The property is a former agricultural building that has been converted into 12 office suites located over ground, lower ground and mezzanine floors which is currently running as a business centre
www. bencewellbusinesscentre.co.uk.
At ground floor level there is a main reception area, communal hallway, 5 offices, print room, meeting room, communal kitchen, WC (accessible) and staircase leading to attic storage. At lower ground floor level there is a large open plan office containing 2 internal management offices/meeting rooms. The mezzanine level has a further 5 offices leading off a communal hallway. Externally there is a level concrete car park with parking for up to 23 vehicles. The property benefits from central heating throughout with the units having air cooling. The offices each have their own phone lines with fibre optic cables.
The current gross rental income and service charge the property is producing is £125,900pa. + VAT. Following Landlord disbursements for utilities (business rates, gas, water, electricity, maintenance and insurance) the net income level is c.£88,310.36pa + VAT which represents a net investment yield of 11.77%. 10 of the 11 offices are let by way of licence agreement with a 3 month Landlord termination clause. The lower ground office is on a 3-year lease running from 1st July 2024-30th June 2027. There may be the possibility to end this sooner if the buyer wishes. Each tenant has put down a 3 month deposit with rent being paid in advance. The property also has a good sized loft at the front of the building which is being used for storage.
Purchasers have the opportunity to acquire the building as an investment or to operate their business from part or all of the property to suit the amount of space they require, whilst benefitting from rental income.
