Key Information
- Prominent town centre office building
- Total income of £70,220 per annum exclusive
- Secure on site car park
- Purchase price: £850,000, to show an initial yield of 7.83% after purchaser's costs
- Please contact the agents in relation to the following information: - Floor Plans - Tenancy Information / Leases - Business Rates and Council Tax Assessments - Energy Performance Certificates - Service Charge Information
- £850,000, producing an initial yield of 7.83% after purchaser's costs. At this level, this produces a competitive vacant possession rate of only £91.45 per sq ft.
The property consists of a substantial and relatively recently constructed purpose built office building that three-storey in design. The building is constructed in brickwork, incorporating double glazed windows under a pitched timber and tile roof. Each floor is arranged around a central core, providing WCs and a passenger lift to all levels, together with an attractive reception on the ground floor out onto St Mary's Road. The floors are open plan, with a building design that allows each floor to be equally divided. This has been undertaken on the ground and second floor. The first floor is single occupation. To the rear of Florence House is a private car park, with space for some 20 vehicles. Specification - Open plan floor plates - Suspended ceilings with recessed lighting, LED in part - Carpeted solid concrete floors - Perimeter three compartment trunking - Centrally heated throughout - Male and female WCs on each floor - Lift to each level - Attractive ground floor reception
Location
The premises are situated overlooking St Mary's Road, close to its junction with Station Road within Hinckley Town Centre. The Crescent Shopping Centre lies opposite St Mary's Road at its junction with Lancaster Road, with occupiers including Sainsbury's, Costa and TK Maxx, together with a multiplex cinema. Whilst within the town centre, there is swift access towards the M69 motorway at Junctions 1 and 2, thereby facilitating accessibility to the national motorway network and the A5 trunk road. There is a car park on site and a large town centre Pay and Display car park directly opposite the building, with access off St Mary's Road.
VAT
VAT is applicable to the purchase price. However, it is anticipated that the transaction can be treated as a Transfer of Going Concern (TOGC). All parties are advised to seek independent advice in this regard.
Service Charge
Each tenant contributes proportionately towards the maintenance and servicing of the building in the form of a service charge. The budgeted costs for year ending 24th March 2025 were £66,400, equating to a rate of £5.48 per sq ft.
Rates
The current tenants pay all charges, including business rates.
EPC
The premises have an EPC assessment of: C68
Legal Costs
Each party is to bear their own legal costs incurred.
Accommodation
The property is currently subdivided to provide the following accommodation: Measurements are quoted on a Net Internal basis in accordance with the RICS Property Measurement Second Edition.
Planning
We understand the property benefits from a Class E use and is used for offices throughout. Parties considering future alternatives uses are advised to speak with Hinckley and Bosworth Borough Council on 01455 238 141.
Viewing
Viewings are by appointment with sole agents Innes England