Entirely Let to Bright Horizons Nursery on a New lease expiring April 2043 (subject to break)
5 yearly RPI Linked rent reviews annual compounded to a minimum of 1% pa and a maximum of 4% pa
Children's nursery in occupation since November 2003
Comprises 717.50 sq. m. (7,723 sq. ft.) with 22 parking spaces
Located on the established and popular Cambridgeshire Business Park
Lot 11
Auction 13th July 2023
Rent £110,000 per Annum Exclusive
Status Sold
Price £1,570,000
Sector Office
Auction Venue Live Streamed Auction
Property Information
Location
Miles
16 miles north-east of Cambridge, 30 miles south-east of Peterborough, 60 miles south-west of Norwich
Roads
A10, A142, M11, A1(M)
Rail
Ely Railway Station
Air
London Stansted Airport
Situation
The property is located within a well established business park on the south-eastern side of Angel Drove (A142) and a short distance from the junction with the A10 (Cambridge Road) and Ely Railway Station. The business park is well occupied with tenants including NFU Mutual, Oil & Gas Holdings, ALS Food & Pharmaceutical, Microchip Touch Solutions and Shearline Precision Engineering.
Tenure
Freehold.
Location
Miles
16 miles north-east of Cambridge, 30 miles south-east of Peterborough, 60 miles south-west of Norwich
Roads
A10, A142, M11, A1(M)
Rail
Ely Railway Station
Air
London Stansted Airport
Situation
The property is located within a well established business park on the south-eastern side of Angel Drove (A142) and a short distance from the junction with the A10 (Cambridge Road) and Ely Railway Station. The business park is well occupied with tenants including NFU Mutual, Oil & Gas Holdings, ALS Food & Pharmaceutical, Microchip Touch Solutions and Shearline Precision Engineering.
Tenure
Freehold.
Description
The property comprises a purpose built nursey arranged over ground and first floors. Externally, the property provides a play area, external buggy and toy store together with parking for approximately 22 vehicles.
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 purpose built nursey arranged over ground and first floors. Externally, the property provides a play area, external buggy and toy store together with parking for approximately 22 vehicles.
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 sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Reviews/(Reversion)
Ground + Canopy First External Storage
Nursery Nursery Storage
480.00 226.50 11.00
(5,167) (2,438) (118)
BRIGHT HORIZONS FAMILY SOLUTIONS LIMITED (1) (2)
20 years from 06/04/2023 (3) (5)
£110,000
5 yearly RPI Linked reviews (4) (05/04/2043)
Total Approximate Floor Area
717.50
(7,723)
£110,000
(1) For the year ending 31/12/2021 Bright Horizons Family Solutions Limited reported a Net Worth of £73,533,000 (NorthRow 05/06/2023). Bright Horizons is one of the most well known and trusted nursery care providers in the UK with 300+ nurseries (www.brighthorizons.co.uk). (2) The most recent Ofsted inspection dated 13/10/2021 graded the Overall Effectiveness of the nursery as "Good" (www.ofsted.gov.uk 05/06/2023). (3) The lease provides for a tenant option to determine the lease on 06/04/2038 upon serving 6 months written notice. (4) The lease provides for 5 yearly, upward only, RPI linked, annually compounded rent reviews to a minimum and maximum of 1% and 4% per annum respectively. (5) Whilst this is a new lease running from April 2023, the children's nursery has been in occupation of this site since November 2003.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
