Rare freehold/investment opportunity that consists of 2 neighbouring units, Saxon House and number 8 Saxon Way. Saxon House is let to TTP Group and is an R&D warehouse fitted to a high specification with an extensive mezzanine offering further storage and offices, it has an eaves height of 6.1m space for approx 20 car parking spaces. 8 Saxon Way consists of good quality office, showroom accommodation, mezzanine and benefits from 25 parking spaces. This unit will be sold with vacant possession.
The subject property comprises a large self-contained mixed use investment property, which is laid out to provide 7 ground floor retail units, 5 of which are currently tenanted and 2 vacant and 17 flats over the two upper floors, which have been sold off on long leases, and have just under 115 years unexpired.
The modern property is constructed in cavity brickwork under pitched tiled roofs, with the 7 No. ground floor retail units having glazed shopfronts onto Wherry’s Lane.
EPCs – The commercial units have EPC ratings ranging from B to E and all of the flats have a B rating.
?The property enjoys a central location within the well regarded south Lincolnshire market town of Bourne, which lies about 11 miles north east of Stamford, 12 miles west of Spalding, 17 miles north of Peterborough and 25 miles south of Lincoln. The town has an estimated population of circa 17,000 and a wide rural based catchment.
The town provides a good range of local, educational, leisure and shopping facilities, with Tesco, Sainsbury’s, Aldi and Lidl, as well as an M&S Foodhall all represented within the town. Other nearby retailers to the subject property in the town centre include Boots, Specsavers, Heron, Card Factory and Costa.
The subject property sits immediately to the east of the A15 (North Street) which runs through the centre of the town, immediately adjacent to the town centre retailers mentioned above.
?We understand that all mains gas, water and electricity are available and connected to the properties. Each property is self-contained from a servicing point of view.
These services have not been tested and interested parties are therefore advised to make their own investigations to the relevant utility service providers.
TOWN & COUNTRY PLANNING
?We understand that the various units have consent for uses falling within Class E (Commercial, Business & Services Use) and Class C3 (Residential Dwellings) of the Town and Country Planning (Use Classes) Order 1987 (as amended 2020).
Class E now encompasses a number of uses formerly known as A1 (Retail), A2 (Professional & Financial Services), A3 (Restaurant & Bars), B1 (Business) and D2 (Clinics, Health Centre, Crèche & Day Nurseries).
?Each commercial unit has a separate Rateable Value and the flats their own Council Tax banding. Further details of Rating and Council Tax bands for each property are available on request.
?Let the vacant units (there are currently two) to increase the rental income /yield (return).
Look at the conversion of the vacant ground floor units into residential units. The most recent sale of a two bed flat in the block was at a price of £160,000 which represents a significant uplift in value from the existing commercial unit value.
?The property is available For Sale freehold, subject to the 5 commercial leases in place on the tenanted ground floor shop units, and the 125 year long leasehold interest sold off in respect of the 17 flats on the two upper floors. Further details in respect of the tenancy position throughout the property are available on request.
In our opinion when fully let the 7 retail units and the ground rents payable by the owners of the flats of £125 per annum (subject to review – further details on request), will generate a total income of £53,310 per annum. The current rent with the 2 vacant units is £35,310 per annum
The leases make provision for the payment of a service charge by the tenants of each unit, both commercial and residential, to cover the cost of maintenance of all common parts internally and externally throughout the development.
?Offers are invited in excess of £400,000 (Four hundred thousand pounds) for the freehold interest in the development, subject to the various leases in place throughout the property.
A purchase at this figure based on the total projected income of £53,310 referred to above,(when the building is fully let) would provide a purchaser with a Net Initial Yield after standard purchaser’s costs of circa 12.80%.
?VAT may be charged in addition to the purchase price at the prevailing rate. However it may be possible to treat the sale as a (TOGC) for this purpose.
?Each party is to be responsible for their own legal costs incurred in documenting the transaction.
Overfield Park offers high quality bespoke industrial and warehouse units tailored to suit the widest range of industries and occupiers.
Positioned immediately opposite the 1.4m sq ft Dixons, Carphone Warehouse campus, Overfield Park is already home to Wirtgen and John Deere. National Highways have programmed Newark Bypass improvements to connect M1 and Leicester to the A1 and Central Lincolnshire.
