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Workshop Premises, Great Fen Road off the A1121, Wyberton, Boston, Lincolnshire

38,490 sq ft, Offers in the region of £475,000

For sale

PRICE: OFFERS IN EXCESS OF £475,000 FREEHOLD
FOR SALE
• Two detached Workshop Premises having a gross internal area of approximately 38,490 sq ft (3,576 sq m) situated on a large site on the outskirts of Boston just off the A1121.

• Premises fully let by way of two leases producing an annual income of £58,000 p.a.x. Leases expire in June 2018 & August 2027.

• Ideal investment opportunity producing a net initial yield after the addition of usual acquisition costs of over 11.5%.

LOCATION
Boston an established and expanding market town in South Lincolnshire and is located approximately 16 miles east of the market town of Sleaford and 34 miles south east of the city of Lincoln. Boston has a resident population of approxima…

PRICE: OFFERS IN EXCESS OF £475,000 FREEHOLD
FOR SALE
• Two detached Workshop Premises having a gross internal area of approximately 38,490 sq ft (3,576 sq m) situated on a large site on the outskirts of Boston just off the A1121.

• Premises fully let by way of two leases producing an annual income of £58,000 p.a.x. Leases expire in June 2018 & August 2027.

• Ideal investment opportunity producing a net initial yield after the addition of usual acquisition costs of over 11.5%.

LOCATION
Boston an established and expanding market town in South Lincolnshire and is located approximately 16 miles east of the market town of Sleaford and 34 miles south east of the city of Lincoln. Boston has a resident population of approximately 65,000 people with a large and expanding catchment area.

The subject property is located just off the A1121, one of the main arterial routes into the town centre from the Lincoln and Sleaford direction. The area is predominately commercial in nature and the subject properties are located immediately to the rear of the Falcon Mercedes Benz and Marshall Nissan Car Dealerships as well as being in close proximity to Endeavour Park, one of the town's major Office Parks.

DESCRIPTION
The properties briefly comprise a pair of detached steel portal framed Workshop/Warehouse premises located on a rectangular site with frontage onto Great Fen Road, with internal craneage and a 3 phase electricity supply being provided.

The properties have eaves heights ranging from approximately 3.2m and 4.5m (10' 6" and 14' 9") with each having gable end access for vehicles and with the site being majority surfaced with car parking to the western portion and with surfaced aprons/hardstanding between the buildings.

ACCOMMODATION
In terms of gross internal area, the buildings comprise the following (all figures approx.)

Western Workshop/Warehouse (5 tonne crane) - 19,180 sq ft (1,782 sq m)
Eastern Workshop/Warehouse (2.5 tonne crane) - 19,310 sq ft (1,794 sq m)

SERVICES
We understand that mains electricity (with a 3 phase supply), and water are connected to the properties. We understand that drainage is to a private system. We would advise prospective purchasers to clarify these issues with the relevant Statutory Authorities prior to entering into a commitment to acquire these properties.

TERMS
The property is to be sold by way of a freehold title subject to the two occupational leases as follows.

The eastern Workshop/Warehouse is let for a 12 month term from 25th June 2017 to Agricultural Machinery Sales Ltd at a rent of £29,000 per annum excluding VAT if applicable. The lease is contracted out of Sections 24-28 of The Landlord & Tenant Act 1954 Part ΙΙ. The lease can be terminated at 3 months' notice.

The western Workshop/Warehouse is occupied by Guardian Storage Ltd for a 10 year term from 29th August 2017 at a rent of £29,000 per annum. The lease contains an upward-only rent review to occur on 1st November 2021 and is held by the tenant on an effective full repairing and insuring basis. This lease is protected by the Security of Tenure provisions of Sections 24-28 of The Landlord & Tenant Act 1954 Part ΙΙ.

We are quoting an asking price of "offers in excess of £475,000" for the freehold interest in these premises subject to the terms of the two leases described above which provides a net initial yield of just over 11.5% after the addition of usual acquisition costs to include Stamp Duty Land Tax, Agents and Solicitors fees.

OUTGOINGS
We understand that the property is assessed as a single assessment under the 2010 Rating List as a Workshop & Premises with a Rateable Value of £47,250. Further information in respect of this matter and the level of Business Rates payable can be obtained from Boston Borough Council. Tel: 01205 314200.

VAT
The asking price quoted herein is exclusive of, but may be liable to, VAT at the prevailing rate and you are advised to clarify this point prior to making an offer to acquire this property.

LEGAL COSTS
Each party will be responsible for their own legal and professional costs incurred in any transaction negotiated.

PLANNING
PLANNING
The premises have been used for manufacturing and storage purposes for a number of years and we understand that planning consent is currently granted under Use Classes B2 & B8 of the Town & Country Planning (Use Classes) Order 1987 covering general Industrial and Warehousing/Storage uses. The area immediately surrounding the subject properties is allocated in the Boston Borough Council Interim Local Plan (2006) as "proposed Business Park expansion land" where uses falling under Use Classes B1B, B1C, B2 & B8 are all deemed to be acceptable in principle. We would recommend that prospective purchasers clarify the current and potential allowable uses for the premises and site with the Planning Department at Boston Borough Council. Tel: 01205 314305.

VIEWING
For further information, or an appointment to view the properties concerned, please contact either:

Brown & Co
Tel: 01476 514433
Fax: 01476 594242
Email: james.cameron@brown-co.com
Contact: James Cameron

Alternatively, please contact our Joint Sole Agents whose details are as follows:

Sanderson Weatherall
Tel: 0113 2216000
Email: mark.swiers@sw.co.uk
Contact: Mark Swiers



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