A well presented commercial investment property currently let to an established nursery/pre-school operator with additional offices let as therapy rooms. The building is fully let producing a gross annual rent of £106,000pa (plus service charge) and is situated in a highly desirable location in Southville.
The nursery measures approximately 3,700 ft² which includes a two storey annexe to the rear with seperate access, and has been fully refurbished benefiting from from air conditioning, LED lighting and an additional roof garden. The nursery is let on a 15 year effectively fully repairing and insuring term from 2018 at a current rent of £84,000pa although a rent review is now due.
The first and second floor offices provide approx. 1,140 ft² NIA with access from North Street, and are let to The Practice Centre at £22,000pa on a 15 year effectively fully repairing and insuring term, from 2018. A rent review is now due.
DESCRIPTION -
A well presented commercial investment property currently let to an established nursery/pre-school operator with additional offices let as therapy rooms. The building is fully let producing a gross annual rent of £106,000pa (plus service charge) and is situated in a highly desirable location in Southville.
The nursery measures approximately 3,700 ft² which includes a two storey annexe to the rear with separate access, and has been fully refurbished benefiting from from air conditioning, LED lighting and an additional roof garden.
The first and second floor offices provide approx. 1,140 ft² NIA and are let as as therapy rooms, benefiting from UPVC double glazing and seperate access from North Street.
LOCATION -
The property is situated in a highly desirable and prominent trading position on North Street in Southville.
FLOOR PLAN -
The floor plan is provided for indicative purposes only and should not be relied on.
CONTROL OF ASBESTOS REGULATIONS -
As per the Control of Asbestos Regulations 2012, the owner or tenant of the property, or anyone else who has control over it and/or responsibility for maintaining it, must comply with the regulations which may include the detection of and/or management of any asbestos or asbestos related compounds contained at the property. Maggs & Allen has not tested or inspected for Asbestos and therefore recommend all interested parties to make their own enquiries.
TENURE -
Offered for sale on a freehold basis subject to the occupational leases as outlined below.
NURSERY LEASE -
The nursery is let to Nursery Village Limited on an effectively fully repairing and insuring basis for a term of 15 years from 5th September 2018 at a current rent of £84,000pa. The lease is subject to a tenant only break and rent review on the 5th and 10th anniversary. A rent review is therefore due September 2023.
Nursery Village have 3 nurseries/pre-schools located across the South-West.
THE PRACTICE ROOMS LEASE -
The first and second floor offices are let to The Practice Rooms Limited at a current rent of £22,000pa on a 15 year effectively fully repairing and insuring term from 22nd May 2018 subject to a tenant only break and rent review on the 5th and 10th anniversary. The rent is therefore due for review in September 2023.
The Practice Rooms have approximately 23 venues across the UK.
VAT -
All figures quoted are exclusive of VAT unless otherwise stated.
ENERGY PERFORMANCE CERTIFICATE -
Ground Floor Rating: C (valid to March 2029)
226a North Street: D (valid to March 2029)
VIEWINGS -
Strictly by appointment only with Maggs & Allen.
