West Wing ‘The Old Schoolhouse’, Provost Street, Fordingbridge, SP6 1AY

£130,000 for the leasehold

Overview

Investment
Property Type

Description

Location

Description

For Sale - Tenanted Investment Opportunity Let to Hampshire Police

Fordingbridge is an attractive town located approximately 12 miles south of Salisbury and 7 miles north of Ringwood on the A338 and has a population of approximately 6000 (2011 Census).

The town plays host to a healthy mixture of local, regional and national retailers trading alongside a range of hospitality lead and Professional services businesses.

Fordingbridge has undergone considerable expansion with several hundred new homes recently built in close proximity to the town.

The unit known as the 'West Wing, School House' is let to Hampshire Police on a 25 year lease. This is a newer construction and while it is currently tenanted which provides secure income, if the tenant were to vacate, the property could be converted to residential accommodation (subject to planning) and create an attractive scheme owing to the high vaulted ceilings. This aspect is available to purchase either as a standalone investment (long leasehold) or in combination with the front vacant unit (freehold).

Accommodation

Office - 464 Sq. Ft. (43.12 Sq. M.)
Office - 421 Sq. Ft. (39.13 Sq. M.)
Kitchenette, Male and Female WC
3 Car Parking Spaces
Total Net Internal Area - 736 Sq. Ft. (68.4 Sq. M.)

Planning

Under the new planning regulations, we believe the current permitted use to be use class 'E' which includes uses such as retail, professional services, café, health clinics, indoor recreation/sport and office. All parties are advised to make their own enquiries of the local authority for confirmation.

EPC Text

Asset Rating - D (93)

Rating

Rateable Value - £7,600

Source www.gov.uk/find-business-rates

Terms

Offers invited in the region of £130,000 for a new 999 year long leasehold with the benefit of the existing tenancy in situ.

Alternatively this investment can be purchased as a Freehold opportunity along with 'The Old School House' building at the front which comprises of a vacant ground floor commercial unit and sold off first floor flat.

Offers invited in the region of £250,000 for the freehold.

We understand that VAT is not payable, however all parties are advised to make their own enquiries into the matter.

Tenancy Details

The unit known as West Wing, School House 34-36 Provost Street is let to 'The Police and Crime Commissioner for the Hampshire Police Area' by way of an effectively full repairing and insuring lease dated 27th September 2013 for a term of 25 years (expiring
2038) at a rental of £9,000 per annum, exclusive with upwards only rent reviews every 5th anniversary (next review 2028). The tenant benefits from a rolling break option every 3rd anniversary (next break 2029).

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.

Summary

Key points

Let to Hampshire Police at £9,000 per annum, exclusive
3 Car Parking Spaces
Potential to Convert to Residential in Future (STP)
Building in Good Overall Condition
Available For Sale as a Tenanted Investment seeking offers in the Region of £130,000