1 School Lane, Quedgeley, Gloucester
The property is a single storey detached open plan office building of brick construction with rendered front elevation and pitched tiled roof. A kitchen and both male and female cloakrooms are provided.
Internally there are painted plastered ceilings and walls, surface mounted lights, carpet throughout. Windows are a combination of uPVC double glazed windows and aluminium frames. Gas fired central heating is provided via radiators.
An intruder alarm has been installed.
Parking is provided to the front of the building.
The property is let to Ownside Ltd (trading as Michael Tuck Estate Agents). The lease is for a period of 9 years from 1st August 2016 at a rent of £10,000 per annum.
It includes rent reviews on every 3rd anniversary and a tenant's break clause on the 5th anniversary.
The property forms one of a group of shops, offices and takeaways at the junction of Bristol Road and School Lane, which originally formed the only shops in Quedgeley, before the Tesco Superstore development and Quedgeley District Centre.
The property is situated approximately 3 miles south of the City Centre and within 1 mile of Junction 12 of the M5 Motorway.
(Approximate net internal area)
705 sq ft (65.52 sq m).
A search on the Valuation Office Agency website has revealed the following entries:
Rateable Value: £6,800
Rate in £ 2020/2021: 0.499
Prospective occupiers are advised to make their own enquiries of the Local Authority to establish the position in respect of the inheritance of transitional.
The property has been used as offices which fall within Class A2 of the Use Classes Order 1987.
The property is offered freehold subject to the occupational tenancy in place to Ownside Ltd at a price of £135,000.
A purchase at this level would represent a gross yield of 7.41% or net yield of approximately 7.25% after purchaser's costs.
Under the Finance Acts 1989 and 1987, VAT may be levied on the price. We recommend that prospective purchasers establish the VAT applications before entering into any agreements.
Each party to bear their own costs incurred in the transaction.
Simon McKeag: 07737 691453
Harry Pontifex: 01242 255242
Copyright 2020 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.