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Accommodation
The property provides the following Net Internal floor areas:
| Unit 1 | Ground Floor | 142 sq m | 1,531 sq ft |
| Unit 2 | Ground Floor | 197 sq m | 2,116 sq ft |
| Unit 3 | First Floor | 158 sq m | 1,701 sq ft |
| Total | 496.8 sq m | 5,347 sq ft |
A set of floor plans is available to download.
Tenure
Virtual Freehold Interest (999 years from 21st May 2002 at a peppercorn rent).
Tenancy
Units 1, 2 & 3 are entirely let to Change, Grow, Live on an effectively full repairing and insuring lease for a term of 10 years from 29th December 2022, expiring on 28th December 2032 (7 years unexpired).
The lease includes break options on 28th February 2026, 28th February 2029 and 28th February 2030, subject to six months’ prior notice. The tenant has not served notice to exercise the February 2026 break; therefore, this break clause has expired.
The passing rent is £35,000 per annum. There is an upwards only rent review on 29th December 2027.
Covenant
Change Grow Live (Charity No. 1079327) has reported the following figures:
| Year Ending | 31st March 2024 | 31st March 2023 |
| Total Income | £307,341,000 | £284,265,000 |
| Total Cash Balance | £57,405,000 | £60,937,000 |
| Net Assets | £44,280,000 | £46,487,000 |
Founded in 1977, Change Grow Live (CGL) is a national charity and one of the largest treatment and support providers in the country, funded by councils and local authorities. CGL works closely with various NHS trusts and bodies.
The charity providing a range of services to support individuals, families and communities whose lives are adversely affected by crime, substance misuse, homelessness, anti-social behaviour, domestic violence, social deprivation and lack of opportunity. The charity supports more than 200,000 people across England and Scotland.
For further information visit www.changegrowlive.org.
EPC
The property has an EPC rating of ‘B’ which is valid until November 2035.
Service Charge
In accordance with the service charge budget, the service charge payable by the tenant is £1,598.95
Rateable Value
According to the Valuation Office website the rateable value for the property is as follows;
| Units 1,2&3 Market Wells | Office & premises | £39,000 |
The business rate multiplier is 49.9 pence per pound.
VAT
The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Proposal
We are instructed to seek offers in excess of £225,000 (Two Hundred and Twenty-Five Thousand Pounds), subject to contract, reflecting a net initial yield of 15.2%.
Please note a purchaser will be re-charged the cost of the searches (£667.94) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of £5,000 plus VAT.
Investment Considerations
An opportunity to acquire a high yielding commercial investment;
The property is entirely let to national charity Charge, Grow, Live;
The investment provides highly secure income, with the tenant reporting an Income of £307.3 million and Net Assets of £44.3 million;
The tenant has not exercised their February 2026 break option, demonstrating their commitment to this location;
The property provides the flexibility to re-let the units individually in the future;
A purchase at the asking price reflects a very attractive net initial yield;
Attractive lot size for an investor.
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