Freehold Medical/Office Investment in Historic Town Centre Location
Tenants include Berlitz (UK) Ltd and Toothbeary Limited and Docs UK Limited
Established office location with nearby occupiers including Tower Leasing, Hotcake Marketing, TNT Express and William H Mercer Ltd
Prominently situated in a sought after town centre location
Located directly opposite Windsor Castle and Windsor and Eton Riverside Railway Station
Six Week Completion Period Available
Lot 5
Auction 26th May 2011
Rent £86,926 per Annum Exclusive
Status Sold
Price £1,175,000
Sector Office
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
On Instructions from Stockland
Property Information
Location
Miles
16 miles north-west of Henley, 20 miles south-west of Reading, 25 miles east of London
Roads
A332, A308, M4 (Junction 6), M25 (Junction 15)
Rail
Windsor and Eton Riverside Railway Station
Air
London Heathrow International Airport
Situation
The property is prominently situated on the western side of Farm Yard at its junction with Datchet Road (B470), directly opposite Windsor and Eton Riverside Railway Station and Windsor Castle. The property is situated in an established office location with nearby occupiers including Tower Leasing, Hotcake Marketing, TNT Express and William H Mercer Ltd.
Tenure
Freehold.
Location
Miles
16 miles north-west of Henley, 20 miles south-west of Reading, 25 miles east of London
Roads
A332, A308, M4 (Junction 6), M25 (Junction 15)
Rail
Windsor and Eton Riverside Railway Station
Air
London Heathrow International Airport
Situation
The property is prominently situated on the western side of Farm Yard at its junction with Datchet Road (B470), directly opposite Windsor and Eton Riverside Railway Station and Windsor Castle. The property is situated in an established office location with nearby occupiers including Tower Leasing, Hotcake Marketing, TNT Express and William H Mercer Ltd.
Tenure
Freehold.
Description
The property comprises a dental practice on the ground and second floors with office accommodation on first floor. The property benefits from a 5-person passenger lift while the first and second floors benefit from suspended ceilings and perimeter trunking. To the rear of the property are five parking spaces accessed via a gated archway on farm yard.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a dental practice on the ground and second floors with office accommodation on first floor. The property benefits from a 5-person passenger lift while the first and second floors benefit from suspended ceilings and perimeter trunking. To the rear of the property are five parking spaces accessed via a gated archway on farm yard.
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
Reviews
Unit 1 – Ground (front) Unit 2 – Ground (rear)
Dental Practice Dental Practice
100.98 sq m 45.52 sq m
(1,087 sq ft) (490 sq ft)
TOOTHBEARY LIMITED & DOCS UK LIMITED (1)
15 years from 06/04/2011
£18,500 (2)
06/04/2016 and 06/04/2021
First
Language & Training School
202.43 sq m
(2,179 sq ft)
BERLITZ (UK) LIMITED (3)
10 years from 30/07/2010 (4)
£36,926 (5)
30/07/2015
Second
Dental Practice
194.07 sq m
(2,089 sq ft)
TOOTHBEARY LIMITED & DOCS UK LIMITED
15 years from 06/04/2011
£31,500 (6)
06/04/2016 and 06/04/2021
Totals
543.00 sq m (7)
(5,845 sq ft) (7)
£86,926
(1) Since 2006, Toothbeary's has established a network of branded dental practices in the metropolitan centres of the United Kingdom. The company is currently operating from their practice in Richmond. (www.toothbeary.co.uk) (2) The tenant is benefiting from a rent free period expiring on 31st August 2011. From 1st September 2011 until 21st December 2013, the tenant will pay a rent of £9,250 p.a. The rent will then increase from 22nd December 2013 to £18,500 p.a until the next rent review. The seller has agreed to adjust the completion monies so that the property will effectively produce £18,500 p.a. from completion of the sale. (3) Berlitz (UK) Limited is a subsidiary of Berlitz International Inc. Currently Berlitz have over 118 language centres in Asia, over 100 language centres in Latin America, over 119 language centres in the USA and Canada, 212 language centres in Europe/Middle East. There are 550 Berlitz language centres worldwide. (www.berlitz.co.uk) (4) The tenant benefits from an option to dermine on 30th July 2015 on providing 6 months' prior written notice. If the option to determine is not exercised by the tenant then the tenant will benefit from a rent concession and will pay half rent for a 6 month period. (5) The tenant is benefiting from a rent concession and is paying a rent of £18,463 p.a which will expire on 29th July 2011. From 30th July 2011 the rental income will increase to £36,926 p.a until the next review. The seller has agreed to adjust the completion monies so that the property will effectively produce £36,926 p.a. from completion of the sale. (6) The tenant is currently benefiting from a rent free period expiring on 31st August 2011. From 1st September 2011 until 21st December 2013, the tenant will pay a rent of £15,750 p.a. The rent will then increase from 22nd December 2013 to £31,500 p.a. until the next rent review. The seller has agreed to adjust the completion monies so that the property will effectively produce £31,500 p.a. from completion of the sale. (7) The floor areas for Units 1 & 2 on the ground floor and the dental accommodation on the second floor have been agreed between parties following a joint referencing.
