Overross House, Ross-on-wye, HR9 7US

17832 sq ft Office
£2,500,000 Guide Price
AVAILABLE
£2,500,000 Guide Price
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  • 17832 Square Feet

 

  • MODERN OFFICE INVESTMENT FOR SALE
  • 0.8 ACRE SITE ADJACENT TO A449
  • EXTENDING TO APPROXIMATELY 17,832 SQ FT
  • CURRENTLY GENERATING £191,009 PER ANNUM
  • GUIDE PRICE: £2,500,000 plus VAT

Description

MODERN OFFICE INVESTMENT FOR SALE 0.8 ACRE SITE ADJACENT TO A449 EXTENDING TO APPROXIMATELY 17,832 SQ FT CURRENTLY GENERATING £191,009 PER ANNUM GUIDE PRICE: £2,500,000

Location & Description

Ross Park is one mile from Ross-on-Wye town centre, and adjacent to the A449 dual carriage way. This road provides links to South Wales via the A40, and to Birmingham and the North via the M50. Ross-on-Wye, has a population of 11,309 (estimated 2019) and is well known as a vibrant market town, tourist destination and centre for the English antique trade. The increasingly prominent annual Ross-on-Wye International Festival, attracts many big names in entertainment. Approximate travel times are: Birmingham 65 minutes; Hereford 26 minutes; Gloucester 30 minutes; Worcester 40 minutes; Newport 35 minutes; Cheltenham 40 minutes; Cardiff 50 minutes; and London 2 hours and 30 minutes.

The property comprises a detached three storey building constructed in the 1990s around a steel frame with brick facing elevations under the pitched roof covered with profile steel cladding. Internally the office benefits from the following: Spacious communal reception areas; High quality WCs; Self service cafe and tenant break out areas; Excellent levels of natural lighting; Gas central heating; Part air-conditioned communal server room and some installed by tenants; Open plan flexible working areas; Flexibility to partition accommodation to suit occupiers requirements; CCTV or other security; barrier access; and 58 dedicated parking spaces plus overspill of a further 40 spaces. Estimated rental Value of £214,010 pa - allowing for uplift after vacant areas are let. Low Capital value - £140 per SQFT. With Net Initial Yield of 7.19% allowing for purchaser's costs of 6.28% rising to a gross yield of 8.56% after uplift.

THE MARINE CONSERVATION SOCIETY - 2612 sq ft (242.65 sq m)

Ground Floor and car parking spaces, including 2172 sq ft offices and 440 sq ft stores on a 20 year lease from 1 March 2014, with rent reviews 1 March 2024 and 1 March 2029, and mutual break clauses 1 March 2021, 2024, 2029 subject to not less than 4 months prior written notice. Service charge capped: From 1 March 2021 to 28 March 2023 at £5,224 per annum; From 1 March 2024 for the remainder of the term at £5,224 per annum increased annually in line with RPI. The lease is contracted inside the 1954 Act.

VACANT - 1857 sq ft (172.52 sq m)

Ground Floor, ERV £12.40 per SQFT - £23,000 per annum

HARRISON CLARK RICKERBYS LTD - 5656 sq ft (525.44 sq m)

First Floor, including 5656 sq ft of offices, with rent recently increased to £61,526 per annum on a lease from 29 February 2016 and expiring on 28 August 2031. Tenant break option on 28 February 2023 and 28 February 2026 on at least six months' written notice. Rent review dates 29 August 2021 and 29 August 2026. Service Charge is capped at a maximum of £8,000 (subject to annual review in line with RPI on 28 February). The lease is contracted inside the 1954 Act.

CHROMA THERAPIES LIMITED - 1114 sq ft (103.49 sq m)

First Floor offices extending to 1,114 sq ft for a four year term including 29 April 2019. Rent inclusive of water, gas and buildings insurance. The Tenant has an option to terminate the lease at any time on or after 2 July 2020 on six months' written notice. The lease is contracted out of the security of tenure provisions of the 1954 Act.

HOPE'S CHILDREN AND YOUNG PEOPLES SUPPORT SERVICES LIMITED - 1040 sq ft (96.62 sq m)

First Floor, including 1040 sq ft of offices for a five year term from and including 21 February 2020. The Tenant has an option to terminate the lease on 21 February 2023 on six months' written notice. The Lease is contracted out of the security of tenure provisions of the 1954 Act. Service charge capped at £2,080 per annum.

