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For Sale£950,000.00

Modern Office Investment 6.5% Return

Other, Other Property Types & Opportunities , 4325 Sq Ft
Property type: Other, Other Property Types & Opportunities
Tenure: For Sale Freehold
Size: 4325 Sq Ft
Price: £950,000.00
Location: Hallsford Bridge Industrial Estate, Ongar Road, CM5 9RB
Location
The premises form part of an established industrial estate lying just over 2 miles south of the A414, which, links with the M11 approximately 8 miles to the west. The A12 is approximately 11 miles distant. Epping (Central Line) providing a service to London (Liverpool Street) in approximately 37 minutes is around 9 miles away.

The property
Occupying a prominent position to the front of the Estate, the property comprises two storey office accommodation completed in 2009. The ground floor consists of open plan offices with reception, meeting room, IT suite, together with ladies/gents toilets and kitchen facilities.

The first floor is accessed via a staircase leading to larger open plan offices next to two separate offices, kitchen and further toilets.

Features include air conditioning/heat exchange, perimeter trunking and double glazing.

Externally there is parking immediately to the front for 6 cars, together with 15 further spaces within a car park opposite. We understand that 2 of these spaces are rented to a third party and additional spaces are also rented by our client.

Accommodation The approximate gross internal floor area is:
Ground floor 2,195 sq ft 204 sq m
First floor 2,130 sq ft 197 sq m
Total 4,325 sq ft 402 sq m
21 demised car spaces.

Tenure
Freehold for sale subject to a lease back as follows.

Lease
Our Client, Bolt & Heeks is proposing to enter into a new full repairing and insuring lease for 15 years incorporating tenant only option to break on expiry of the 10th year and upward only rent reviews every 5 years. The commencing rent proposed is £65,000pax (£15 per sq ft).

Covenant
Bolt & Heeks Ltd (Company no. 00789858) was incorporated in 1964 as building contractors and developers. In the year to 31st December 2016, the turnover was £33,824,107 resulting in a gross profit of £3,795,235. Net assets were £373, 979. The accounts are available on request. The Creditsafe rating of the company is “low risk”.

Proposal
£950,000 is sought for the freehold, subject to the lease as described. A purchase at this level represents a NIY of 6.5% allowing for costs at 4.5%. Vat is payable.

Legal costs
Each party is to be responsible for the payment of their own legal costs incurred.

Energy Performance Certificate
The EPC rating is in the process of being prepared.

Agent’s Note
All figures quoted are exclusive of Vat (if applicable)
No warranty is given in respect of the current planning use.
None of the amenities or fixtures and fittings have been tested.

Enquiries/viewing
Strictly by prior arrangement with sole agents Branch Associates on 01708 860696/ 07775 804842 or jb@branchassociates.co.uk Contact Johnathan Branch
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