SITUATION The property is situation on Avenue Farm off the Birmingham Road in Stratford upon Avon and in the heart of the commercial sector close to Tesco's (24 hours), the Maybird Retail Park and other retail/trade warehouses nearby including Plumbase, Stratford Tile Warehouse and Screwfix.
DESCRIPTION The premises comprise a single steel framed warehouse with brick and profile sheet cladding to the walls and part corrugated asbestos/profile sheet cladding to the roof. This building has been split into four separate units. There is parking to the side and front of the building.
FLOOR AREAS (taken from VOA website):
UNIT 1 Ground floor 3200 sq.ft (297.3 sq.m)
First floor 3200 sq.ft (297.3 sq.m)
UNIT 2/3 Ground floor 884 sq.ft (82.1 sq.m)
Mezzanine 897 sq.ft (83.3 sq.m)
UNIT 4/5 Ground floor 1812 sq.ft (168.3 sq.m)
Mezzanine 1700 sq.ft (157.9 sq.m)
UNIT 6/7/8 Ground floor sales 1800 sq.ft 167.2 sq.m)
First floor offices 1800 sq.ft (167.2 sq.m)
The whole property is held on a 120 year lease from 25th December 1981 (approx. 83 years unexpired). The lease is subject to a ground rent payable to the freeholder which is currently £10,226.23 for the whole. The ground rent can be reviewed under the lease but we understand that there has been no increase for over 10 years.
Title Plan section 1 - warehouse and associated car parking sublet for a similar term with similar liabilities as the head lease. They currently pay £3166.40 per annum of the ground rent.
Title Plan section 2 and 3 - warehouse and associated car parking sublet for a similar term with similar liabilities as the head lease. They currently pay £1423.70 per annum of the ground rent.
Title Plan sections 4 and 5 - warehouse and associated car parking sublet for a similar term with similar liabilities as the head lease. They currently pay £2251.66 per annum of the ground rent.
Title Plan sections 6, 7 and 8 - shop unit and associated car parking sublet to The Shakespeare Hospice for a term of 6 years from 2018 subject to a rent review and a tenants only option to break in 2021 at a current rent of £24,000 per annum. The ground rent apportioned to this unit is £3,384.48 per annum which is paid by the head landlords rather than the Hospice.
SUMMARY The gross income is £24,000 per annum exclusive.
REPAIRS The three units held on long leases have similar repairing liabilities as the head lease. The Shakespeare Hospice are only liable for maintaining the interior and the head Landlords have a responsibility for repairing and maintaining the building and car park area.
BUILDINGS INSURANCE The premium for each unit can be reclaimed from each of the four tenants.
VAT All figures/prices are quoted exclusive of VAT which may be payable in addition.
EPC We understand an EPC is available for each unit on request.
PRICE We are instructed to seek offers in the region of £300,000 for the benefit of the existing head lease and subject to the various tenancies.
LEGAL COSTS The purchaser is to be responsible for the Landlords reasonable legal costs in this matter.