Property Description

A substantial, detached, modern landmark office building benefitting from on-site car park providing 46 spaces. The property is arranged to provide good quality open plan office accommodation over three floors and comprises a central core of lobby, stairs, lift, male, female and disabled WCs and cleaner's cupboards on each floor. Total current passing rent of £72,500 per annum which represents a yield of 14.5% against the guide price. It is anticipated that by 16 September, the rents will be reviewed to in excess of £96,037.02 for the two floors subject to leases, given anticipated further rises in the RPI All Items Index over the next two months. This would realise a yield of 19.21% and once second floor was let a yield of 27.01% and income of £135,037 per annum. Grimsby is a large coastal town and seaport in North East, Lincolnshire, of which it is the administrative centre, located approximately 29 miles north east of Lincoln. Grimsby lies 15 miles from the nearest motorway, the M180, which continues as the A180 into the town and acts as a link to the national motorway network. The town is skirted by the A18, with the A46 passing through the town providing a connection towards Lincoln and the A16 which links the town to Louth and southern and eastern Lincolnshire.

Ground floor - 5,007 sq ft (465.2 sq m)

The ground floor is let to FOCUS Independent Adult Social Work CIC on an effective FRI lease for a term of 15 years from 16 September 2019 at a passing rent of £36,250 per annum. The lease provides for the annual rent to be reviewed by reference to RPI on 16 September 2024 and every fiŌh anniversary of that date. There is a mutual rolling option to break subject to either party serving the other 12 months’ prior written notice, such break date to be no earlier than 16 September 2025. Provisions of section 24 to 28 of the LTA 1954 are excluded.

First Floor - 5,098 sq ft (473.6 sq m)

The first floor is also let to FOCUS Independent Adult Social Work CIC on an effective FRI lease for a term of years expiring 15 September 2034 at a passing rent of £36,250 per annum. The lease provides for the annual rent to be reviewed by reference to RPI on 16 September 2024 and every fifth anniversary of that date. There is a mutual rolling option to break subject to either party serving the other 12 months’ prior written notice. Provisions of section 24 to 28 of the LTA 1954 are excluded.

Second Floor - 5,089 sq ft (472.8 sq m)

The second floor is currently vacant and on the market to let with a guide rent of £39,000 per annum exclusive.

Planning

Unimplemented prior approval for change of use of the building to provide 20 residential flats was granted by North East Lincolnshire Council in 2014 (application no: DM/0744/14/PAC).

Draft Sales Details

These sales details are awaiting vendor approval.

Leasehold Information

Any ground rent and service charge review periods will be confirmed in the lease documents within the legal pack.

Tenure

Leasehold

---