Office for sale

LOCATION
Threshelfords Business Park is located immediately to the west of the A12 on the outskirts of the village of Feering. Feering and neighbouring Kelvedon, are situated mid-way between the City of Chelmsford, to the south, and the City of Colchester, to the north (15 miles). The Business Park benefits from excellent access to the A12, being only 2 miles and 1 mile respectively from junctions 23 (Kelvedon South) and 24 (Kelvedon North). For rail users, the Business Park
is well placed, only 0.66 miles from Kelvedon train station, a mainline station on the Norwich to London Liverpool Street
Greater Anglia line. The average journey time is 57 minutes and the fastest, 49 minutes.

Occupiers on Threshelfords Business Park include Inntel, the Environment Agency, Focus
Integrated, Fairy Associates and RCCE.

DESCRIPTION
Threshelfords Business Park, is an established office development comprising a range of individually designed,
detached office buildings, built in 2007, all set in well-tendered and mature parkland grounds with countryside views.

Granville House is one of the seven newer offices constructed in 2006 and has been sub-divided into 10 office suites, let as a multi-occupied business center. The offices are completed to a high specification, benefitting from aluminum
double-glazed windows, suspended ceilings with recessed lighting, gas-fired central heating, security alarm, multiple kitchens, WC facilities including disabled WC, shower room and air conditioning. Granville House benefits from having Fibre Broadband to the premises and CAT5 data cabling internally. 25 car parking spaces are allocated to Granville House, a
ratio of 1:211 sq. ft. based upon the net internal area estimated at 5,277 sq. ft. to include all offices,
kitchens, receptions and shower room.

ACCOMMODATION
Ground Floor - Multi - Let as below - £9,239.48
(Suites A - E)

Ground Floor - Gold Education Recruitment Limited - 198 sq. ft.
Suite A

Ground Floor - Vacant - 164 sq. ft.
Suite B

Ground Floor - JD Electrical (Essex) - 177 sq. ft.
Suite C

Ground Floor - JDM Developments (Essex Ltd) - 171 sq. ft.
Suite D

Ground Floor - Vacant - 181 sq. ft.

Ground Floor - Kelvedon Parish Council - 286 sq. ft.
Suite 2
(Office 1)

Ground Floor - Sports Coaching Specialist Ltd - 200 sq. ft.
Suite 2
(Office 2)

Ground Floor - National Autoglaze Services Ltd & Airpro Diagnostics Ltd - 592 sq. ft.
Suite 2
(Office 3)

First Floor Granville House & Meeting Room - Wedo Invoice Finance Ltd - 874 sq. ft.

First Floor Granville House - Evolution Risk Group Ltd - 1,282 sq. ft.

Total* - 4,125 sq. ft.
Current Net Income - £58,947.48
ERV Once Fully Let £67,747.48

*based upon current lettable area, excluding kitchens, entrance hall and shower room.
The net internal area of Granville House is estimated at 5,227 sq. ft.
*Estimated Rental Value

(See Brochure for Full Breakdown)

AMENITIES
PARKING
25 onsite parking spaces

SERVICES
Mains water, drainage, electricity and gas are
all connected to the property.

TERMS
We are instructed to seek offers of £875,000 subject to contract. The property is available for sale by way of a 999 year Long Leasehold interest from 2006 (virtual freehold) - Leasehold Title No. EX992603.

Subject to the above Tenancies producing a Net Rent of £58,947.48 plus VAT per annum, a purchase of £875,000 would reflect a Gross Initial Yield of 6.74%. Subject to the property being fully let at the ERV, £67,747.48 plus VAT per annum, a purchase of £875,000 would reflect a Gross Initial Yield of 7.74%.

OUTGOINGS
Each office suite is separately rated (a schedule of rateable values is provided in the table overleaf). Any enquiries to be made with the local authority, Braintree District Council.

VAT
The property is elected for VAT. All rents and prices stated are subject to Value Added Tax. The sale will be treated as a Transfer of a Going Concern (TOGC).

