9-10 Apex Business Village, Annitsford, Cramlington

Office Investment For Sale

2,819 ft²

Freehold price of £445,000

Key Features

Features
Sale and leaseback investment opportunity
Property comprising two interconnecting office buildings
Totalling 261.9m² (2,819ft²) over ground and first floors
Let to European Vehicle Contracts Ltd t/a Eurodrive Motor Finance – part of the Maxxia group of companies
To be let on a new 10 year lease FRI lease from the date of completion
Passing rent of £32,400 per annum
We are instructed to seek a price of £445,000 equating to a net initial yield of 6.97 %, assuming purchasers costs at 4.44%
Transport
Bus stops located 0.2 miles away
2.3 miles from Cramlington train station
300ft from A19
300ft from 189

Property Description

LOCATION

The subject property is located within Apex Business Village, a popular and established business park with local and national occupiers including Browell Smith & Co, Cenelec Standards Inspections and Howard Russell Construction Ltd.

Apex Business Village is prominently located next to the A19 and A189 roundabout, providing access throughout the region and to the A1(M). Newcastle upon Tyne city centre is 8 miles to the south and Morpeth is 10 miles to the north.

DESCRIPTION

The properties comprise two adjoining high specification office buildings which are arranged over ground and first floors. The properties benefit from air conditioning, double glazing throughout, suspended ceilings, category II lighting, electrically operated security shutters to ground floor,intruder alarm system, impressive atrium and allocated car parking, together with additional car parking for visitors.

ACCOMMODATION AND TENANCY INFORMATION

                                                            

Tenant
Occupied area
Rent (per annum)
Lease Terms
Size 
European Vehicle Contracts Limited
9 Apex Business Village
£16,200
10 year lease with a tenant break option at the anniversary of the 5th year (subject to 6 months prior written notice).
 

261.9m² (2,819ft²)

European Vehicle Contracts Limited
10 Apex Business Village
£16,200
10 year lease with a tenant break option at the anniversary of the 5th year (subject to 6 months prior written notice).
Total
 
£32,400
 
 

European Vehicle Contracts Limited

Established in 2004, Eurodrive Motor Finance has steadily grown into a market leader in the provision of finance solutions to UK motor dealers. Based near Newcastle and with field representation throughout the UK, Eurodrive Motor Finance has grown its business and reputation on the back of strong integrity and an enthusiastic support of motor dealers and is particularly proud of its recent nomination as one of the fastest growing businesses in the North East. Its management team boasts significant motor finance experience and their passion for the highest standards of dealer support is evident throughout the whole organisation.

Eurodrive Motor Finance is part of the Maxxia Group. The Maxxia Group of companies exists to deliver intelligent and creative solutions to customers’ asset funding and management requirements. From in-house funding, to providing brokerage for even the most unusual asset finance needs, Maxxia Group’s breadth of experience and industry knowledge is second to none.

The Maxxia Group is backed by the financial strength of the McMillan Shakespeare Group, a major Australian publicly listed company with a market capitalisation of around Aus $1 billion.


Year Ending 30/06/2018
Year Ending 30/06/2017
Year Ending 01/04/2016
Turnover
£6,936,456
£6,883,653
£4,354,587
Pre-Tax Profit
£266,111
£570,792
£506,099
Shareholder’s Funds
£389,446
£353,476
£518,700

TERMS

The property is currently occupied by European Vehicle Contracts Ltd t/a Eurodrive Motor Finance who have been in occupation since 2005. The tenant is to commit to a new 10 year lease on FRI terms at a rent of £32,400 per annum, subject to a tenant break option at the anniversary of the 5th year (subject to 6 months prior written notice). The accommodation is available by way of freehold with a price of £445,000 (Four Hundred and Forty Five Thousand Pounds). A sale at this figure would equate to a net initial yield of 6.97%, assuming purchasers costs at 4.44%.

VAT

All rents, premiums and purchase prices quoted herein are exclusive of VAT. All offers are to be made to Bradley Hall upon this basis, and where silent, offers will be deemed net of VAT.

LEGAL COSTS

Each party is to bear their own legal costs involved in the transaction.

MONEY LAUNDERING REGULATIONS

In accordance with the Anti-Money Laundering Regulations the Purchaser/Tenant will be required to provide two forms of identification and proof of the source of income.

VIEWING

For general enquiries and viewing arrangements please contact Bradley Hall.

Tel:         0191 232 8080

Email:    nicholas.bramwell@bradleyhall.co.uk  

                Richard.rafique@bradleyhall.co.uk


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