The tenant has now indicated they may want to renew their lease, but no formal notice or request has been served. The tenure is leasehold for a term of years expiring on 20th March 2155. Whilst no confirmation has been received from HMRC about an option to tax, VAT is being charged on the rent so VAT will apply unless the purchaser satisfies the necessary conditions for the sale to qualify as a TOGC.
Industrial investment currently let at a rent of £77,000 with scope to significantly increase upon lease renewal or re-letting in 2021.
The unit comprises a modern single storey, semi-detached industrial unit, which is currently configured to provide warehouse accommodation, with integral two storey office accommodation. It was constructed in circa 2005, and forms part of a small industrial complex.
It is of steel portal framed construction, with insulated metal profile sheet cladding to the elevations and roof. The roof is shallow pitched and incorporates translucent roof panels, and the windows to the office are steel framed and double glazed.
6m Clear Internal Eaves Height
Full Height Insulated Profile Cladding
Double Glazed Window Units to Front Elevation
3 Phase Power
Electric Roller Shutter Door
The property is located on the established Cressex Business Park, in the town of High Wycombe in Buckinghamshire. The property is located circa 0.8 miles to the north of Junction 4 of the M40 motorway, at its junction with the main A404. The M40 provides access to junction 16 of the M25 motorway, circa 12 miles to the east. High Wycombe Railway Station lies 2 miles to the north east, within the town centre.
Cressex Business park is one of the core industrial estates within the area, being well connected by road and provides a mixture of industrial uses alongside offices and trade counters.
The premises are held under a long leasehold under Title No. BM317190 for a term of expiring on 20th March 2155 . The ground rent payable is £3,499 per annum and the quarterly service charge is £1,042.75.
Gross Internal Area of 974.84 sq. m (10,493 sq. ft.)
Occupied on a 10 year lease from 1 January 2011 to Logistics International PLC on a fully repairing lease. The current rent payable is £77,000 per annum.
From informal enquiries with local agents we understand that the ERV could be up to £120,000 per annum. Interested parties should rely on their own enquiries in this regard.
There will be a Buyer's Administration Fee of £3000 (inc VAT) payable upon exchange of contracts.
1. The information contained within the Particulars are given in good faith, but all descriptions, statements, dimensions, references to condition and permissions for the use and occupation or other details are made without responsibility and should not be relied upon as representation of fact.
Any dimensions stated may have come from a third party source (e.g. the seller, valuation reports or historic sales particulars) so whilst provided in good faith, they should not be relied on and interested parties should rely on their own enquiries.
2. If a video walk through, or any other form of virtual tour, is provided whilst every effort is made to accurately give an overview of the property we cannot give any warranty concerning the nature, and condition of the property and the suitability thereof for any and all activities and use. The video, or tour, is provided to assist only and without responsibility and should not be relied upon as representation of fact, or replace all appropriate due diligence a prudent purchaser would make.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. 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.
This auction lot is now closed.
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