office investment beech house waterside south lincoln ln5 7jh
OFFICE INVESTMENT 2,269 sq m (24,420 sq ft)
BEECH HOUSE WATERSIDE SOUTH LINCOLN LN5 7JH SITE PLAN
FOR SALE © Tele Atlas NV/Crown Copyright; Reproduced by Permission of Tele Atlas NV
LOCATION PLAN
Recently refurbished offices in a riverside location New 15 year unbroken Lease To Lincolnshire Community Health Services NHS Trust Fixed increase at Year Five OIEO £2.95m = 6.6% NIY or 7.65% RY at Year Five (after acquisition costs)
LOCATION
RATES
The property is located fronting Waterside South in a tranquil position overlooking the River Witham one mile to the east of Lincoln City Centre. The property forms part of a complex of buildings known as Witham Park, with neighbouring businesses including Lincolnshire County Council, Anglian Water and Sports Direct.
Charging Authority: Description: Rateable value: UBR: Period:
Lincoln itself has a residential population of 93,541 (2011 census) and is located approximately 37 miles north-east of Nottingham and 28 miles south of Scunthorpe.
Lincoln City Council Offices and Premises £208,000 0.493 2015-2016
Multiplying the Rateable Value figure with the UBR multiplier gives the annual rates payable, excluding any transitional arrangements which may be applicable. For further information, please contact the Charging Authority.
PROPERTY TENURE The property comprises a recently refurbished three storey office building incorporating feature reception at ground floor with staff/wc facilities, stair and lift access between all floors. Private and open plan offices are provided on each floor. The accommodation is largely finished with carpet tiled floors, painted plastered walls, suspended ceilings incorporating inset lighting and wall mounted heating, with air cooling in part Externally the property is allocated 141 car parking spaces.
ACCOMMODATION
The property is available For Sale freehold, subject to the occupational lease. It is let to Lincolnshire Community Health Services NHS Trust for 15 years unbroken with effect from November 2015. The commencing rental is £206,000 pax with a fixed increase at Year 5 to £238,810 pax and upward only rent review at Year 10.
PRICE OIEO £2.95m = 6.6% NIY or 7.65% RY at Year Five (after acquisition costs).
Having measured the property in accordance with the prevailing RICS Code of Measuring Practice we calculate that the property has the following floor area:-
VAT
Ground Floor First Floor Second Floor
The property is elected for VAT. It is proposed to treat the sale of this property as a TOGC. On this basis the sale would not attract VAT.
Total NIA:
755 sq m 733 sq m 781 sq m
(8,125 sq ft) (7,890 sq ft) (8,405 sq ft)
2,269 sq m
(24,420 sq ft)
SERVICES We understand that all main services to include gas, water, electricity and drainage are available and connected to the property. Interested parties are advised to make their own investigations to service providers.
TOWN AND COUNTRY PLANNING We are advised by the local planning authority that the property is established as offices falling within class B1 of the Town and Country Planning (Use Classes) 1987 (as amended).
LEGAL COSTS Each party is to be responsible for their own legal costs incurred in documenting the transaction
VIEWING To view the premises and for any additional information please contact the sole agents.
Contact: William Wall Tel: 01522 544515 Email: [email protected] Ref:
WW/JAH/2204/J15
BEECH HOUSE WATERSIDE SOUTH LINCOLN LN5 7JH SITE PLAN
FOR SALE © Tele Atlas NV/Crown Copyright; Reproduced by Permission of Tele Atlas NV
LOCATION PLAN
Recently refurbished offices in a riverside location New 15 year unbroken Lease To Lincolnshire Community Health Services NHS Trust Fixed increase at Year Five OIEO £2.95m = 6.6% NIY or 7.65% RY at Year Five (after acquisition costs)
LOCATION
RATES
The property is located fronting Waterside South in a tranquil position overlooking the River Witham one mile to the east of Lincoln City Centre. The property forms part of a complex of buildings known as Witham Park, with neighbouring businesses including Lincolnshire County Council, Anglian Water and Sports Direct.
Charging Authority: Description: Rateable value: UBR: Period:
Lincoln itself has a residential population of 93,541 (2011 census) and is located approximately 37 miles north-east of Nottingham and 28 miles south of Scunthorpe.
Lincoln City Council Offices and Premises £208,000 0.493 2015-2016
Multiplying the Rateable Value figure with the UBR multiplier gives the annual rates payable, excluding any transitional arrangements which may be applicable. For further information, please contact the Charging Authority.
PROPERTY TENURE The property comprises a recently refurbished three storey office building incorporating feature reception at ground floor with staff/wc facilities, stair and lift access between all floors. Private and open plan offices are provided on each floor. The accommodation is largely finished with carpet tiled floors, painted plastered walls, suspended ceilings incorporating inset lighting and wall mounted heating, with air cooling in part Externally the property is allocated 141 car parking spaces.
ACCOMMODATION
The property is available For Sale freehold, subject to the occupational lease. It is let to Lincolnshire Community Health Services NHS Trust for 15 years unbroken with effect from November 2015. The commencing rental is £206,000 pax with a fixed increase at Year 5 to £238,810 pax and upward only rent review at Year 10.
PRICE OIEO £2.95m = 6.6% NIY or 7.65% RY at Year Five (after acquisition costs).
Having measured the property in accordance with the prevailing RICS Code of Measuring Practice we calculate that the property has the following floor area:-
VAT
Ground Floor First Floor Second Floor
The property is elected for VAT. It is proposed to treat the sale of this property as a TOGC. On this basis the sale would not attract VAT.
Total NIA:
755 sq m 733 sq m 781 sq m
(8,125 sq ft) (7,890 sq ft) (8,405 sq ft)
2,269 sq m
(24,420 sq ft)
SERVICES We understand that all main services to include gas, water, electricity and drainage are available and connected to the property. Interested parties are advised to make their own investigations to service providers.
TOWN AND COUNTRY PLANNING We are advised by the local planning authority that the property is established as offices falling within class B1 of the Town and Country Planning (Use Classes) 1987 (as amended).
LEGAL COSTS Each party is to be responsible for their own legal costs incurred in documenting the transaction
VIEWING To view the premises and for any additional information please contact the sole agents.
Contact: William Wall Tel: 01522 544515 Email: [email protected] Ref:
WW/JAH/2204/J15
