office investment for sale AWS
OFFICE INVESTMENT FOR SALE Old Grammar School House, School Gardens, Castle Gates, Shrewsbury SY1 2AJ Office Investment with potential for future Residential / Development opportunity(subject to statutory consents) in sought after area of the Town Centre of Shrewsbury
ENTER HALLS COMMERCIAL
01743 450 700
2
INVESTMENT SUMMARY
LOCATION
DESCRIPTION
ACCOMMODATION
TENURE COVENANT
PLANNING SERVICES PROPOSAL
FURTHER INFORMATION
FURTHER INFORMATION
INVESTMENT SUMMARY
Town Centre Office Investment located adjacent to Shrewsbury Library
Attractive Grade II Listed property
SITUATION / Total Net Internal Floor Area 3,520ft sq (326.98m sq) ACCOMMODATION (Excluding lower ground floor) arranged over three floors
Multi-let offices, with leases expiring within 3 to 6 years and all leases are excluded from the Landlord and Tenant Act
Potential for future alternative uses, subject to statutory consents. Active Asset Management opportunity to increase the current running yield
PROPOSAL Income:
An internal inspection is recommended in order to fully appreciated the quality and character of the property.
Asking Price: Offers in excess of £375,000 (Exclusive) HALLS COMMERCIAL
£26,060 per annum
Price:
Offers in excess of £375,000
Net Initial Yield:
6.68% after allowing for normal purchasing costs (based on 1.5% for Agents & Solicitors)
01743 450 700
3
INVESTMENT SUMMARY
LOCATION
DESCRIPTION
TENURE ACCOMMODATION COVENANT
LOCATION
The property is located in the town of Shrewsbury, Shrewsbury is approximately 41 miles (66 km) to the south of Chester and 47 miles (75 km) to the north west of Birmingham, Shrewsbury is a historic market town in the county of Shropshire. The total population within the Shrewsbury primary catchment area is 332,000, similar to the sub regional centre average. The property is situated in School Gardens in Shrewsbury Town Centre, which is a sought after area of the town. Road communications are excellent with the A5 ring road leading to the M54, 8 miles to the east, which leads to Junctions 10 and 11 of the M6 motorway and the rest of the national motorway network. Shrewsbury railway station provides direct services to Telford, Wolverhampton, Birmingham and London.
HALLS COMMERCIAL
PLANNING SERVICES PROPOSAL
41 miles (66km) south of Chester 47 miles (75km) north west of Birmingham
FURTHER INFORMATION
Direct rail services to Wolverhampton (40 minutes) Birmingham New Street (55 minutes) and London (105 minutes)
53 miles north west of Birmingham International Airport
DEMOGRAPHICS
The total population within the Shrewsbury primary catchment area is 332,000, similar to the sub regional centre average and ranking the town 76 out of the PROMIS Centres. The level of car ownership in Shrewsbury is significantly above average with a particularly high proportion of 2 car households.
01743 450 700
4
INVESTMENT SUMMARY
LOCATION
DESCRIPTION
ACCOMMODATION
TENURE COVENANT
PLANNING SERVICES PROPOSAL
FURTHER INFORMATION
SITUATION
The property is located in School Gardens, which is approached from Castle Street and is located in the town centre of Shrewsbury ,where all local amenities are available. The property is located adjacent to the Shrewsbury Library and other surrounding uses are generally office and residential. The outstanding location of the property can only be fully appreciated by undertaking an inspection of the property. Shrewsbury is the County Town of Shropshire and is an established administrative and tourist centre with a population of approximately 75,000 at the last census and a large catchment population.
DESCRIPTION
The property comprises of a three storey attached property with a lower basement area, which is attached to the Shrewsbury Library and a residential house and the property comprises of a multi-let office investment that is Grade 2 Listed. The property dates from C17th and was originally part of Shrewsbury School. It is steeped in tradition and is famed for being a property where Charles Darwin was once educated. The property is currently arranged as 7 offices with common shared welfare facilities. Two of the suites are self-contained. Internally the property benefits from numerous original features including a craved staircase thought to date from the Jacobian era, it also benefits from a valuable side access off the forecourt area of the property, all of the above can only be appreciated by under taking an inspection of the property.
