Commercial Property for sale

John Street / Victoria Street / Mill View,Hinckley,LE10

Offers in Region of 44,367 sq. ft. | £750,000

Property Description

Commercial information

  • 44,367 sq ft (4,121 sq m)

Key features

  • Nearly fully let commercial investment property
  • Gross rental currently received - 84,200 p.a.
  • Potential Rental if fully let - 93,650 p.a.
  • Gross Internal Area of Units - 44,367 sq ft (4121.8 sq m)
  • Car parking area included
  • Parcel of potential development land available by separate negotiation

Full description

Tenure: Freehold

LOCATION
The property is located fronting onto both John Street and Victoria Street / Mill View, Hinckley, with access to the same off both streets. The surrounding area is a mixture of commercial and residential properties, with Derby Road and Leicester Road being in close proximity to the property which are two of the routes leading into Hinckley town centre, approximately mile distant. The car parking area for the property is situated off Victoria Street, and a plan showing the site is on the front of these particulars with the site edged red on the same for identification purposes only.

Hinckley is a market Town with a population in the order of 55,000 (Local Authority 87,000) lying approximately 13 miles to the south west of Leicester. The Town enjoys good motorway communications with junction 1 of the M69, being located on the south eastern fringe of the conurbation approximately 2 miles from the Town centre.

DESCRIPTION
The subject property essentially comprises of a former two-storey hosiery factory which has been converted to form individual commercial units within the same. There are communal loading areas serving the majority of the units, together with some communal toilet facilities. The units themselves are situated at both ground and first floor level, with the first floor areas benefiting from lift access. There is a parking area for the property offering 15 spaces on Victoria Street, with a further 3 car spaces adjacent to the property on Victoria Street.

The accommodation offered by the property on a gross internal floor area basis comprises the following:
Ground Floor
Unit 1 - 2633 sq ft (244.6 sq m)
Unit 2 - 3278 sq ft (304.5 sq m)
Unit 3 - 2572 sq ft (238.9 sq m)
Unit 4 - 5182 sq ft (481.4 sq m)
Unit 5 - 3890 sq ft (361.4 sq m)
Unit 6 - 6680 sq ft (620.6 sq m)
Unit 7 - 2358 sq ft (219.1 sq m)

First Floor
Units 8 & 9 - 12,202 sq ft (1133.6 sq m)
Unit 8A - 5572 sq ft (517.6 sq m)

Total Gross Internal Floor Area - 44,367 sq ft (4121.8 sq m)

The above floor areas do not include the communal loading and corridor areas, which are also extensive. Unit 7 requires upgrading works in order to be in a lettable condition.

THE SITE
The Centre occupies a site area of approximately 0.83 acres (3362.0 sq m).

Additionally there is a parcel of land off John Street and adjacent to the Centre (edged blue on the plan for identification purposes only), which extends to approximately 0.13 acres (518.8 sq m) which is available by separate negotiation.

SERVICES
All mains services are connected to the property, with the gas and electricity supplies being sub-metered for individual units. The water charges are paid via the service charge for the property.

RATES
As a result of web enquiry only, the entries appearing the rating list of Hinckley & Bosworth Borough Council are:
Unit 1 - 6,800
Unit 2 - 6,900
Unit 3 - 7,800
Units 4 & 6 - 30,750
Unit 5 - 9,700
Unit 7 - 3,900
Units 8, 8A & 9 - 19,000

This is not the amount payable

TENURE
The Freehold interest in the property is available subject to formal leases that are in place, which are drawn on internal repairing and insuring terms together with a service charge to cover the maintenance of the communal areas. The landlords are responsible for repairs to the structure of the building.

Unit 1 - Holding over on formal lease. Current rental 8,250 p.a.x.
Unit 2 - Occupied on a formal lease from 2nd April 2015 to 12 February 2018 at a rental of 7,000 p.a.x
Unit 3 - Occupied on formal lease from 1st December 2015 for a period of 3 Years at a rental of 7,000 p.a.x.
Units 4 & 6 - Formal leases to be granted to incumbent tenant on completion of sale for at least 3 years at a rental of 27,950 p.a.x.
Unit 5 - Holding over on formal lease. Current rental 11,500 p.a.x.
Unit 7 - Vacant
Units 8 & 9 - Occupied on formal lease until 12 February 2018. Current rental 16,000 p.a.x.
Unit 8A - Occupied on formal lease until 12 February 2018. Current rental 6,500 p.a.x.

Total Current Gross Rental - 84,200 p.a.

The parcel of land is currently let on a formal lease to the tenants of Units 8,8A & 9 until 12 February 2018 at a rental of 500 per annum.

PRICE & COMMENTARY
Offers in the order of 750,000 are sought for the benefit of the Freehold interest.

If Unit 7 was refurbished and let we believe a rental of 9,450 p.a.x would be achievable. Hence when fully let the property could produce a gross rental income in the order of 93,650 p.a.x.

The parcel of potential development land is also available by separate negotiation.

Nearest stations

  • Hinckley (0.8 mi)
  • Nuneaton (4.3 mi)
  • Bedworth (6.3 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Wards Commercial, Hinckley

20 Station Road, Hinckley, LE10 1AW

01455 385050 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Hinckley (0.8 mi)
  • Nuneaton (4.3 mi)
  • Bedworth (6.3 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Wards Commercial, Hinckley

20 Station Road, Hinckley, LE10 1AW

01455 385050 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference Davenport. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Wards Commercial, Hinckley. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

Map data OpenStreetMap contributors.