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Agent's details

Office Investment

For sale: £1,100,000.00|7,644 Sq Ft|Offices, Office

Property details

FOR SALE£1,100,000.00
SIZE7,644 Sq Ft
ADDRESSNewporte House, 1 Low Moor Road, Lincoln, Lincolnshire, LN6 3JY
TYPEOffices, Office
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON1st February 2022

Description

DESCRIPTION
The property comprises a purpose-built HQ style office building with a mix of open plan office space, cellular offices, staff rooms, WC and meeting facilities over ground and first floor levels. It has lift and stair access and much of the accommodation has been fitted to a modern standard with carpeted/vinyl floors, painted plastered walls, suspended ceilings with inset lighting and air conditioning.

Externally the property has 27 car parking spaces.

LOCATION
The building occupies a prominent position fronting Doddington Road with access off Low Moor Road. The location to the south west of the City provides quick access to the A46 bypass, which in turn leads to the town of Newark on Trent for rail connections to London Kings Cross and the A1.

SERVICES
We understand that mains water, drainage, electric and gas supplies are available and connected to the property. These have not been tested and interested parties are advised to make their own investigations to the relevant utility service providers.

TOWN & COUNTRY PLANNING
We understand that the property has consent for uses falling within Class E(g) (Offices) of the Town and Country Planning (Use Classes) Order 1987 (as amended 2020).

Interested parties are advised to make their own investigations with the Local Planning Authority.

COVENANT STRENGTH
HFHC Partnering Limited (05821997) have a Creditsafe Rating of 46/100. Further information can be provided upon request.

Home From Home Care Limited (05106283) have a Creditsafe Rating of 93/100 and for year end 31 March 2021 reported a net worth of £13,873,016, total assets equating to £31,899,284 and shareholder funds of £14,431,297.

TENANCY
HFHC Partnering Limited (05821997) occupy the entire building by way of a full repairing and insuring lease which is guaranteed by Home From Home Care Limited (05106283). The contractual term of years began on 25th March 2021 and will end on the 31st October 2031. The current rent payable is £82,500 pax. An open market rent review is scheduled on the 1st November 2026. The lease also incorporates a tenant only option to determine on the 31st October 2026.

VAT
The property may be elected for VAT, however, the sale of the property will be treated as a TOGC.

LEGAL COSTS
Each party is to be responsible for their own legal costs incurred in documenting the transaction

Location

marker
Location: Newporte House, 1 Low Moor Road, Lincoln, Lincolnshire, LN6 3JY

Hykeham (0.6 miles)

Lincoln Central (2.8 miles)

Swinderby (4.9 miles)

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