HALLS COMMERCIAL
01743 450 700
5
INVESTMENT SUMMARY
LOCATION
DESCRIPTION
ACCOMMODATION
TENURE COVENANT
PLANNING SERVICES PROPOSAL
FURTHER INFORMATION
ACCOMMODATION
The property is arranged to provide the following accommodation (all measurements are approximate) and on a Net Internal Area basis: Ground Floor Reception Hallway Office 1 Office 2 Office 3 Kitchen Stores Ladies Toilet Gents Toilet Office 4
427ft sq (39.66m sq) 232ft sq (21.55m sq) 200ft sq (18.58m sq)
258ft sq (23.97m sq)
First Floor Landing Office 5 258ft sq (23.97m sq) Office 6 1145ft sq (106.36m sq) (arranged as a suite of offices with toilet facility). Second Floor Office 7 1000ft sq (92.89m sq) (arranged as a suite of office with a toilet facility). Lower Ground Floor Area (The property benefits from a side access leading to the lower ground floor area).
EPC
As the property is listed it is exempt from the need for an Energy Performance Certificate
HALLS COMMERCIAL
01743 450 700
6
INVESTMENT SUMMARY
LOCATION
DESCRIPTION
ACCOMMODATION
TENURE COVENANT
PLANNING SERVICES PROPOSAL
FURTHER INFORMATION
TENURE
(All prospective purchasers should check the schedule of occupational tenancies is correct prior to entering into a commitment to purchase) The property is for sale freehold subject to the following occupational tenancies, the property is held under Title Number: SL182770.
Property
Lease Commencement Date
Lease Expiry Date
Rent
Office 1
16th June 2009
16th June 2013
£3,300per annum
Office 2
1st July 2004
30th June 2010
£1,500per annum
Office 3
23rd May 2016
22nd May 2022
£1,400per annum
There is a tenant option to determine on 23th May 2017 and there are no rent reviews
Office 4
22nd October 2015
21st October 2021
£2,000per annum
There are annual tenant options to determine the lease and there are no rent reviews
Office 5
1st February 2016
31st January 2021
£10,300per annum
Review 1st February 2019 and every third year including break options on the 1st of February of each year
Office 6
11th November 2005
Office 7
Other Comments
£7,560per annum Used by the same company as Office 5
(Copies of the leases are available from the selling agents upon request. The leases are drafted on the basis of Tenants Full Repairing and Insuring leases subject to service charge provisions. Details of the service charge relating to the property can be made available upon request from the selling agents) All leases are excluded from the Landlord and Tenants Act 1954, Part II.
COVENANT
All tenants are local covenants and brief details are provided below: Office 1 - Simon Peter Meredith (Company No: 903890404) - a media company that was established in around 2003. Office 2 - Mrs Helen Taylor - a registered Hypnotheraist. Office 3 - Sue Gorbing (Company No: 09592142) - Safe Ageing No Discrimination. Office 4 - WDW Architects Limited (Company No: L42588532) - established in 1961 - a local practice involved in nationwide projects with a national clientele recognised agents, Consultants and Contractors. Office 6 - BMC Profiles Limited (Company No: 04332269 ) - established in the mid 1980’s - sell and support a wide range of financial planning tools for UK based Financial Advisers. Office 5 & 7 - Lighthouse Design for Business (Company No: 04148821) - established in 2001 - produce website design, digital marketing, branding & lead generation.
HALLS COMMERCIAL
01743 450 700
7
INVESTMENT SUMMARY
LOCATION
DESCRIPTION
ACCOMMODATION
TENURE COVENANT
PLANNING
Prospective purchasers should make their own enquiries to the local planning authority. It understood that the property is Grade 2 listed. The property is located in a Conservation Area. The property is in use as office accommodation falling within Use Class B1 of The Town and Country Use Classes Order 1987. The property is located in the town centre of Shrewsbury in an area of mixed development. The property could in the future lend itself to residential development conversion (subject to the receipt of any statutory consents).
RATEABLE VALUES (2016/2017)
(Internet enquiries were made under the terms of the leases the tenants are responsible for the payment of rates). Office 1 - £3,350 Office 2 - £2,075 Office 3 - £1,400 Office 4 - £2,500 Office 5 - £2,050 Office 6 - £6,800 Office 7 - £4,150
PLANNING SERVICES PROPOSAL
FURTHER INFORMATION
RENTAL EVIDENCE / PROPOSAL
VAT
The property is elected for VAT purposes. It is anticipated that the investment will be treated as a Transfer of a Going Concern(TOGC).
SERVICES
(Not tested at the time of inspection) It is understood that mains water, electricity and drainage are connected to the property.
LEGAL COSTS
Each party is to be responsible for their own legal costs in relation to this transaction.
