Dudley Court South, The Waterfront Business Park Dudley West Midlands DY5 1XF

Dudley Court South, The Waterfront Business Park
Dudley
West Midlands
DY5 1XF

Modern Office Investment with Potential

Let to Managed Serviced Offices Limited until 2024 at only £5 p.s.f.
3 yearly RPI linked rental increases (3)
Approximately 1,490.90 sq m (16,048 sq ft) of flexible accommodation
Adjacent to the major Merry Hill Shopping Centre and “The Landmark” residential development
Currentlyproducing £80,240 (2)
Residential conversion potential (subject to consents) with canal frontage
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
38
Auction
23rd March 2016
Rent
£80,240 per Annum Exclusive
Status
Sold
Price
£800,000
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

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Modern Office Investment with Potential

Let to Managed Serviced Offices Limited until 2024 at only £5 p.s.f.
3 yearly RPI linked rental increases (3)
Approximately 1,490.90 sq m (16,048 sq ft) of flexible accommodation
Adjacent to the major Merry Hill Shopping Centre and “The Landmark” residential development
Currentlyproducing £80,240 (2)
Residential conversion potential (subject to consents) with canal frontage
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 38
Auction 23rd March 2016
Rent £80,240 per Annum Exclusive
Status Sold
Price £800,000
Sector
Office
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 10 miles west of Birmingham, 8 miles south of Wolverhampton, 24 miles north of Worcester
Roads: A458, A4036, A491, M5
Air: Birmingham Airport

Situation

Dudley Court South is situated some 2.5 miles south-west of Dudley town centre on a 750,000 sq ft business park accessed off Waterfront Way. The major Merry Hill Shopping Centre is approximately 700 metres to the south, with anchor tenants including M&S, Debenhams and Sainsbury’s. Also located nearby is “The Landmark”, a major housing development consisting of some 181 apartments.

Tenure

Virtual Freehold. Held for a term of 999 years from 25/03/1989 (less two days) at a peppercorn rent.

Location

Miles: 10 miles west of Birmingham, 8 miles south of Wolverhampton, 24 miles north of Worcester
Roads: A458, A4036, A491, M5
Air: Birmingham Airport

Situation

Tenure

Virtual Freehold. Held for a term of 999 years from 25/03/1989 (less two days) at a peppercorn rent.

Description

The property comprises a well specified and modern self-contained building on the ground and first floors offering flexible accommodation and benefitting from central heating, suspended ceilings and two passenger lifts. The property benefits from designated car parking spaces in addition to ample free parking in a large car park adjoining the office complex.

Six Week Completion

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review
Ground First	Office Office	745.45 sq m 745.45 sq m	(8,024 sq ft) (8,024 sq ft)	MANAGED SERVICED OFFICES LIMITED (1)	10 years and 6 months from 22/11/2013 until 21/05/2024 (2)	£80,240 (2)	22/11/2016 and 3 yearly rental increases linked to RPI (3)
Totals		1,490.90 sq m	(16,048 sq ft)			£80,240

1) Managed Serviced Offices offer a range of fully furnished, flexible, serviced offices for clients with business centres throughout the West Midlands, Central
England and the South East. (Source: www.msoworkspace.com)
(2) Under the terms of the lease, the current rent reserved is £64,192 p.a.x. The lease provides for the rent to be reviewed on 22/11/2016 to a minimum of £80,240 p.a.x. or increased further in line with the formula dated in the rent review clause in the lease. The seller will pay to the buyer the difference between the current rent reserved of £64,192 p.a.x. and £80,240 p.a.x. Therefore the property will produce a minimum of £80,240 per annum exclusive.
(3) The rent reviews are linked to the Retail Price Index (please see lease for formula).