Price £325,000 plus VAT

Rates Payable Upon Enquiry

Service Charge n/a

Description

Ridgeway Office Park is an attractive well maintained, secure modern office development completed in 2006 comprising 3 blocks of office buildings sold to owner/occupiers, all sold freehold. The opportunity to acquire a rarely available freehold interest in the whole estate subject to the occupational owners of the buildings and to acquire 52 income producing parking spaces let separately under licences to local occupiers and of the Ridgeway Office Park as well as the common parts, the landscaped areas and private road feeding the development.

Terms

* Sale price, £325,000 excl Vat for the freehold interest
* 52 available parking spaces, 51 have been let on various licences and terms, most lettings are 5 year terms from 29th Sept 2022, with the most recent letting at £650pa excl Vat per space. 40 spaces have been continuously let since 2012 without voids.
* Rents are largely unrestricted at renewal, current estimated rental value per space, £700pa excl Vat.
* The freehold interest will include the Estate Management of the whole, including landlord’s rights to insure.
* Maintenance costs are 100% recoverable from the owner occupiers of Ridgeway Office Park including all expenses related to the Private Rd as well as contributions from neighbouring developments Rotherbrook Court & Cable & Wireless.
* There is no liability to the owner of the Estate as all management fees are recoverable via the Estate Service Charges, there is a substantial sinking fund surplus available for future expenditure on the Estate, details available on request.
* The total income of £29,675 excl Vat per annum, the property is registered for Vat and the transaction is assumed to be a TOGC.

Accommodation

52 Single Parking Spaces / Landscaped Areas / Roadway & Common Parts / Estate Road Serving Development

Other Matters

* A copy of the standard parking licence agreement is available by request.
* An attractive yield of 9% on the terms stated above which provides secure income and the prospect of increasing rental income as tenant occupy & renew their occupation at Ridgeway Office Park.
* Opportunity to install and manage electric car charging points.
* Vehicle parking generally on the wider office and industrial park is very limited.
* The site does have further development potential above the current configuration with the development of landscaped areas, reallocation of parking and increasing the number of spaces, subject to planning.
* Alternatively the development may suit an owner occupier who requires secure parking for their own use or building their own unit on the space whilst also enjoying the income provided by the current car parking letting.