PROPOSAL
We are instructed to seek offers in excess of £375,000 (Three Hundred and Seventy Five Thousand Pounds) for our clients freehold interest , subject to contract and exclusive of VAT which reflects a Net Initial Yield of 6.2% (after stamp duty and acquisition costs of 1.5%).
LOCAL AUTHORITY Shropshire Council Shirehall Abbey Foregate Shrewsbury SY2 6ND Telephone: 0345 678 9000
HALLS COMMERCIAL
01743 450 700
8
INVESTMENT SUMMARY
LOCATION
HALLS COMMERCIAL
DESCRIPTION
ACCOMMODATION
TENURE COVENANT
PLANNING SERVICES PROPOSAL
FURTHER INFORMATION
01743 450 700
9
INVESTMENT SUMMARY
LOCATION
HALLS COMMERCIAL
DESCRIPTION
ACCOMMODATION
TENURE COVENANT
PLANNING SERVICES PROPOSAL
FURTHER INFORMATION
01743 450 700
10
INVESTMENT SUMMARY
LOCATION
HALLS COMMERCIAL
DESCRIPTION
ACCOMMODATION
TENURE COVENANT
PLANNING SERVICES PROPOSAL
FURTHER INFORMATION
01743 450 700
11
FURTHER INFORMATION For further information or to arrange an inspection of the property please contact: James Evans 01743 450700 [email protected] Rebecca Welch 01743 450715 [email protected]
HALLS COMMERCIAL Halls for themselves and for the vendors of this property, whose agent they are, given notice that: i) These particulars are intended for guidance only. They are prepared and issued in good faith and are intended to give a fair description but do not constitute part of an over or contract. Any information given should not be relied on as a statement or representation of fact or that the property or its services are in good condition. ii) Halls have not made any investigations into the existence or otherwise of any issues concerning pollution and potential land, air and water contamination. The purchaser is responsible for making his or her own enquiries in this regard. iii) Neither Halls nor any of their employees has any authority to make or give any representation or warranty whatsoever in relation to the property. iv) The images show only certain parts and aspects of the property at the time they were taken/created. Any areas, measurements or distances given are approximate only. Any plans are for identification purposes only. v) Any reference to alterations to, or use of, any part of the property is not a statement that any necessary planning, building regulations or other consent has been obtained. An intending purchaser must verify these matters. An occupier should not rely upon the Use stated in these particulars and should check their proposed use with the relevant Planning Authority .
ENTER HALLS COMMERCIAL
01743 450 700
2
INVESTMENT SUMMARY
LOCATION
DESCRIPTION
ACCOMMODATION
TENURE COVENANT
PLANNING SERVICES PROPOSAL
FURTHER INFORMATION
FURTHER INFORMATION
INVESTMENT SUMMARY
Town Centre Office Investment located adjacent to Shrewsbury Library
Attractive Grade II Listed property
SITUATION / Total Net Internal Floor Area 3,520ft sq (326.98m sq) ACCOMMODATION (Excluding lower ground floor) arranged over three floors
Multi-let offices, with leases expiring within 3 to 6 years and all leases are excluded from the Landlord and Tenant Act
Potential for future alternative uses, subject to statutory consents. Active Asset Management opportunity to increase the current running yield
PROPOSAL Income:
An internal inspection is recommended in order to fully appreciated the quality and character of the property.
Asking Price: Offers in excess of £375,000 (Exclusive) HALLS COMMERCIAL
£26,060 per annum
Price:
Offers in excess of £375,000
Net Initial Yield:
6.68% after allowing for normal purchasing costs (based on 1.5% for Agents & Solicitors)
01743 450 700
3
INVESTMENT SUMMARY
LOCATION
DESCRIPTION
TENURE ACCOMMODATION COVENANT
LOCATION
The property is located in the town of Shrewsbury, Shrewsbury is approximately 41 miles (66 km) to the south of Chester and 47 miles (75 km) to the north west of Birmingham, Shrewsbury is a historic market town in the county of Shropshire. The total population within the Shrewsbury primary catchment area is 332,000, similar to the sub regional centre average. The property is situated in School Gardens in Shrewsbury Town Centre, which is a sought after area of the town. Road communications are excellent with the A5 ring road leading to the M54, 8 miles to the east, which leads to Junctions 10 and 11 of the M6 motorway and the rest of the national motorway network. Shrewsbury railway station provides direct services to Telford, Wolverhampton, Birmingham and London.
