Majority let to Provincial Radio Limited until 2021
Nearby occupiers include Houston Cox, Data Partnership, STC Solutions and Orwell Financial Solutions
Located in established industrial area
On-site car parking for approximately 28 cars
Six Week Completion Period Available
Lot 56
Auction 18th October 2011
Rent £83,496 per Annum Exclusive
Status Sold
Price £520,000
Sector Office
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
On behalf of Joint LPA Receivers, Edward Symmons
Property Information
Location
Miles
20 miles north of Colchester, 40 miles south of Norwich, 75 miles north-east of London
Roads
A14 (Junction 52), A12, A140
Rail
Needham Market Railway Station, Ipswich Railway Station (68 minutes to London Liverpool Street)
Air
London Luton
Situation
The property is situated within the Orion Court Business Park, an established industrial location some 5 miles north of Ipswich. Nearby occupiers include Houston Cox, Data Partnership, STC Solutions and Orwell Financial Solutions.
Tenure
Freehold.
Location
Miles
20 miles north of Colchester, 40 miles south of Norwich, 75 miles north-east of London
Roads
A14 (Junction 52), A12, A140
Rail
Needham Market Railway Station, Ipswich Railway Station (68 minutes to London Liverpool Street)
Air
London Luton
Situation
The property is situated within the Orion Court Business Park, an established industrial location some 5 miles north of Ipswich. Nearby occupiers include Houston Cox, Data Partnership, STC Solutions and Orwell Financial Solutions.
Tenure
Freehold.
Description
The property comprises a modern two storey office building comprising six self-contained office suites. The property also benefits from on-site car parking for approximately 28 cars.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The LPA Receivers are not bound to accept the highest or any offer and are acting without personal liability.
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 modern two storey office building comprising six self-contained office suites. The property also benefits from on-site car parking for approximately 28 cars.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The LPA Receivers are not bound to accept the highest or any offer and are acting without personal liability.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Suites 1–4
Ground First
Office Office
361.95 sq m 200.85 sq m
(3,896 sq ft) (2,162 sq ft)
PROVINCIAL RADIO LIMITED (2)
Tenant occupies under agreement for lease (2)
£83,496
Suite 5
First
Office
101.91 sq m
(1,097 sq ft)
VACANT POSSESSION
Suite 6
First
Office
108.05 sq m
(1,163 sq ft)
VACANT POSSESSION
Totals
772.76 sq m
(8,318 sq ft)
£83,496
(1) For the year ending 31st March 2010, Provincial Radio Limited reported a turnover of £58,000, pre-tax profits of £3,558,000 and a total net worth of £11,954,000. (Source: www.riskdisk.com 09/09/2011) (2) As far as the Receivers are aware, Provincial Radio Limited entered into occupation of the property on the basis of the agreement for lease included in the legal pack. The lease annexed to the agreement for a term of 15 years from 21st June 2006 until 20th June 2021 has never been completed however the tenant pays the rent of £83,496. Buyers are advised to rely on their own investigation of the occupational position. For further information, please refer to the legal documentation.
