Swift House, Hoffmanns Way, Chelmsford, Essex, CM1 1GU

GUIDE PRICE £2,850,000 FREEHOLD PLUS VAT

Total Gross Income £220,000 PAX increasing to £230,000 PAX in 2027 (Ground Floor Let to LB Group Limited at an annual rent of £110,000 PAX. First Floor Let to Big Business Events Limited at an annual rent of £110,000 PAX increasing to £120,000 PAX)

The property is being offered For Sale by private treaty. Unconditional offers are sought for the freehold interest.

An opportunity to acquire a fully-let, office in Chelmsford City
Excellent connectivity being located within easy access to both the A12 and M25
Less than 1 mile from Chelmsford City Railway Station and City Centre
Adjacent to Anglian Ruskin University
Modern office accommodation constructed in 2003 to a high specification.
2-storey detached office building extending to approximately 12,000 sq ft
Site extending to 0.923 acres.
63 car parking spaces (parking ratio of 1:190 sq ft)
Total Gross Income £220,000 PAX reflecting a gross yield of 7.72%, increasing to 8.07% in 2027.
Excellent rent collection statistics through the pandemic.
Offers in the region of £2,850,000 subject to contract
Capital value circa £240 p.s.f

LOCATION & SITUATION

The City of Chelmsford is located approximately 33 miles to the northeast of London. Chelmsford benefits from excellent communications with the A12 giving direct access to the M25 at Junction 28 (within 12 miles). The M11 and Stansted Airport are also easily accessible.

Hoffmans Way is an established business location to the north east of Chelmsford Town Centre, within close proximity to Anglian Ruskin University and Campus located on a bus route which also services the Park and Ride. Swift House is situated less than one mile from the Main Line Railway Station (London Liverpool Street 35 minutes), Chelmsford City Centre and within easy reach to the main road links (A12, A130, A414). Stansted Airport is within 15 miles.

DESCRIPTION

Swift House comprises a modern two storey office building constructed in 2000. The building is arranged to provide office space across two floors with staff facilities throughout.
The offices are air-conditioned throughout and benefit from double glazing, suspended ceilings, and CAT II lighting.
Whilst currently arranged to provide a range of private and open plan offices throughout, the building could, subject to terms, be reconfigured to suit occupiers needs or sub-divided further and converted into a business centre with various office suites with ample car parking.

ACCOMMODATION

Ground Floor: 5,898 sq ft (547.95 sq m) LET to LB Group Limited

First Floor: 6,278 sq ft (583.24sq m) LET to Big Business Events Limited

TENANCY

LB Group Limited (02796741)
The ground floor is let to LB Group Limited for a term of 10 years from 01/01/2017 expiring 31/12/2027 at a passing rent of £110,000 PAX. There is an upwards only rent review 01/01/2022 not initiated.

Big Business Events Limited (10173932)
The first floor is let to currently let to Big Business Events Limited for a term of 10 years from 13/12/2023 expiring 12/12/2033 at a passing rent of £110,000 PAX increasing to £120,000 PAX 13/12/2027 and an upwards only rent review 1/06/2028. The lease is contracted outside the landlord and tenant act 1954 sections 24-28 and there is both a landlord and tenant mutual break at year 5. There is a tenant holding deposit of £33,000.

BUSINESS RATES

Suite A Gnd Flr 18, Hoffmans Way, Chelmsford, CM1 1GU -

Offices and Premises 432.35m2 £73,500

Suite B Gnd Flr 18, Hoffmans Way, Chelmsford, CM1 1GU -

Offices and Premises 48m2 £8,100

Suite C Gnd Flr 18, Hoffmans Way, Chelmsford, CM1 1GU -

Offices and Premises 67.6m2 £11,250

1st Flr, Hoffmans Way Chelmsford, CM1 1GU -

Offices and Premises 583.24m2 £99,000

EPC RATING

D93

VAT

All prices are exclusive of VAT.

METHOD OF SALE

The property is being offered for sale by private treaty. Unconditional offers are sought for the freehold interest.

TITLE

The freehold property is held under title EX621986

LEGAL COSTS

Each party to bear their own legal costs incurred.

VIEWING

Strictly by prior appointment with joint sole agents:
Tom Noble, Nicholas Percival
Ref C.4446