HALLS COMMERCIAL
PLANNING SERVICES PROPOSAL
41 miles (66km) south of Chester 47 miles (75km) north west of Birmingham
FURTHER INFORMATION
Direct rail services to Wolverhampton (40 minutes) Birmingham New Street (55 minutes) and London (105 minutes)
53 miles north west of Birmingham International Airport
DEMOGRAPHICS
The total population within the Shrewsbury primary catchment area is 332,000, similar to the sub regional centre average and ranking the town 76 out of the PROMIS Centres. The level of car ownership in Shrewsbury is significantly above average with a particularly high proportion of 2 car households.
01743 450 700
4
INVESTMENT SUMMARY
LOCATION
DESCRIPTION
ACCOMMODATION
TENURE COVENANT
PLANNING SERVICES PROPOSAL
FURTHER INFORMATION
SITUATION
The property is located in School Gardens, which is approached from Castle Street and is located in the town centre of Shrewsbury ,where all local amenities are available. The property is located adjacent to the Shrewsbury Library and other surrounding uses are generally office and residential. The outstanding location of the property can only be fully appreciated by undertaking an inspection of the property. Shrewsbury is the County Town of Shropshire and is an established administrative and tourist centre with a population of approximately 75,000 at the last census and a large catchment population.
DESCRIPTION
The property comprises of a three storey attached property with a lower basement area, which is attached to the Shrewsbury Library and a residential house and the property comprises of a multi-let office investment that is Grade 2 Listed. The property dates from C17th and was originally part of Shrewsbury School. It is steeped in tradition and is famed for being a property where Charles Darwin was once educated. The property is currently arranged as 7 offices with common shared welfare facilities. Two of the suites are self-contained. Internally the property benefits from numerous original features including a craved staircase thought to date from the Jacobian era, it also benefits from a valuable side access off the forecourt area of the property, all of the above can only be appreciated by under taking an inspection of the property.
HALLS COMMERCIAL
01743 450 700
5
INVESTMENT SUMMARY
LOCATION
DESCRIPTION
ACCOMMODATION
TENURE COVENANT
PLANNING SERVICES PROPOSAL
FURTHER INFORMATION
ACCOMMODATION
The property is arranged to provide the following accommodation (all measurements are approximate) and on a Net Internal Area basis: Ground Floor Reception Hallway Office 1 Office 2 Office 3 Kitchen Stores Ladies Toilet Gents Toilet Office 4
427ft sq (39.66m sq) 232ft sq (21.55m sq) 200ft sq (18.58m sq)
258ft sq (23.97m sq)
First Floor Landing Office 5 258ft sq (23.97m sq) Office 6 1145ft sq (106.36m sq) (arranged as a suite of offices with toilet facility). Second Floor Office 7 1000ft sq (92.89m sq) (arranged as a suite of office with a toilet facility). Lower Ground Floor Area (The property benefits from a side access leading to the lower ground floor area).
EPC
As the property is listed it is exempt from the need for an Energy Performance Certificate
HALLS COMMERCIAL
01743 450 700
6
INVESTMENT SUMMARY
LOCATION
DESCRIPTION
ACCOMMODATION
TENURE COVENANT
PLANNING SERVICES PROPOSAL
FURTHER INFORMATION
TENURE
(All prospective purchasers should check the schedule of occupational tenancies is correct prior to entering into a commitment to purchase) The property is for sale freehold subject to the following occupational tenancies, the property is held under Title Number: SL182770.
Property
Lease Commencement Date
Lease Expiry Date
Rent
Office 1
16th June 2009
16th June 2013
£3,300per annum
Office 2
1st July 2004
30th June 2010
£1,500per annum
Office 3
23rd May 2016
22nd May 2022
£1,400per annum
There is a tenant option to determine on 23th May 2017 and there are no rent reviews
Office 4
22nd October 2015
21st October 2021
£2,000per annum
There are annual tenant options to determine the lease and there are no rent reviews
Office 5
1st February 2016
31st January 2021
£10,300per annum
Review 1st February 2019 and every third year including break options on the 1st of February of each year
Office 6
11th November 2005
Office 7
Other Comments
£7,560per annum Used by the same company as Office 5
(Copies of the leases are available from the selling agents upon request. The leases are drafted on the basis of Tenants Full Repairing and Insuring leases subject to service charge provisions. Details of the service charge relating to the property can be made available upon request from the selling agents) All leases are excluded from the Landlord and Tenants Act 1954, Part II.
