Price £445,000 (plus car parking - available separately)

Rates Payable Upon Enquiry

EPC Rating This property has been graded as C

Description

Wards Court is a 2-storey listed building which has been sympathetically converted into office accommodation, with large feature windows. The building is currently split into 3 separate office suites which are accessed via a secure ground floor reception with intercom system. The conversion has been completed to a high standard throughout (with carpeting, plastered and painted walls throughout). The suites have their own kitchen and shared toilet facilities. There are also parking spaces (see "Parking" below).

Tenancies

The property is held by way of a 150 year long leasehold interest from April 2006 at a peppercorn rent.
There are 2 tenants within the building, who have approximately 2 years remaining on their leases:
1. Mascot Management, who have a lease on the ground floor and part 1st floor. The lease expires in April 2026 and the current passing rent is £21,000 pax
2. McVey Associates, who have a lease of the remaining space on the 1st floor. The lease expires in October 2025 and the current passing rent is £14,500 pax
Copies of the documentation supporting the tenancies information is available on request.

Parking

The tenants also hold long leasehold interests in 10 parking spaces in the basement car park of the adjoining residential development (Wards Exchange). These are held on similar long leasehold interests (ie 150 years from April 2006) and are not currently charged under the tenancies.
Accompanying the property therefore we are also selling the car parking for an additional price of £150,000 plus VAT.

Opportunity

We believe the property provides an excellent opportunity to acquire a unique office investment or alternatively a medium term hold for part time owner/occupier. At expiry/renewal of the tenancies, there is significant opportunity to increase the rent receivable by charging for the car parking spaces.

Data Room

Further information is available in a data room. Please contact Tim Bottrill at colloco for more information.

Availability

The property and car parking are both available to purchase by way of long leasehold title subject to the tenancies that are more particularly described in the "Tenancies" and "Parking" sections above. They will not be sold separately.