The property comprises the end two terraced units forming part of a modern two storey office development. Originally designed as two separate units, the accommodation is currently configured for occupation by a single tenant.
Internally, the property comprises predominantly open plan offices over two floors. The specification includes suspended ceilings with recessed LG3 lighting, air conditioning, gas central heating, double glazed windows and doors. Toilets and kitchenettes are provided to each floor.
The property occupies an attractive landscaped environment with 16 designated car parking spaces.
Location
Sherwood Park is regarded as one of the premier East Midlands Business Parks lying just off J27 of the M1, approximately 9 miles north west of Nottingham and 7 miles south west of Mansfield.
Sherwood Park is a high quality mixed use business park that is home to several major occupiers including EON, Babcock, Pendragon, L’Oreal, Rolls Royce and Highways England.
Accommodation
Ground Floor - 1,814 sq ft
First Floor - 1,812 sq ft
Total - 3,626 sq ft
Terms
EPC
C59
Tenure
Long leasehold (999 years from September 2005) at a peppercorn rent.
Occupational Tenancy
The property is let for a term of five years from 15 January 2020 on FRI terms, at a rent of £XXX per annum exclusive. The lease incorporates a tenant break option at the end of the third year.
Covenant
The tenant company were formed in 1999 and specialise in the provision of enhanced real time information to serve the rail industry.
The latest D&B credit report for the company provides a score of 2A3. Further details and financial information is available from the marketing agents upon request.
VAT
The property has been elected for VAT and therefore VAT will be payable. It is intended that the property will be sold as a transfer of a going concern (TOGC).
Proposal
Offers are invited in the order of £XXX subject to contract and exclusive of VAT. This reflects a net initial yield of 8.23% taking into consideration standard purchaser’s costs of 4.54%.
Specification
- Premier business park adjacent to J27, M1
- Attractive courtyard development
- Modern two storey offices with air conditioning
- 337 sq m (3,626 sq ft)
- Let on a five year lease from Jan 2020
- Guide Price £XXX (8.23% NIY)