Chelmsford: For Sale; Freehold Office Investment Opportunity - Part let, Part Vacant
Swift House comprises a modern two storey office building constructed in the early 2000s. The building is arranged to provide office accommodation across two floors with staff facilities and 63 car parking spaces.
The offices are air-conditioned throughout and benefit from double glazed windows and doors, suspended ceilings and CAT II lighting.
Whilst currently arranged to provide a range of private and open plan offices, the building could, subject to terms, be reconfigured to suit an occupiers needs or sub-divided further and converted into a business centre with various office suites and ample car parking.
The City of Chelmsford is located approximately 33 miles to the north-east of London and benefits from excellent communications via the A12 giving direct access to the M25 at Junction 28 (12 miles). The M11 and Stansted Airport are also easily accessible (approx. 15 minutes drive) via the A131 and A120.
Hoffmanns Way is an established business location to the north-east of Chelmsford City Centre, within close proximity to Anglia Ruskian University and located on a bus route which also services the Park and Ride.
Swift House is situated less than one mile from the main line railway station (with journey times of approx. 35 minutes to London Liverpool Street) and Chelmsford City Centre and within easy reach of the main road links (A12, A130, A131 and A414.
Office Market Overview
Prime rents in Chelmsford have reached £27.50psf and quoting terms for Grade A accommodation are in the range of £27.50psf to £30psf. We understand negotiations are on-going in the City, currently at £28psf, this rental growth reflecting Chelmsford’s continuing appeal to occupiers.
The ground floor of the property is LET to LB Group Limited for a term of 10 years from 01 Jan 2017 expiring 31 Dec 2027 at a passing rent of £110,000pax and subject to an upwards only rent review dated 01 Jan 2022.
The first floor is currently vacant and available TO LET on a new internal repairing and insuring lease subject to a service charge arrangement for the communal and shared areas at £120,000pax.
The property has the following rating assessments:
Suite A Gnd Flr 432.35m² £73,500
Suite B Gnd Flr 48m² £8,100
Suite C Gnd Flr 67.6m² £11,250
1st Flr 583.24m² £99,000
The property with Title No. EX621986 is offered for sale freehold subject to the existing lease of the Ground Floor.
All rents and prices quoted are exclusive of VAT under the Finance Act 1989. Interested parties are advised to consult their professional advisors as to their liabilities, if any, in this direction.
Chelmsford (0.5 miles)
Hatfield Peverel (5.5 miles)
Ingatestone (6.6 miles)