COVENANT
All tenants are local covenants and brief details are provided below: Office 1 - Simon Peter Meredith (Company No: 903890404) - a media company that was established in around 2003. Office 2 - Mrs Helen Taylor - a registered Hypnotheraist. Office 3 - Sue Gorbing (Company No: 09592142) - Safe Ageing No Discrimination. Office 4 - WDW Architects Limited (Company No: L42588532) - established in 1961 - a local practice involved in nationwide projects with a national clientele recognised agents, Consultants and Contractors. Office 6 - BMC Profiles Limited (Company No: 04332269 ) - established in the mid 1980’s - sell and support a wide range of financial planning tools for UK based Financial Advisers. Office 5 & 7 - Lighthouse Design for Business (Company No: 04148821) - established in 2001 - produce website design, digital marketing, branding & lead generation.
HALLS COMMERCIAL
01743 450 700
7
INVESTMENT SUMMARY
LOCATION
DESCRIPTION
ACCOMMODATION
TENURE COVENANT
PLANNING
Prospective purchasers should make their own enquiries to the local planning authority. It understood that the property is Grade 2 listed. The property is located in a Conservation Area. The property is in use as office accommodation falling within Use Class B1 of The Town and Country Use Classes Order 1987. The property is located in the town centre of Shrewsbury in an area of mixed development. The property could in the future lend itself to residential development conversion (subject to the receipt of any statutory consents).
RATEABLE VALUES (2016/2017)
(Internet enquiries were made under the terms of the leases the tenants are responsible for the payment of rates). Office 1 - £3,350 Office 2 - £2,075 Office 3 - £1,400 Office 4 - £2,500 Office 5 - £2,050 Office 6 - £6,800 Office 7 - £4,150
PLANNING SERVICES PROPOSAL
FURTHER INFORMATION
RENTAL EVIDENCE / PROPOSAL
VAT
The property is elected for VAT purposes. It is anticipated that the investment will be treated as a Transfer of a Going Concern(TOGC).
SERVICES
(Not tested at the time of inspection) It is understood that mains water, electricity and drainage are connected to the property.
LEGAL COSTS
Each party is to be responsible for their own legal costs in relation to this transaction.
PROPOSAL
We are instructed to seek offers in excess of £375,000 (Three Hundred and Seventy Five Thousand Pounds) for our clients freehold interest , subject to contract and exclusive of VAT which reflects a Net Initial Yield of 6.2% (after stamp duty and acquisition costs of 1.5%).
LOCAL AUTHORITY Shropshire Council Shirehall Abbey Foregate Shrewsbury SY2 6ND Telephone: 0345 678 9000
HALLS COMMERCIAL
01743 450 700
8
INVESTMENT SUMMARY
LOCATION
HALLS COMMERCIAL
DESCRIPTION
ACCOMMODATION
TENURE COVENANT
PLANNING SERVICES PROPOSAL
FURTHER INFORMATION
01743 450 700
9
INVESTMENT SUMMARY
LOCATION
HALLS COMMERCIAL
DESCRIPTION
ACCOMMODATION
TENURE COVENANT
PLANNING SERVICES PROPOSAL
FURTHER INFORMATION
01743 450 700
10
INVESTMENT SUMMARY
LOCATION
HALLS COMMERCIAL
DESCRIPTION
ACCOMMODATION
TENURE COVENANT
PLANNING SERVICES PROPOSAL
FURTHER INFORMATION
01743 450 700
11
FURTHER INFORMATION For further information or to arrange an inspection of the property please contact: James Evans 01743 450700 [email protected] Rebecca Welch 01743 450715 [email protected]
HALLS COMMERCIAL Halls for themselves and for the vendors of this property, whose agent they are, given notice that: i) These particulars are intended for guidance only. They are prepared and issued in good faith and are intended to give a fair description but do not constitute part of an over or contract. Any information given should not be relied on as a statement or representation of fact or that the property or its services are in good condition. ii) Halls have not made any investigations into the existence or otherwise of any issues concerning pollution and potential land, air and water contamination. The purchaser is responsible for making his or her own enquiries in this regard. iii) Neither Halls nor any of their employees has any authority to make or give any representation or warranty whatsoever in relation to the property. iv) The images show only certain parts and aspects of the property at the time they were taken/created. Any areas, measurements or distances given are approximate only. Any plans are for identification purposes only. v) Any reference to alterations to, or use of, any part of the property is not a statement that any necessary planning, building regulations or other consent has been obtained. An intending purchaser must verify these matters. An occupier should not rely upon the Use stated in these particulars and should check their proposed use with the relevant Planning Authority .
