Old Stratford Business Park, Falcon Drive, Old Stratford, Milton Keynes, West Northamptonshire, MK19 6FG
Guide Price* : £1,300,000
For Sale By Auction - If Not Sold Prior
- Multi-Let Modern Office Development
- Ten Office Suites Totaling 11,523 sq ft (1,070.5 sq m)
- Producing £87,274 per annum
- Five suites (4,582 sq ft) vacant, providing significant asset management potential
- Potential for alternative uses (subject to planning)
- ERV of circa £150,000 (£13.00 per sq ft)
- Guide Price of £1,300,000 reflects NIY of 6.35% and an attractive reversionary yield of 10.9%
- Low Capital Value of £113 per sq ft
The property comprises a modern two storey office development in a landscaped setting together with allocated parking.
The offices are configured in an “L” shaped terrace, comprising a total of eight individual units (A-H) with four common entrances providing 8 person passenger lifts.
Each office suite is self contained benefiting from gas fired central heating, suspended ceilings with recessed lighting, carpeted raised floors with floor boxes, kitchenette and a disabled WC.
The estate has a total 61 car parking spaces equating to a ratio of 1:188 sq ft.
The property is located in Old Stratford, a village within the urban area to the north west of Milton Keynes.
Old Stratford lies at the junction of the A5, providing direct access to Central Milton Keynes, the A508, providing access to Northampton and the A422, which provides access to the M40 motorway.
The property is situated on a cul-de-sac accessed from Falcon Drive, in the north of Old Stratford, immediately to the south of the Old Stratford roundabout providing excellent road communications. The surrounding area is predominantly commercial use with a mix of retail, leisure and other commercial occupiers, there is a Travelodge immediately adjacent to the property. The main residential area of Old Stratford is to the south.
The property is currently let on five separate leases producing £87,274 per annum. This will fall to £73,524 in August 2022 when a further unit will become vacant.
The current Weighted Unexpired Average Lease Term (WAULT) is 2.5 years to expiry and 0.51 years to breaks.
The property represents an excellent asset management opportunity, the ERV of the property if fully let is estimated at £150,000. There is therefore opportunity not only to let the vacant units, but to potentially re-gear existing leases and improve rental income throughout the estate.
Units A, C (1st floor) and D have been sold off individually on long leases, highlighting the potential to further maximise capital value by selling off individual units or suites to owner occupiers.
For full tenancy information, please see the Tenancy Schedule under "Related Documents".
We understand the property is elected for VAT. It is anticipated that the sale can be dealt with as a transfer of a going concern
Energy Performance Certificate
All EPCs for the property can be found under "Related Documents" on the right had side of the page.
BUSINESS RATES INFO REQUIRED
01908 544 905
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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Subject to Contract and Exclusive of VAT © Lambert Smith Hampton August 2022
Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
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