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For Sale: £2,850,000

Foundry Business Park, Station Approach, Hockley, Essex, SS5 4HS

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  • Area

    area
    32617Sq Ft

Kilnfield House is situated to the front of the business park and forms a modern office building with car parking to the front and may be suitable for alternative uses subject to possession and planning permission.

Opposite is Furzedown House which forms a part build office and benefits from a generous gated car park to the rear.

There are approximately 21 industrial and business units and 3 yard areas at the rear of the scheme.

There is a two way entrance onto the Business Park, with a one way road around the site.

Location
Foundry Business Park is on Station Approach in Hockley, adjacent to the train station and a short walk from the centre of Hockley village. Hockley is centred around Spa Road where a number of national and local retailers can be found such as The Co-Operative Food and Domino's.

Hockley train station provides a frequent service to London Liverpool Street with journey times from approximately 50 minutes.

Approximate distances from:
A127 - 4 miles south west
M25 - 18 miles west
Southend-on-Sea - 6 miles south east
London Southend Airport - 5 miles south east

Accommodation

Kilnfield House
NIA: 4,186 sq ft (389.03 sq m)

Kilnfield House is a two storey detached headquarters building and provides good quality office accommodation with an 8 person
passenger lift, 4 zone central heating system, suspended ceiling with recessed lighting and automatic entrance doors.

Furzedown House
Estimated GIA: 9,762 sq ft (907.25 sq m)

The construction of Furzedown House commenced in circa 2008 and has not been completed. The property has been left in 'shell
form' and partially glazed with windows to the top floor. To the rear of the building is a substantial gated car park.

Please note, we have not been able to internally inspect Furzedown House.

Industrial Estate
Estimated GIA industrial and business units: 14,721 sq ft (1,368.12 sq m).

Estimated GEA of yards: 3,948 sq ft (366.81 sq m)

There are 21 industrial and business units throughout the scheme, varying in specification. The single storey units surround a two and three storey Foundry building and are typically of steel frame construction with blockwork at low levels.

There is a further terrace of four light industrial units to the southwest boundary of the site. The units have individual utilities and typically have independent 3 phase power supplies.

To the western boundary of the site are three yard areas. We understand that yard 6 has independent utilities and benefits from a small (unmeasured) office and canopy.

Please note we have not been able to inspect all of the units and we have had to rely on measurements from the VOA and previous third party inspections.

Tenancies
Kilnfield House
Currently let to Jota Aviation Limited (registered company no. 07084872) on a full repairing and insuring lease for a term of 7 years from 10th July 2020 at a rent of £52,325 per annum exclusive. The Tenant has however entered liquidation and the liquidators are seeking to surrender the Lease.

Industrial Estate
The industrial units and yards are fully let. Three of the demises are held on leases, the remainder are let on informal agreements with the Landlord. A tenancy schedule and associated leases are available on request. From the lettings of unit 5, 9 and yards 4 & 5 we are of the view that generally the units are underlet and a reasonable uplift could be achieved through active asset management. Excluding Furzedown House and rear car we have calculated an ERV of £225,000.

Services
We understand the scheme is connected to mains water, drainage, gas, 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.

Planning
From online enquiries with the Local Authority, we understand that the scheme has the following consents:

Kilnfield House - longstanding Class E use. The property may be eligible for permitted development rights for a change of use to residential (STPP). Interested parties are advised to rely on their own independent investigations and to contact the Local Planning Authority.

Furzedown House - under application number 07/00256/FUL the property was granted consent for two/part three storey business premises.

Industrial Estate - long standing Class E, B2 and B8 use. Units 8a and 9a benefit from consent for private tuition.

Business Rates
Business rate assessments are contained within the Tenancy Schedule in the Information Pack.

EPC
A full copy of the EPC assessments and Recommendation Reports are available upon request.

Local Authority
Rochford District Council
T: 01702 546366

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

Title
Freehold subject to the existing Tenancies and Leases.

Foundry Business Park - EX748712

Kilnfield House - EX927458

Please note, the Title for Foundry Business Park is being split and the land included in the sale is shown outlined red on the front page of these marketing particulars.

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 business park is for sale by way of private treaty at a guide price of £2.85 million. Alternatively a company sale to also include two residential flats and a freehold ground rent would be considered. Further information is available upon application.

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

  • Reversionary Unbroken Business Park
  • Substantial Asset Management and Development Opportunity (STPP)
  • 32,617 Sq. Ft.
  • Site Area of Approximately 1.58 Acres
  • Adjacent to Hockley Train Station
  • Currently Generating £95,054.28 pa (excl. Kilnfield House let at £52,325 PAX) with Substantial Growth Opportunity
  • ERV of £225,000 pa excluding Furzedown House and Car Park
  • Contains HQ Office Building Which May be Suitable for Alternative Uses Subject to Possession and Planning Permission
  • Park Built Office Building Suitable for a Variety of Uses (STPP)

Map

Call

John Logan

01245 261226
Make an enquiry

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