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For Sale: £2,350,000

1 Wheaton Road, Witham, Essex, CM8

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  • Area

    area
    25859Sq Ft

The scheme comprises 6 office units with two points of vehicular access. The car park to the front provides 57 marked car parking spaces and to the rear is a yard area which could provide for approximately 49 car parking spaces.
Units A, B and C1 provide single storey office accommodation and units C2 and D provides two storey office accommodation.
The units are predominantly of an open plan configuration and a specification generally providing suspended ceiling with recessed lighting and air conditioning, demised WCs and kitchen facilities and double glazed windows.

Location
The property is located on Wheaton Road which is off Freebournes Road on the established Freebournes Industrial Estate which forms one of two major industrial areas in Witham.
The A12 (Junction 22) provides convenient access to London and the East Coast Ports of Harwich and Felixstowe. Access to the M11 and Stansted Airport is via the A120 from Braintree which is linked to Witham via the B1018. Witham Station is located approximately 1 mile from the site and provides a frequent service to London Liverpool Street with a journey time of approximately 45 minutes.
The scheme is a short distance from Witham Town Centre which provides a variety of retail and leisure facilities.

Approximate distances from:
A12 - Less than 1 mile north east
M25 - 25 miles south west
Chelmsford - 12 miles south west
Colchester - 14 miles north east

Accommodation
We have measured the units in accordance with the RICS Code of Measuring Practice 6th Edition on a Gross Internal Area basis as follows:
Unit A: 5,720 sq ft (531.42 sq m)
Unit B: 4,943 sq ft (459.23 sq m)
Unit C1 GF: 5,337 sq ft (495.86 sq m)
Unit C1 BMT: 461 sq ft (42.84 sq m)
Unit C2 GF: 3,541 sq ft (328.96 sq m)
Unit C2 FF: 4,442 sq ft (412.63 sq m)
Unit D: 1,415 sq ft (131.5 sq m)
Total: 25,859 sq ft (2,402.44 sq m)

Tenancies
Units A and C1 are let on the following terms:

Unit A
Currently let to Junkers Limited (registered no. 00692334) and as at 31st December 2019 the company had a net worth of £528,000 and a turnover of £8.78 million and is rated by Experian as 'very low risk'.
The Lease is on full repairing and insuring terms, limited by a schedule of condition in relation to the roof. The term commenced on 1st January 2012 for a term of 10 years at an annual rent of £44,550 per annum exclusive. There was a tenant only break and upwards only rent review on the fifth anniversary of the term. The Tenant is demised 25 car parking spaces and the Tenant contributes towards the service charge for the upkeep of the common areas of the scheme.

Unit C1
Currently let to Gigaclear Limited (registered no. 07476617) and as at 31st December 2019 the company had a net worth of £184 million and a turnover of £11 million and is rated by Experian as 'below average risk'.
The Lease is on effective full repairing and insuring terms by way of a service charge and limited by a schedule of condition. The service charge rent is fixed at £6,000 plus VAT per annum. The term commenced on 5th March 2020 for a term of 5 years at a commencing rent of £44,000 per annum exclusive. There is a tenant only break and upwards only rent review on 3rd anniversary of the term. The Tenant is demised 20 car parking spaces.

Local Authority
Braintree District Council
T. 01376 552525
Services
We understand the scheme is connected to mains water, drainage, and electricity. We have not tested any of the services and all interested parties should rely upon their own enquiries with the relevant utility company in connection with the availability and capacity of all of those serving the property including IT and telecommunication links.

Business Rates
The units are entered in the VOA rating list as follows:

Unit A1
Rateable Value: £42,750
Approx. Rates Payable 2021/22: £21,330

Unit B1
Rateable Value: £34,750
Approx. Rates Payable 2021/22: £17,340

Unit C1
Rateable Value: £31,500
Approx. Rates Payable 2021/22: £15,720

Unit C2
Rateable Value: £32,750
Approx. Rates Payable 2021/22: £16,340

Unit D
Rateable Value: £38,500
Approx. Rates Payable 2021/22: £19,210

Energy Performance Certificates
The units have the following EPCs:
Unit A: D - 81
Unit B: D - 98
Unit C: D - 84
Unit D: D - 89

Planning
From online enquiries with the Local Authority, we understand that the scheme has long standing class E office use.

Information Pack
An information pack to include the Leases, EPCs and Title documents is available upon request.

Title
Freehold subject to the existing Leases.
1 Wheaton Road - EX378301
Land on south side of Wheaton Road - EX344019

VAT
We understand that the property is elected to VAT, which will be payable on the purchase price. The sale may qualify as a Transfer of Going Concern, interested parties should make their own enquiries.

Terms
The property is for sale at a guide price of £2.35 million. Offers are invited for the property by informal tender and best written offers are invited by noon on Wednesday 30th June 2021.

Legal costs
Each party to bear their own legal costs. The buyer will be required to pay a non-refundable deposit when purchase terms are agreed.

Features

  • Low Density Part Let Office Scheme and May be Suitable for Redevelopment (STPP and Possession)
  • Site Area of Approximately 1.5 Acres
  • Let in Part Producing £88,550 per annum
  • 14,341 sq. ft. Vacant
  • Located on the Popular Freebournes Industrial Estate
  • Close Proximity to A12

Map

Call

John Logan

01245 261226
Make an enquiry

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