The subject premises comprise a highly prominent 2 no. storey car sales showroom constructed around 1995, with a car forecourt to the front of the property.
The ground floor of the property is utilised as showroom and offices with the first floor being used as ancillary/back up.
The property is of steel portal frame construction with profile metal pitched roof. The walls are of concrete block construction, with metal profile cladding. The front facade benefits from floor to ceiling glazing.
There is direct access to the site from Market Place. The forecourt of the property has approximately 30 car parking and display spaces.
By special appointment with the sole letting agent, Lisney.
The property is single let to Ford Retail Limited for a term of 25 years, 9 months and 6 days, from 26 March 2003; expiry 31 December 2028. Upward only, open market rent reviews are 5 yearly, with the next due 01 April 2023.
The lease is without break options and the current passing rent is £48,500 per annum.
Ford Retail Ltd had a turnover of £1.7 billion to the year end Dec 17, a pre-tax profit of £14.5 million and a net worth of £71.9 million.
We believe the site area to be approximately 0.25 acres.
The property has an energy rating of C49.
Full certificates can be made available upon request.
We understand that the property is freehold and held under a fee farm grant.
£650,000 (exclusive of VAT) reflecting an attractive 7% net initial yield, assuming purchasers costs of 5.18%.
If applicable, will be the responsibility of the purchaser.
All prices, outgoings and rentals are exclusive of, but may be liable to VAT.
Customer Due Diligence
As a business carrying out estate agency work we are required to verify the identity of both the vendor and the purchaser as outlined in the following:
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 - http://www.legislation.gov.uk/uksi/2017/692/made
Any information and documentation provided by you will be held for a period of five years from when you cease to have a contractual relationship with Lisney. The information will be held in accordance with General Data Protection Regulation (GDPR) on our client file and will not be passed on to any other party, unless we are required to do so by law and regulation.