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Unit F, 1-4 Warners Mill, Silks Way, Braintree, Essex, CM7

For sale: £800,000.00|7,601 Sq Ft|Office, Office, Offices

Property details

FOR SALE£800,000.00
SIZE7,601 Sq Ft
ADDRESSUnit F, 1-4 Warners Mill, Silks Way, Braintree, Essex, CM7
TYPEOffice, Office, Offices
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON13th February 2023

Description

The property provides two storey predominantly open plan office accommodation and benefits from 2 separate entry points to each floor. The ground floor is vacant and the first floor is let. The first floor accommodation benefits from a vaulted ceiling with suspended LED lighting and air conditioning, carpet, floor grommets and perimeter trunking, and telephone entry system. There are male and female WC and kitchenette facilities on both floors.

There are 24 allocated car parking spaces for the property and 13 spaces have been demised to the first floor Tenant.

Location
Warners Mill is located on Silks Way off South Street, approximately 0.2 miles from Braintree High Street and 0.3 miles from Braintree mainline train station. Braintree station provides frequent services to London Liverpool Street with an approximate journey time of 1 hour. Braintree Village is approximately 1 mile distant and provides designer outlet shopping with retailers such as: Ralph Lauren, Hugo Boss and Tommy Hilfiger.

Accommodation
We have measured the property in accordance with the RICS Code of Measuring Practice (6th Edition) to provide the following gross internal areas:
Ground Floor: 3,374 sq. ft. (313.55 sq. m.)
First Floor: 4,227 sq. ft. (392.86 sq. m.)
Total: 7,601 sq. ft. (706.41 sq. m.)

Planning
We understand that the property has longstanding Class E office use.

Planning and Listed Building Consent has been granted to convert the property to C3 residential providing 1 x 1 bedroom and 3 x 2 bedroom ground floor flats and 3 x 2 bedroom flats on the first floor under planning application references 22/01741/FUL and 22/01742/LBC. Applicants are advised to rely on their own enquires and contact the local planning authority for further information.
We understand that the property is Grade II Listed.

Services
We understand the property is connected to mains water, drainage and electricity. We have not tested any of the services and all interested parties should rely upon their own enquiries with the relevant utility company in connection with the availability and capacity of all of those serving the property including IT and telecommunication links.

Business Rates
The property is listed on the VOA rating list under a single assessment as follows:
Rateable Value: £35,000
Approx. Rates Payable (2022/23): £17,465
2023 Rateable Value: £46,750
Approx. Rates Payable (2023/24): £23,328.25

We understand that the car parking spaces are assessed under various individual assessments and generally attracting a Rateable Value of £250 per space. Interested parties are advised to make enquiries with the Local Authority.

Tenure
The property is held freehold under title no.: EX851543 subject to part of the eastern wing of the building is held on a long leasehold basis for a term of 90 years from November 1998 and we are advised that the ground rent is £10 every 10 years.

Tenancy
The First Floor is let to Macquarie Energy Leasing Limited (company no.: 08253776) at an annual rent of £49,162 per annum exclusive subject to an upwards only rent review on 11th March 2027 for a term of 10 years expiring on 10th March 2032 and contracted outside the 1954 Landlord and Tenant Act. The Tenant has a Rolling Break Clause from 11th March 2025 subject to at least 12 months' prior written notice. The Lease is held on internal repairing and insuring terms by way of a service charge (capped) and limited by a Schedule of Condition. The Tenant contributes towards the upkeep of the communal areas via a service charge which is capped at £7,986 per annum subject to annual increases in line with RPI. A copy of the Lease is available upon request.

EPC
Ground Floor: E - 107
First Floor: C - 63

Service Charge
A service charge is payable towards the upkeep of the scheme. Further information is available upon request.

Terms
The Freehold and Long Leasehold element of Unit F, 1-4 Warners Mill is for sale by way of private treaty and offers are invited in the region of £800,000 plus VAT subject to the occupational Lease of the first floor.

VAT
We understand that the property is elected to VAT.

Legal Costs
Each party to bear their own legal costs incurred in this transaction. ( Agency Pilot Software ref: 14870056 )

Location

marker
Location: Unit F, 1-4 Warners Mill, Silks Way, Braintree, Essex, CM7

Braintree (0.2 miles)

Braintree Freeport (0.9 miles)

Cressing (2.1 miles)

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