We understand the property has a total Gross Internal Area of 4,665 sq m (50,209 sq ft). Please refer to the tenancy schedule for individual unit sizes.
A set of floor plans is available to download.
We estimate the site area to be approximately 0.76 hectares (1.87 acres).
Enterprise House is multi-let in accordance with the tenancy schedule which is available to download. The leases are drawn on standard full repairing and insuring terms.
The property provides a diverse spread of income with the suites predominantly occupied by established SME’s.
At the time of preparing these particulars (3rd April 2023), out of a total of 29 suites there are currently five vacant, with a total passing rent of £205,257.66 per annum.
In addition, tenants are charged a maintenance rent towards common repairs, maintenance and utilities. The maintenance rent totals £53,640.
The Landlord also separately charges the tenants for insurance. This totals £9,595.92 per annum.
Therefore, the total gross income receivable is £268,493.28 per annum.
The tenants accounts, where published, are available to download. Please also refer to the Covenants Summary.
The property has not been registered for VAT and therefore VAT is not applicable on the purchase price.
We are instructed to seek a figure of £1,500,000 (One Million, Five Hundred Thousand Pounds), subject to contract, reflecting a gross yield of 17.9%, a potential gross reversionary yield of 22% and a capital value of £321 per sq m / £29.87 per sq ft.
Please note that a purchaser will be re-charged the costs of the searches (£1,038.10 plus VAT) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of £10,000 + VAT.
An opportunity to acquire a popular, mixed-use investment in an established employment area;
The property is multi-let, providing an investor with an attractive spread of income;
Potential to enhance value and income through asset management strategies;
A purchase at the asking price reflects a highly attractive double-digit yield and capital value of under £30 per sq ft for an investor;