Let to Kimm & Miller (UK) Ltd on a new 5 year reversionary lease until 2022 (no breaks)
Tenant in occupation since at least 2012
Benefits from on-site car parking
Situated on well located and established business park
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 36
Auction 30th March 2017
Rent £47,583 per Annum Exclusive
Status Sold
Price £500,000
Sector Office
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
1 mile south-east of Bedford town centre, 17 miles north-east of Milton Keynes, 28 miles south-west of Cambridge
Roads
A5134, A600, A421, A6, M1 (Junction 13)
Rail
Bedford and Bedford St John’s Railway Stations
Air
London Luton Airport
Situation
The property is situated on the established Bedford Business Park, which is strategically located 1 mile southeast of Bedford town centre on Mile Road (A5134), which connects the A6 and the A421, which in turn provides access to the M1 and national motorway network. Nearby occupiers include Travis Perkins, Brewers, SIG Plc, European Oat Millers, Plumbase and the adjacent Bedford Academy.
Tenure
Virtual Freehold. To be held for a term of 999 years from completion of the sale at a peppercorn rent.
Location
Miles
1 mile south-east of Bedford town centre, 17 miles north-east of Milton Keynes, 28 miles south-west of Cambridge
Roads
A5134, A600, A421, A6, M1 (Junction 13)
Rail
Bedford and Bedford St John’s Railway Stations
Air
London Luton Airport
Situation
The property is situated on the established Bedford Business Park, which is strategically located 1 mile southeast of Bedford town centre on Mile Road (A5134), which connects the A6 and the A421, which in turn provides access to the M1 and national motorway network. Nearby occupiers include Travis Perkins, Brewers, SIG Plc, European Oat Millers, Plumbase and the adjacent Bedford Academy.
Tenure
Virtual Freehold. To be held for a term of 999 years from completion of the sale at a peppercorn rent.
Description
The property comprises a two storey end of terrace office building and benefits from suspended ceilings, recessed Cat II lighting, central heating and right to park 18 cars to the front and rear.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a two storey end of terrace office building and benefits from suspended ceilings, recessed Cat II lighting, central heating and right to park 18 cars to the front and rear.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
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
Reversion
Ground First
Office Office
238.50 sq m 254.60 sq m
(2,567 sq ft) (2,735 sq ft)
KIMM & MILLER (UK) LTD (1)
10 years from 03/04/2012 on a full repairing and insuring lease (2)
£47,583 (2)
02/04/2022
Total
492.60 sq m
(5,302 sq ft)
£47,583
(1) Formed in 2007, Kimm & Miller specialise in the design and manufacture of unique, high-quality gift products. For the year ending 29th February 2016, Kimm & Miller (UK) Ltd reported a turnover of £14,381,033, pre-tax profits of £95,077 and a total net worth of £1,616,682 (Source: Experian Group 27/02/2017). (2) The tenant occupies the property under a lease for a term of 5 years from 3rd April 2012 at a current rent of £46,262 p.a.x. The parties have signed a reversionary lease for a term of 5 years from 3rd April 2017 (with no breaks) at a rent of £47,583 p.a.x. The tenant is to benefit from a 3 month rent free period commencing 3rd April 2017. The Seller has agreed to adjust the completion monies so that the property will effectively produce £47,583 p.a.x. from completion of the sale.
Contacts
Seller's Solicitors
Reed Smith LLP The Broadgate Tower, 20 Primrose Street London EC2A 2RS
