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Agent's details

Athena House, Bedford Road, Petersfield, Hampshire, GU32 3AL

For sale: £4,900,000.00|26,400 Sq Ft|Other, Other Property Types & Opportunities

Property details

FOR SALE£4,900,000.00
SIZE26,400 Sq Ft
ADDRESSAthena House, Bedford Road, Petersfield, Hampshire, GU32 3AL
TYPEOther, Other Property Types & Opportunities
TENUREUnder Offer, For Sale Freehold
POSTED ON27th June 2022

Description

Description

Investment - South Coast Modern Freehold Office
Total NIA 2,452.63 sq m (26,400 sq ft)

Location

Petersfield is an attractive market town strategically located on the A3 London to Portsmouth trunk road, approximately 18 miles to the north of Portsmouth and 25 miles to the south of Guildford. Road communications are excellent and in addition Petersfield benefits from a fast frequent train service to London Waterloo (1 hour 10 minutes), Portsmouth (26 minutes) and the South Coast.

Petersfield has a catchment population of 163,000 (2017) which is projected to increase. The social class breakdown of the area calculates that over 70% of the working population are with classes 1 through 5 being the senior and skilled trades (Experion).

A3 - 0.5 mile
A27(M27) - Junction 5 - 12 miles
Rail - London Waterloo 1 hour 10 minutes

The property is located within the popular and established Petersfield Business Park which is situated on the western side of the town on Bedford Road, providing quick access onto the A3 and a short walking distance to the town centre and railway station.

Other occupiers in the area include L'Oreal (Whitman Laboratories), Colt International, Bellsure Group amongst others.

VAT

The property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

Accommodation

The property comprises a single let office building of approximately 26,400 sqft (2,452.63 sqm) net internal area over two floors. The building has been comprehensively refurbished in the last 3 years at a cost of approximately £3.0m.

The property is constructed by way of a steel portal frame with concrete floors under a new pitched roof with external elevations in a mixture of brick and glass. The ground floor has an impressive full height glazed entrance lobby giving access to open plan offices beyond. There is a large breakout/kitchen area with exposed services, gym studio and various meeting rooms.

At the first floor there is a further large open plan area and also at this level is a boardroom, training rooms and further meeting rooms.

Internally the building benefits from full access raised flooring, suspended ceilings in main office areas with LED lighting and PIR movement sensors, and Cat 6 cabling. The building is fully air-conditioned with a new ducted Mitsubishi electric heat recovery VRF system together with a Building Management System.

Secure car parking is laid out for 100 cars providing a parking ratio of 1:264 sqft.

EPC

We understand the property to have an EPC rating of B (43). This meets government guidelines due to come into play in 2030.

Legal Fees

Each party to bear their own legal costs incurred.

Terms

PRICE
We have been instructed to seek offers in excess of £4,900,000 which equates to a net initial yield of 7.31% (after graduated purchasers costs of 6.59%).

TENURE
Freehold.

TENANCY
The property is fully let to Moneybarn Limited on a 15 year full repairing and insuring lease expiring 23.04.2034 with tenant only breaks at 8 years 9 months (24.01.2028) and 12th (24.04.2031) anniversaries of the lease.

The lease is subject to upward only rent reviews on the 6th (24.04.2025) and 12th (24.04.2031) anniversaries of the lease.

The headline rent is £382,000 pax.

The first four years of the term until 23.04.2023 have a rent of £286,500 pax which then reverts to the headline rent of £382,000 for years 5 and 6 until review. This discount is the equivalent of 12 months rent free. The vendor will top up the rent from the purchase date. ( Agency Pilot Software ref: 3436 )

Location

marker
Location: Athena House, Bedford Road, Petersfield, Hampshire, GU32 3AL

Petersfield (0.3 miles)

Liss (3.6 miles)

Rowlands Castle (7.7 miles)

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