Single Let Industrial Investment Opportunity MOORGREEN BUSINESS PARK, 3 COOMBE ROAD, EASTWOOD,

NOTTINGHAM NG16 3SU PROJECTRAM

INVESTMENT SUMMARY

• Located on the north eastern edge of Eastwood between Junctions 26 & 27 of the M1

• Detached industrial unit on modern park

• Large site of 1.05 acres with only 15% site cover

• 6,924 sqft unit

• 6 year lease from 3 August 2018 to Off Limits Group Ltd, tenant option to break in August 2022

• Rent of £43,000 (£6.21 per sqft)

• Development potential on part of substantial yard/car park

• Offers in excess of £500,000

• Net initial yield of 8.25% (assuming costs of 4.76%)

LOCATION

Eastwood lies 9 miles from Nottingham city centre and 5 miles south east of Ripley. The town has excellent roads links with the A610 running to the south of the town and linking to the A38 to the north west and J26 of M1 to the east and Nottingham city centre beyond. J27 of the M1 is 3 miles to the north.

SITUATION

Moorgreen Business Park is a modern development on the north east edge of Eastwood and within easy access of both J26 & 27 of M1. The wider Moorgreen Business Park has been generally developed over the past 15 years with Birch Park and High Hazels Court next to the subject property. Broxtowe Borough Council and Nottinghamshire County Council have two starter unit estates in the immediate location.

The subject property is accessed from Coombe Road which links to Engine Lane, which runs through the middle of the business park.

DESCRIPTION

The property is a detached industrial unit formerly occupied by Powergen dating from the early 2000’s. The current tenant has converted the accommodation into offices and provides both open plan areas and cellular space. The unit has brick and clad elevations under a profile steel roof and has an eaves height of 3.5m.

The offices have been fitted out with suspended ceilings and air conditioning and have adequate kitchen and w/c amenities for the number of staff on site.

The unit extends to 643.3 sqm (6,924 sqft) on a Gross Internal Area basis.

The site is fully secured with palisade fencing, electric entrance gates and CCTV.

There is a large car park providing over 50 spaces, this does offer future development potential. The overall site extends to 0.44 hectares (1.05 acres) with a site coverage of only 15%. Subject to planning there is the potential to develop approximately a further 10,000 sqft on the rear of the site. New build starter unit rents on the wider park are £8.00 per sqft.

TENURE

Freehold.

A4040

A610

J27 M1

M1

J26 NottinghamCity Centre

FURTHER INFORMATION

Should you require further information or wish to arrange an inspection please contact:

Misrepresentation Clause: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein are not guaranteed and are for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves of their accuracy. Neither Franck-Steier Price Ltd, nor any of their employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Prices and rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective tenants/purchasers should satisfy themselves as to the condition of such equipment for their requirements.

Franck Steier Price LtdThird Floor, Victoria House 114-116 Colmore Row, Birmingham, B3 3BD

JAMES HEMSTOCK0121 513 0894james.hemstock@fspproperty.co.uk

ANDREW PRICE0121 513 0892andrew.price@fspproperty.co.uk

TENANCY

The property is let to Off Limits Group Ltd on a newly re-geared 6 year FRI lease from 3 August 2018. The tenant has a break option in August 2022 which requires 6 months notice. The rent is £43,000 per annum (£6.21 per sqft).

An initial 4 1/2 month rent free period was granted. Any outstanding rent free will be covered by the vendor. A rent deposit of £10,375 is held.

COVENANT

Off Limits Group Ltd was founded in 1998 and is a multi activity and event company employing over 60 full time staff. They create bespoke events and run corporate team building activities. The business has a storage unit locally in Langley Mill and use the subject property as their HQ. The company reported pre-tax profits in their latest accounts (December 2017) of £253,631. The reported Total Assets Less Current Liabilities was £439,466.

VAT

The property has been elected for VAT and therefore VAT will be payable. It is intended that the property will be sold as a TOGC.

EPC

The property has an EPC rating of C-68 A copy of the certificate is available on request.

PROPOSAL

We are instructed to seek offers in excess of £500,000 (Five Hundred Thousand Pounds) subject to contract and exclusive of VAT.

A purchase at this price would reflect a net initial yield of 8.25%, assuming costs of purchase of 4.76%.