The 35-acre park has been masterplanned to promote well-being including foot and cycleway connections to Newark and Newark Northgate Train station. Extensive landscaping and breakout areas provide green amenity,
while food retail is provided by the on-site Starbucks.
In addition to industrial and logistics uses, the long frontages to the A46 and A17 make Overfield Park an ideal roadside, leisure and retail location with Wirtgen and John Deere already on site.
Overfield Park has direct access to the A1 and A46, Overfield Park has a reach extending from London and Bristol n the south, to the Scottish borders in the north.All the major manufacturing centres of the UK,plus nearly 70% of national consumers, fall
within a single HGV journey.
All mains services are available to the Business Park. Specific utility capacity requirements will be considered on a case by case basis.
Overfield Park has allocation for employment and complimentary road side uses. Interested parties are advised to make their own investigations to the Local Planning Authority.
The new buildings will be made available for Freehold Sale or To Let.
Price/rent available on application.
Each building will contribute to the cost of shared services such as maintenance and landscaping.
VAT will be charged in addition to sale prices/rent at the current rate.
Each party is to be responsible for their own legal costs.
The portfolio consists of a terrace of four industrial properties.
Unit 1 – Comprises a part brick, part profile clad industrial unit with a pitched roof. The unit incorporates a first floor which is currently used as storage, in addition to kitchen and toilet facilities. Pedestrian access is provided to the front of the building, with a shutter along the right hand flank. Gross Internal Floor Area 261.7 m (2,818 ft).
Unit 2 – Comprises a part brick, part profile clad industrial unit with a pitched roof. The unit incorporates a kitchenette and toilet facilities in addition to a shutter and pedestrian door to the front elevation. Gross Internal Floor Area 228.3 m (2,458 ft).
Unit 3 – Comprises a mid-terrace industrial unit with brick elevations and a large shutter to the front elevation. Internally, the property has a mezzanine which incorporate kitchenette and toilet facilities. Gross Internal Floor Area 70.1 m (756 ft) including mezzanine.
Unit 4 – Comprises an end of terrace industrial unit/ workshop with rendered masonry walls, a pitched roof and two shutters providing access. No kitchen or toilet facilities are provided within the unit. Gross Internal Floor Area 57.3 m (617 ft).
In our opinion there is scope to re-gear the leases across the portfolio.
We are advised by the owner that parking is provided in front of the units.
The property comprises a detached steel framed property used as a car workshop/tyre depot with a steel framed construction with profile metal clad roof, block walls and a concrete floor. It is lit predominately via ceiling hung LED lighting with some fluorescent strip lighting and is unheated. The unit benefits from an ancillary kitchen and store and by an office and reception. The workshop itself benefits from six roller shutter doors fronting out to a yard protected by low level barriers and raised brick areas. The unit has a good prominent side frontage to Ashton Old Road.
Good Quality Industrial Investment.
Rare industrial investment opportunity.
Established tenant since 1984.
Prominent industrial unit.
Good Quality Industrial Estate Investment.
Rare freehold opportunity.
Prominent position fronting Leeds Road (A657).
Part income producing.
Suitable for investors and owner occupiers.
Four Light Industrial / Storage units fronting Dukesmead and at the front of Benedict Square, a purpose built small unit scheme in the popular Werrington industrial area, approximately 3 miles to the north of Peterborough City Centre and within easy reach of the city’s parkway system. The property is of steel portal frme construction under an insulated metal sheet clad monopitch roof with inset rooflights. Each unit benefits from SPV installations (reducing power costs for occupiers and also providing FIT income for the owner), three phase power, WC, small kitchenette, full height electric panel loading door and separate pedestrian entrance. Unit 6 also has a storage mezzanine to part. There are loading facilities to the front of the units and a total of 19 parking spaces to the front of the units. Currently fully let and producing £51,650 pa in rental income. For the year ending December 2023, the vendor also received FIT income of £3,285 from the SPV installation. The properties are held by the Vendor on 999 year leases. NOTE – There is a specific restriction in the long leasehold title preventing use for any vehicle related purpose.
Office/light industrial investment/development opportunity.
Very prominently located on Wakefield Road.
Self contained site with large car park.
Part let, part vacant complex with development potential.