The property comprises a semi detached purpose-built two storey office building.
There are eight parking spaces demised to the tenant.
The building is of a modern mainly open plan nature.
( Agency Pilot Software ref: 10191 )
Location
The property is located in the village of Durley which is approximately 3.5 miles to the north of Hedge End. Junction 7 of the M27 motorway is approximately 4 miles distant and provides access to Southampton.
The closest mainline railway station can be found at Hedge End and there are regular services to London Waterloo with a journey time of approximately 1 hour and 30 minutes. The property lies within a small development of offices constructed around the early 2000s.
Accommodation
2,619 sq.ft (243.28 sq.m)
Terms
Tenure Freehold
Offers considered in the region of £480,000 subject to contract for the freehold interest subject to and with the benefit of the subsisting tenancy as outlined. A purchase at this level will show an attractive net initial yield of 8% after allowance for usual buyer’s costs.
Note: The sale price is underpinned by vacant possession values for buildings in this development.
VAT We understand VAT is payable on the purchase price. We envisage the sale will form a Transfer of a Going Concern (TOGC).
Lease Terms The property is let by way of a lease dated 12 December 2024 for a term of 5 years from 1st January 2025 at a passing rent of £40,000 per annum, expiring 31st December 2029. The tenant is ‘Forterro UK 123 Insight Limited.
The lease is subject to an open market upward only rent review on 1 January 2028 and a tenant break, subject to 12 months notice. The lease is drawn on full repairing & insuring terms. Sq Ft 1,580 1,039 2,619
Planning 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 Asset Rating Rateable Value Rating C (71) £36,750
Specification
- Guide Price £480,000 STC
- Net Internal Area - 2,619 sq.ft (243.28 sq.m)
- Annual Income £40,000
- Modern self contained building
- Good on site parking
- Net Initial Yield of 8%