MODERN OFFICE INVESTMENT FOR SALE
0.8 ACRE SITE ADJACENT TO A449
EXTENDING TO APPROXIMATELY 17,832 SQ FT
CURRENTLY GENERATING £214,509 PER ANNUM
GUIDE PRICE: £2,500,000
Ross Park is one mile from Ross-on-Wye town centre, and adjacent to the A449 dual carriage way. This road provides links to South Wales via the A40, and to Birmingham and the North via the M50. Ross-on-Wye, has a population of 11,309 (estimated 2019) and is well known as a vibrant market town, tourist destination and centre for the English antique trade. The increasingly prominent annual Ross-on-Wye International Festival, attracts many big names in entertainment. Approximate travel times are: Birmingham 65 minutes; Hereford 26 minutes; Gloucester 30 minutes; Worcester 40 minutes; Newport 35 minutes; Cheltenham 40 minutes; Cardiff 50 minutes; and London 2 hours and 30 minutes.
The property comprises a detached three storey building constructed in the 1990s around a steel frame with brick facing elevations under the pitched roof covered with profile steel cladding. Internally the office benefits from the following: Spacious communal reception areas; High quality WCs; Self service cafe and tenant break out areas; Excellent levels of natural lighting; Gas central heating; Part air-conditioned communal server room and some installed by tenants; Open plan flexible working areas; Flexibility to partition accommodation to suit occupiers requirements; CCTV or other security; barrier access; and 58 dedicated parking spaces plus overspill of a further 40 spaces. Estimated rental Value of £214,010 pa - allowing for uplift after vacant areas are let. Low Capital value - £140 per SQFT. With Net Initial Yield of 7.19% allowing for purchaser's costs of 6.28% rising to a gross yield of 8.56% after uplift.
We have been advised that mains services are connected to the property. This information has not been checked with the respective service providers and interested parties may wish to make their own enquiries with the relevant local authority. No statement relating to services or appliances should be taken to infer that such items are in satisfactory working order and intending occupiers are advised to satisfy themselves where necessary.
The property can be found off the A449, accessed off a shared service road directly from the A449. SAT NAV - HR9 7US.
Energy Perfomance Certificate
The EPC rating for this property is:
Area 1: Lower Ground Floor - B43
Area 2: Upper Ground Floor - B46
Area 3: Upper Ground Floor - C55
Area 4: Upper Ground Floor - C61
Area 5: Upper Ground Floor - B40
Area 6: Upper Ground Floor - C56
Area 7: First Floor - B45
By appointment to be made through the Commercial Department at the Agent's Ledbury Office, Tel 01531 634648 Option 3. Alternatively via the Joint Agents: Bruton Knowles 01452 880000
Intending purchasers will be required to produce identification documentation and proof of funding in order to comply with The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. More information can be made available upon request.
John Goodwin FRICS has made every effort to ensure that measurements and particulars are accurate however prospective purchasers/tenants must satisfy themselves by inspection or otherwise as to the accuracy of the information provided. No information with regard to planning use, structural integrity, tenure, availability/operation, business rates, services or appliances has been formerly verified and therefore prospective purchasers/tenants are requested to seek validation of all such matters prior to submitting a formal or informal intention to purchase/lease the property or enter into any contract.
PLANNING - The Property has planning consent for office use under Class B1 granted on 6th September 2010 under reference DMS/101397/RM.
TENURE- We understand, subject to legal verification that the property is held on a freehold basis, subject to the ongoing leases.
VAT - The Purchase Price will be subject to VAT at the prevailing rate.
SERVICE CHARGE- The current budgeted annual service charge is £35,693.30 per annum and is recoverable subject to the capping provisions as outlined above in the tenancy schedule.
PROPOSAL - Offers are invited in the region of £2,500,000. This provides an investor with a with Net Initial Yield of 7.19% allowing for purchaser's costs of 6.28% rising to a gross yield of 8.56% when fully let and upon reversions.
( Agency Pilot Software ref: 6177 )