LEGAL COSTS
Each Party is to bear their own Legal costs in relation with any transaction.

SERVICE CHARGE
Ground Floor - £5,160.52
(Suites A - E)

Ground Floor Suite 2 - £1,769.87
(Office 1)

Ground Floor Suite 2 - £1,071.65
(Office 2)

Ground Floor Suite 2 - £3,659.48
(Office 3)

First Floor Granville House & Meeting Room - £4,675.25

First Floor Granville House - £6,858.98

Total Service Charge - £22,466.36

OTHER
Tenancies

Ground Floor Suite 1 Office A

Let to Gold Education Recruitment Ltd for a term of three years commencing 1st May 2024, at a passing rent of £4,800 plus VAT per annum inclusive, contracted outside the Landlord and Tenant Act 1954. Rent deposit of £2,880 held for the duration of the term. Two allocated car parking spaces.

Ground Floor Suite 1 Office B - Vacant

Ground Floor Suite 1 Office C

Let to JD Electrical (Essex) Ltd for a term of three years commencing 1st August 2022, at a passing rent of £4,800 plus VAT per annum inclusive, contracted outside the Landlord and Tenant Act 1954. Rent deposit of £2,880 held for the duration of the term. Two allocated car parking spaces.

Ground Floor Suite 1 Office D

Let to JDM Developments (Essex) Ltd for a term of three years commencing 1st July 2022, at a passing rent of £4,800 plus VAT per annum inclusive, contracted outside the Landlord and Tenant Act 1954. Rent deposit of £2,880 held for the duration of the term. Two allocated car parking spaces.

Ground Floor Suite 1 Office E - Vacant

Ground Floor Suite 2 Office 1

Let to Kelvedon Parish Council for a term of five years commencing 18th March 2024, at a passing rent of £6,600 plus VAT per annum exclusive, contracted outside the Landlord and Tenant Act 1954. There is a market rent review on the third anniversary of the term, and the Tenant benefits from a Tenant only break option on the third anniversary of the Lease term. Rent deposit of £1,320 held for the duration of the term. Three allocated car parking spaces.

Ground Floor Suite 2 Office 2

Let to Sports Coaching Specialists Ltd for a term of three years commencing 13th May 2023, at a passing rent of £4,608 plus VAT per annum exclusive, contracted outside the Landlord and Tenant Act 1954. There is a market rent review on the second anniversary of the term, and the Tenant benefits from a Tenant only break option on the third anniversary of the Lease term. Rent deposit of £1,400 held for the duration of the term. Two allocated car parking spaces.

Ground Floor Suite 2 Office 3

Let to National Autoglaze Services Ltd and Airpro Diagnostics Ltd for a term of three years commencing 16th October 2023, at a passing rent of £10,200 plus VAT per annum exclusive, contracted outside the Landlord and Tenant Act 1954. The Tenant benefits from a Tenant only break option on the second anniversary of the Lease term. Rent deposit of £3,060 held for the duration of the term. Two allocated car parking spaces.

First Floor (C5)

Let to Evolution Risk Group for a term of five years commencing 26th June 2024, at a passing rent of £15,000 plus VAT per annum exclusive, increasing to £18,000 on the second anniversary, contracted outside the Landlord and Tenant Act 1954. Rent deposit of £7,500 held for the duration of the term. Six allocated car parking spaces.

First Floor (C6)

Let to Wedo Invoice Finance Ltd for a term of five years commencing 25th May 2022, at a passing rent of £13,300 plus VAT per annum exclusive, contracted outside the Landlord and Tenant Act 1954. There is a market rent review on the third anniversary of the term, and the Tenant benefits from a Tenant only break option on the third anniversary of the Lease term. Rent deposit of £3,990 held for the duration of the term. Four allocated car parking spaces.

Ref: C4537

VIEWING
Strictly by prior appointment. For further information or to arrange a viewing, please contact the Sole Agents, Nicholas Percival Ltd.