For Sale-Studio/Office
For Sale-Studio/Office Suitable for owner occupier or investor
PHOENIX SQUARE, STUDIO 1, 13 MORLEDGE STREET, LEICESTER. LE1 1TB 123.1 Sq M (1,325 Sq Ft) £245,000 for the Long Leasehold
Suitable for investors & owner occupiers Small business rates qualification. High quality office/studio Current rental income £18,000pa Vacant possession available June 2017 Net initial yield 7.1%
INVESTMENT SUMMARY Grade A modern business space Short fixed term let expiring 16/06/2017 Rent passing £18000pa Offers in excess of £245,000 Net Initial yield of 7.15% (costs of 3.0%)
LOCATION Situated in the heart of Leicester's St George's cultural quarter and close to the train station. Being adjacent to the city's inner ring road it enjoys easy access around the city and to main arterial routes. The location is also within easy walking distance of the city centre amenities.
SITUATION
DESCRIPTION
Studio 1 occupies the ground and first floor within Phoenix Square being 1 of 7 similar studios within this high quality development. On site amenities include cafe, meeting rooms, cinema, media production areas.
ACCOMMODATION DESCRIPTION
SIZE (SQ.FT)
The accommodation is arranged over ground and upper floor. The ground floor has direct access off Morledge Street and the first floor opens on to an attractive rear courtyard which in separately leads to the Phoenix Cinema and workshops.
SIZE (SQ.M)
Ground Studio
473
43.9
First Studio
853
79.2
1,325
123.1
TOTAL
The property is a grade A modern office/studio within an attractive complex.
Features include:
COVENANT & TENANT OCCUPATIONS The tenant Metz Architects Ltd (co.no. 03900094) was founded in 1999, and through partnership with Fulcro has evolved from a regional practice into an interdisciplinary detailing architectural studio.
Grade A modern business space Low/cost heating system Prominent street frontage for display and branding 1 cars plus access to public parking.
PHOENIX SQUARE STUDIO 1 13 MORLEDGE STREET LEICESTER. LE1 1TB INVESTMENT SUMMARY Grade A modern business space Short fixed term let expiring 16/06/2017 Rent passing £18000pa Offers in excess of £245,000
PROPOSAL The premises are held by way of leasehold for a term of 150 years from 25th August 2009 with a ground rent of £150 per annum. The ground rents double every 25 years. We are instructed to seek offers of in excess of £245,000 Assuming purchaser's costs of 3% a purchase at this price reflects a net initial yield of 7.1%
Net Initial yield of 7.15% (costs of 3.0%)
VAT
TENANCY
The property has been elected for VAT and therefore VAT will be payable. It is intended that the property will be sold as a TOGC.
The property is let to Metz Architects Ltd for a term of 3 years from 17/06/2014. The lease is held on full repairing and insuring terms and the current passing rent is £18,000 per annum which reflects a rent of £13.58 psf.
ENERGY PERFORMANCE CERTIFICATE
The lease is contracted out of the security provisions of the Landlord and Tenant Act 1954 (i.e. the tenant has waived rights should the purchaser require not to renew the lease).
Mr Malcolm Grayson BSc MRICS [email protected]
An EPC is available on request
CONTACTS
Mr Kelvin Wilson BSc (Hons) [email protected]
These particulars do not constitute any part of any offer or contract. None of the statements contained herein are, or are intended to be statements or representations of fact or opinion by either the vendor or Andrew & Ashwell or its employees or agents. Neither Andrew & Ashwell nor its employees or agents are authorised to make or give any representation, guarantees or warranties whatsoever in relation to the above premises. Interested parties must satisfy themselves by inspection or survey on any matter or statement contained in these particulars. The premises detailed in these particulars are offered subject to them not having been let, sold or withdrawn and Andrew & Ashwell will accept no liability for consequential loss arising from these particulars or any negotiations in relation thereto.
PHOENIX SQUARE, STUDIO 1, 13 MORLEDGE STREET, LEICESTER. LE1 1TB 123.1 Sq M (1,325 Sq Ft) £245,000 for the Long Leasehold
Suitable for investors & owner occupiers Small business rates qualification. High quality office/studio Current rental income £18,000pa Vacant possession available June 2017 Net initial yield 7.1%
INVESTMENT SUMMARY Grade A modern business space Short fixed term let expiring 16/06/2017 Rent passing £18000pa Offers in excess of £245,000 Net Initial yield of 7.15% (costs of 3.0%)
LOCATION Situated in the heart of Leicester's St George's cultural quarter and close to the train station. Being adjacent to the city's inner ring road it enjoys easy access around the city and to main arterial routes. The location is also within easy walking distance of the city centre amenities.
SITUATION
DESCRIPTION
Studio 1 occupies the ground and first floor within Phoenix Square being 1 of 7 similar studios within this high quality development. On site amenities include cafe, meeting rooms, cinema, media production areas.
ACCOMMODATION DESCRIPTION
SIZE (SQ.FT)
The accommodation is arranged over ground and upper floor. The ground floor has direct access off Morledge Street and the first floor opens on to an attractive rear courtyard which in separately leads to the Phoenix Cinema and workshops.
SIZE (SQ.M)
Ground Studio
473
43.9
First Studio
853
79.2
1,325
123.1
TOTAL
The property is a grade A modern office/studio within an attractive complex.
Features include:
COVENANT & TENANT OCCUPATIONS The tenant Metz Architects Ltd (co.no. 03900094) was founded in 1999, and through partnership with Fulcro has evolved from a regional practice into an interdisciplinary detailing architectural studio.
Grade A modern business space Low/cost heating system Prominent street frontage for display and branding 1 cars plus access to public parking.
PHOENIX SQUARE STUDIO 1 13 MORLEDGE STREET LEICESTER. LE1 1TB INVESTMENT SUMMARY Grade A modern business space Short fixed term let expiring 16/06/2017 Rent passing £18000pa Offers in excess of £245,000
PROPOSAL The premises are held by way of leasehold for a term of 150 years from 25th August 2009 with a ground rent of £150 per annum. The ground rents double every 25 years. We are instructed to seek offers of in excess of £245,000 Assuming purchaser's costs of 3% a purchase at this price reflects a net initial yield of 7.1%
Net Initial yield of 7.15% (costs of 3.0%)
VAT
TENANCY
The property has been elected for VAT and therefore VAT will be payable. It is intended that the property will be sold as a TOGC.
The property is let to Metz Architects Ltd for a term of 3 years from 17/06/2014. The lease is held on full repairing and insuring terms and the current passing rent is £18,000 per annum which reflects a rent of £13.58 psf.
ENERGY PERFORMANCE CERTIFICATE
The lease is contracted out of the security provisions of the Landlord and Tenant Act 1954 (i.e. the tenant has waived rights should the purchaser require not to renew the lease).
Mr Malcolm Grayson BSc MRICS [email protected]
An EPC is available on request
CONTACTS
Mr Kelvin Wilson BSc (Hons) [email protected]
These particulars do not constitute any part of any offer or contract. None of the statements contained herein are, or are intended to be statements or representations of fact or opinion by either the vendor or Andrew & Ashwell or its employees or agents. Neither Andrew & Ashwell nor its employees or agents are authorised to make or give any representation, guarantees or warranties whatsoever in relation to the above premises. Interested parties must satisfy themselves by inspection or survey on any matter or statement contained in these particulars. The premises detailed in these particulars are offered subject to them not having been let, sold or withdrawn and Andrew & Ashwell will accept no liability for consequential loss arising from these particulars or any negotiations in relation thereto.
