Day Nursery, 19 Church Hill, Verwood, Dorset, BH31 6HT

Description

The property is situated within a high-density residential catchment area in Church Hill, Verwood, Dorset. Church Hill is located just off the B3072 with easy access to the B3081. Ringwood is approximately 5.8 miles East and Bournemouth is approx. 10 miles South.

The subject property is located within a high demand area with strong catchment, meaning a secure future for the business.

The property comprises a recently developed purpose built single storey day nursery situated on a circa 0.5 acre site.


Accommodation

Total Gross Internal Area 5,100 Sq. Ft (473.80 Sq. M.)

Total Site Area 0.459 Acre (0.185 Hectare)

Planning

We understand the current permitted use to be D1. Interested parties are advised to make their own enquiries to the local authority for confirmation.

EPC Text

Asset Rating - A (15)

Rating

Rateable Value £ To be assessed
Source The 2024/2025 small business multiplier is 0.499 (49.9p payable per £1). This determines what business rates are payable. All parties are advised to make their own enquiries for confirmation. *If you qualify as a 'small business' you may be eligible for substantial relief in connection with business rates payable. We advise all parties speak to the local authority in the first instance for confirmation.

Terms

LEASE TERMS
The property is let by way of a lease dated 30 May 2024 for a term of 25 years at a passing rent of £125,000 per annum, expiring 26 March 2049. The tenant is Happy Days Day Nurseries Limited.

The lease is subject to five yearly reviews on an upward only basis index linked to RPI, but with minimum and maximum showing the following rent increase profile based on the minimum and maximum levels.

Year 2029 Minimum Rent on Review £138,010.00 Maximum Rent on Review £152,081.61
Year 2034 Minimum Rent on Review £152,374.19 Maximum Rent on Review £185,030.53
Year 2039 Minimum Rent on Review £168,233.42 Maximum Rent on Review £225,117.94
Year 2044 Minimum Rent on Review £185,743.29 Maximum Rent on Review £273,890.39

TENURE
Freehold - Title DT301531


TERMS
Offers are invited in the region of £1,925,000 subject to contract for the freehold interest subject to and with the benefit of the subsisting tenancy.
A purchase at this level shows an attractive Net Initial Yield of 6.11% after buyers costs of 6.25%. This shows an equivalent yield of 7.2%.

VAT
We understand that VAT is payable on purchase price, however all parties are advised to make their own enquiries into the matter.

It is proposed the sale will be a transfer of going concern (TOGC).


Anti Money Laundering

Please note all prospective purchasers will need to be verified for 'Anti Money Laundering' purposes prior to issuing memorandum of agreed terms of sale.