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Unit 5 Cartel Business Centre, Basingstoke, RG24

Offices for sale

POA
POA
Total price
5500Sq Ft
Space

Summary

Well specified detached office investment.

Location

Basingstoke and Deane is a major centre for commerce and industry with a borough population of approximately 177,500. The town is 45 miles to the south west of London adjacent to junctions 6 and 7 of the M3 Motorway. There is also a frequent rail service to London Waterloo (approx. 45 minutes) The Property lies approximately 1.5 miles north of Junction 6 of the M3 Motorway on Stroudley Road, part of the Daneshill estate. It is situated immediately opposite Basepoint Business Centre.

Terms

£550,000 reflecting a net initial yield of approximately 8.77% allowing for purchasers costs at 4.84%. We are advised that the property has not been elected for VAT and therefore no VAT will be chargeable upon the sale.

Tenure

The property is held leasehold from Basingstoke & Deane Borough Council for a term of 125 years from 26 April 1985. A Ground rent is payable following a lease renewal based on the higher of the base rent (8,250 per annum) or 15% of the rent received. Current Ground rent is £8,925 per annum.

Lease

The property is let to Mears Ltd (Co no: 02519234) for a term of two years from 1 April 2020 at a rent of £59,500 per annum without review. The tenant is responsible for all internal non-structural repairs and decorations to include windows, doors and their frames. The Landlord is responsible for the main structure including the foundations, elevations and the roof. We are advised that Mears have been tenants since February 2016.

Tenant Information

Mears is one of the UK's largest social housing and repairs providers maintaining around 700,000 such houses in the UK.

Let to Mears Ltd until 31 March 2022

Net rental income of £50,575 per annum

Capital value equates to £100 per sq ft

Modern detached two-storey office unit

16 onsite car parking spaces

Listed Features

  • Lift / Elevator
  • Modern Design
  • Parking
  • Office
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Property Marketed By
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Curchod & Co