- FOR SALE
- Multi Let Business Centre Investment Opportunity
- Price £800,000
- Freehold business centre totalling 14,512 sq ft (net internal area) on ground and first floors with
- Currently producing gross rent of £81,030 pa
- Net rent received £65,184 pa
- Currently over 5,000 sq ft of vacant space available which could add an additional £40,000 of net in
- Property has an ERV (net) of £116,096 pa reflecting £8 psf
- Net initial yield 7.72% assuming purchaser's cost at 5.49%
- Reversion yield 13.76%
Bridgewater House fronts onto the roundabout of Junction 13 of the M65 motorway. Its position, directly onto the M65, allows access to all local towns and beyond via the M6, M60 and M62 motorways. The property is situated next to the Thatch and Thistle pub, along with Nelson and Colne College immediately adjacent.
The property comprises a detached self-contained two storey office building which provides business centre style office accommodation ranging from 280 sq.ft upwards. The property also benefits from dedicated on site car parking, passenger lift, communal meeting rooms and 24 hour CCTV. The building is fully DDA compliant and also benefits from controlled access throughout.
Each suite is individually assessed and the tenants are responsible for payment of their own business rates.
Bridgewater House is let to a variety of tenants on mostly all inclusive leases with the property currently producing a gross rent of £116,096 per annum and a net rental of £65,184 per annum. Lease terms range from one to three years with 6 suites currently vacant extending to 5,423 sq.ft. Once let, we anticipate that the vacant space will increase the net income by circa £40,000 (£8 per sq.ft). In addition, there are shared break out rooms, meeting rooms and kitchen/WC facilities. The property's gross ERV is £134,110 per annum with a net ERV of £116,096 per annum. A full tenancy schedule is available on request
An Energy Performance Certificate is available on request.
The property is VAT elected. However, it is anticipated that the transaction will be treated as a transfer of going concern (TOGC).
Strictly through agents Taylor Weaver (James Taylor) 01254 699030