a rental of £9,000 per annum, exclusive with upwards only rent reviews every 5th anniversary (next review 2028). The tenant benefits from a rolling break option every 3rd anniversary (next break 2029).
Code Of Leasing
All interested parties should be aware of the Code of Leasing Premises 1st Edition, February 2020, for England and Wales, which recommends that they should seek professional advice from property professionals before agreeing or entering into a business tenancy.
Money Laundering
Please note all prospective purchasers will need to be verified for 'Anti Money Laundering' purposes prior to issuing memorandum of agreed terms of sale.