DIZIONS LIMITED - 1801 sq ft (167.31 sq m)

First Floor, including 1801 sq ft of offices, for a six year term from and including 20 September 2020. Mutual break option on 20 September 2022 and 30 September 2024 upon three months' written notice. Service charge capped at: £1,800 plus VAT up to 20 September 2022; £3,600 plus VAT from and including 30 September 2022 to 30 September 2024; and £4,500 plus VAT from and including 30 September 2024 to 30 September 2026. Excluded from security of tenure provisions.

PHYSIO AND HEALTH MATTERS LIMITED - 1562 sq ft (145.11 sq m)

First Floor, including 1562 sq ft of offices, for a four year term from 9 June 2020. Tenant rolling break option exerciseable at any time after 9 June 2022 on not less than three months' written notice. Service charge capped at: £1,562 plus VAT up to and including 9 June 2021; £3,124 plus VAT from and including 10 June 2021 and 9 June 2022; £4,686 plus VAT from and including 10 June 2022 for remainder of the term. Excluded from security of tenure provisions.

RL (UK) LTD - 2190 sq ft (203.45 sq m)

First Floor, including 2,190 sq ft of offices, on a proposed five year term from completion of the sale and excluded from security of tenure provisions. The Property is held freehold by RL (UK) Ltd under title number HE26128 forming part of a larger title with the adjacent property. The title will be divided upon legal completion. RL (UK) Ltd intend to lease back the area they occupy, with the lease being simultaneously completed on legal completion of the sale.

Services

We have been advised that mains services are connected to the property. This information has not been checked with the respective service providers and interested parties may wish to make their own enquiries with the relevant local authority. No statement relating to services or appliances should be taken to infer that such items are in satisfactory working order and intending occupiers are advised to satisfy themselves where necessary.

Agents Notes

PLANNING - The Property has planning consent for office use under Class B1 granted on 6th September 2010 under reference DMS/101397/RM.

Intending purchasers will be required to produce identification documentation and proof of funding in order to comply with The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. More information can be made available upon request. John Goodwin FRICS has made every effort to ensure that measurements and particulars are accurate however prospective purchasers/tenants must satisfy themselves by inspection or otherwise as to the accuracy of the information provided. No information with regard to planning use, structural integrity, tenure, availability/operation, business rates, services or appliances has been formerly verified and therefore prospective purchasers/tenants are requested to seek validation of all such matters prior to submitting a formal or informal intention to purchase/lease the property or enter into any contract.

Tenure

TENURE- We understand, subject to legal verification that the property is held on a freehold basis, subject to the ongoing leases. VAT - The Purchase Price will be subject to VAT at the prevailing rate. SERVICE CHARGE- The current budgeted annual service charge is £35,693.30 per annum and is recoverable subject to the capping provisions as outlined above in the tenancy schedule. PROPOSAL - Offers are invited in the region of £2,500,000. This provides an investor with a with Net Initial Yield of 7.19% allowing for purchaser's costs of 6.28% rising to a gross yield of 8.56% when fully let and upon reversions.

Energy Performance Certificate

The EPC rating for this property is: Area 1: Lower Ground Floor - B43 Area 2: Upper Ground Floor - B46 Area 3: Upper Ground Floor - C55 Area 4: Upper Ground Floor - C61 Area 5: Upper Ground Floor - B40 Area 6: Upper Ground Floor - C56 Area 7: First Floor - B45

Viewing

By appointment to be made through the Commercial Department at the Agent's Ledbury Office, Tel 01531 634648 Option 3. Alternatively via the Joint Agents: Bruton Knowles 01452 880000

MISREPRESENTATION ACT, 1967 - JOHN GOODWIN - Conditions under which Particulars are issued:
John Goodwin for himself and for the Vendors or lessors of this property whose agent he gives notice that:

  1. The particulars are set out as a general outline only for the guidance of intending purchasers or leasees and do not constitute, nor constitute part of, an offer or contract.
  2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them.
  3. No person in the employment of John Goodwin has any authority to make or give any representation or warranty whatever in relation to this property.

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Directions

The property can be found off the A449, accessed off a shared service road directly from the A449. SAT NAV - HR9 7US.

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HR8 2DX
01531 634648

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