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3-4 and 17 Regan Way, Chilwell Beeston, Nottingham, NG9 6RZ

For sale: £2,125,000.00|14,253 Sq Ft|Business Park, Office, Offices

Property details

FOR SALE£2,125,000.00
SIZE14,253 Sq Ft
ADDRESS3-4 and 17 Regan Way, Chilwell Beeston, Nottingham, NG9 6RZ
TYPEBusiness Park, Office, Offices
TENUREFor Sale Freehold
POSTED ON10th September 2021

Description

Well-Secured | Reversionary | Modern Office Park Investment | Nottingham NG9 6RZ EPC Rating3-4 Regan Way: C6417 Regan Way: C65DescriptionPair of modern two-storey office properties built in 2005Located on a popular, well-established business park near M1 (J25)FreeholdTotalling 14,253 sq ft (NIA)Let on unbroken 15-year FRI leases from March 2016 to SDL Surveying Limited and SDL Group Services LimitedTotal current rent: £120,000 per annum (reflecting a low rate of £8.40 per sq ft overall)Subject to upward only rent reviews in March 2021 and 2026Total ERV: £192,500 per annum (£13.50 per sq ft)Offers in excess of £2,125,000 exclusive, reflecting 8.5% net initial yield (after rent top-up and purchaser’s costs), 9% reversion (March 2021) and a capital value of £149 per sq ftSubject to ContractLocationChetwynd Business Park was developed by William Davis in the early to mid-2000s and is a recognised office park within the Nottingham out of town market. The estate comprises nine pavilion style offices providing detached and semi-detached buildings offering suites ranging from circa 3,000 sq ft to 12,000 sq ft.The estate is located in Chilwell, which is a well-established residential suburb approximately four miles south-west of Nottingham City Centre via the A6005.Major transport connections include the A52 which links Nottingham with Derby (approximately 10 miles to the west), the M1 Motorway (J25 is three miles north-west via the A52) and East Midlands Parkway which is located on the Midland Main Line and connects Nottingham, Leicester and Derby. In addition, Toton Tram Stop and Park & Ride is 1.5 miles north and East Midlands Airport is circa 10 miles south-west via the M1 (J24).The estate also benefits from extensive retail and leisure amenities including Chilwell Retail Park, Village Hotel, Tesco Extra and West Point Shopping Centre (all within 0.5 miles).Occupiers on Chetwynd Business Park include First Response Finance, AECOM and Azets, among others.AccommodationThe properties comprise the following net internal areas:3-4 Regan Way: 9,149 Sq Ft and 49 car parking spaces17 Regan Way: 5,104 Sq Ft and 24 car parking spacesTotal: 14,253 Sq Ft and 73 car parking spacesTenureFreeholdTermsOffers in excess of £2,125,000 exclusive for the Freehold interests, Subject to Contract.This value reflects a net initial yield of 8.5% (after rent top-up* and purchaser’s costs of 6.31%) a reversionary yield of 9% (March 2021) and a capital value of £149 per sq ft.Offers for each property individually will also be considered.* The vendor will top-up the current rent to the Market Rent of £192,500 per annum from the date of completion to the date of the next rent review.Service ChargeEach property contributes to a nominal service charge in relation to the upkeep and maintenance of the estate, which is recovered from the tenants under the existing lease terms.VATThe properties are opted to tax. It is anticipated that the transaction will be treated as a TOGC.Key FeaturesPair of modern two-storey office properties built in 2005Located on a popular, well-established business park near M1 (J25)FreeholdTotalling 14,253 sq ft (NIA)Let on unbroken 15-year FRI leases from March 2016 to SDL Surveying Limited and SDL Group Services LimitedTotal current rent: £120,000 per annum (reflecting a low rate of £8.40 per sq ft overall)Subject to upward only rent reviews in March 2021 and 2026Total ERV: £192,500 per annum (£13.50 per sq ft)Offers in excess of £2,125,000 exclusive, reflecting 8.5% net initial yield (after rent top-up and purchaser’s costs), 9% reversion (March 2021) and a capital value of £149 per sq ftSubject to Contract

Location

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Location: 3-4 and 17 Regan Way, Chilwell Beeston, Nottingham, NG9 6RZ

Attenborough (0.7 miles)

Beeston (2.0 miles)

Long Eaton (2.1 miles)

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