Commercial Property For sale

DESCRIPTION

A unique opportunity to purchase a significant let investment portfolio, centrally located within Loughborough Town Centre.

The portfolio consists of two separate office buildings and a car park which has significant future development potential. A variety of commercial leases are in place on the various elements of the portfolio.

LOCATION

80 - 81 Woodgate and The Cottage, 75 Woodgate are located on Woodgate, Loughborough. The car park is located off Pack Horse Lane, Loughborough, behind the Organ Grinder Public House and approximatley 50 metres away from The Cottage and 80 - 81. The portfolio benefits from a central location with easy access to the wide range of amenities that Loughborough town centre has to offer. Good road connections surround the area along with being approximtley 1 mile from Loughborough Train Station offering mainline rail connection throughout the country.

ACCOMODATION

80 - 81 Woodgate:

The property is currently let to Moss Solicitors LLP and benefits from well-proportioned office accommodation split over two floors and is currently divided into twenty-three private offices, a meeting room, reception area, safe room, and a range of storage cupboards. In addition to this, a variety of W/C facilities and utility spaces are available. Two separate cellars provide useful storage areas and are both accessed from the ground floor. Externally the property benefits from a secure yard area and a range of outbuildings and sheds currently utilised for storage.

Floor area approximatley: 4010 Sqft (372m2)

The Cottage, 75 Woodgate:

The property is currently let to Pathways Provision C.I.C, a Post 16 education provider. The Cottage is attached to 80-81 Woodgate on its northern elevation and provides a small range of open plan and private office space, currently utilised as educational classrooms and staff offices. A right of access which benefits neighbouring properties is present underneath the archway to allow access to third party buildings and yard area at the rear.

Floor area approximatley: 1217 Sqft (113m2)

Car Park:

Currently leased to several different users under a variety of agreements, but mainly Moss Solicitors LLP, the car park is excellently located off Pack Horse Lane and on the corner of Southfield Road, Loughborough and totals approximately 0.11 Acres. The carpark is split into 22 individual spaces and gives access to an additional two spaces on neighbouring land.

SERVICES

It is understood that the property is connected to all mains services.

EPC

80 - 81 Woodgate: C 67
The Cottage, 75 Woodgate: E 104

GUIDE PRICE

£1,060,000 (One Million and Sixty Thousand Pounds)

METHOD OF SALE

The portfolio is initially being offered for sale by Private Treaty. The vendor reserves the right to conclude the sale by an alternative method if required.

TENURE

The property is held Freehold subject to and with the benefit of the occupational leases

Land Registry Titles:

80 - 81 Woodgate: LT158930
The Cottage, 75 Woodgate: LT381723
Car Park: LT318920

DEVELOPMENT UPLIFT CLAUSE

The Car Park off Pack Horse Lane will be sold subject to a Development Uplift Clause of 25% over 25 years of any uplift in value arising from residential or commercial development and is payable to the vendor.

LEGAL COSTS

Each party will be responsible for their own legal costs incurred on the transaction.

VIEWINGS

Strictly by appointment with the selling agents.

TENANCIES

80 - 81 Woodgate:
The current lease was agreed in October 2023 with a contractual term until 30th April 2033. The current rent is £24,000 per annum with a review date set for 30th April 2028. A tenants break option exists for 30th April 2028.

The Cottage, 75 Woodgate:
The current lease was agreed in October 2024 for a term of 12 months until October 2025. After this period the tenancy will continue as a contractual periodic tenancy until terminated. The current rent is £12,000 per annum.

Car park:
Currently leased to several different users under a variety of agreements. In total the current rent is £12,300 per annum.

Further information on specific details of the current lease agreements is available by request.

PLANNING AND DEVELOPMENT

The agents understand the property has authorised planning consent under class B1.

Both the main office building and the car park present an opportunity for an incoming purchaser to explore the possibility of further development. The current vendors had planning consent previously granted (now lapsed) for a significant extension of the main office buildings. Detailed drawings were previously produced for the development of the car park into twelve flats and underground car parking facilities. This development was never constructed but the site is currently registered as a brownfield site and is positively listed on the SHLAA (Strategic Housing Land Availability Assessment) as a site that can deliver a maximum of twelve dwellings.

FURTHER INFORMATION

For further information, please contact:

Edward Higgins BSc (Hons) MRICS
Andrew Granger & Company, 44-46 Forest Road, Loughborough, LE11 3NP
Tel: 01509 243720
Email: edward.higgins@sheldonbosleyknight.co.uk