Unit 11 Brooklands Court, Venture Park, Kettering, NN15 6FD

A Freehold modern office investment opportunity.

Property details

Type Investment, Office
Tenure Freehold, subject to existing tenancy.
Price Offers in excess of £355,000
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Features
  • Set within high quality modern office development
  • 2,158 square feet (200.55 sq m) over two floors
  • Fully let to 31/01/2025 producing an annual income of £26,950 per annum
  • 11 onsite car parking spaces
  • Freehold – offers in excess of £355,000, equating to a net initial yield of 7.31% (after usual purchasers costs)
  • Low capital value of £165 psf
Location
Brooklands Court’ is located on Kettering Venture Park on the southern edge of Kettering. Kettering Venture Park is a 3.6 acre self contained site with excellent connectivity to the major road networks and lies immediately adjacent to the A14 (J9) trunk road linking directly to the M6/M1 (J18) to the west and A1/M11 to the east. It benefits from a mainline rail station a few minutes away giving a twice hourly service connecting London St Pancras and Sheffield. Adjacent to Brooklands Court is the 4 star Kettering Park Hotel, with health/spa, restaurant and conference facilities on site. Kettering is considered one of the most high profile growth areas in the UK as identified in a number of recent Government economic development initiatives. With outstanding transport links, up to 75% of the UK’s population is within only a two hour drive. It is located approximately 10 miles to the north east of Northampton and has nearby a number of other expanding towns allocated for similar housing and employment growth including Wellingborough and Corby.
Description

Unit 11 comprises a two storey office building within Brooklands Court which, itself, consists of 18 offices. The property extends to 2,158 sq ft (200.55 sq m) over two floors . There is a total of 11 on site allocated car parking spaces . The property has its own entrance directly off the car park and the grounds of Brooklands Court are attractively landscaped to include decorative walkways.

Accommodation
The property comprises office accommodation spread over ground and first floors. Benefits include:
Comfort cooling with reversible heat pumps for heating
Suspended ceilings
LG3 Cat 2 lighting
Carpet tiles throughout
Emergency lighting and fire alarms
DDA compliant access
Double glazed windows and doors
Price
Offers in excess of £355,000 are sought for the freehold interest. A purchase at this level reflects a net initial yield of 7.31%, after usual purchasers costs.
Tenancy
The property is let in its entirety to Kindred Education Ltd for a term of 5 years from 01/02/2020, expiring 31/01/2025. The passing rent is £26,950 per annum exclusive, equating to £12.48 per square feet.

Tenant profile
Kindred Education Ltd (company number 09753655) are a group of nurseries and pre-schools with a reported turnover for year end 31/8/2020 of £9,133,372
VAT
We are advised that VAT is applicable, although it is anticipated that the transaction will be dealt with by way of a TOGC.
EPC
The property has an EPC rating of D.
Service Charge
A nominal service charge is applicable for the upkeep and maintenance of the common areas of the Brooklands Court Development. This is reconciled annually and apportioned by the management company on a unit by unit basis.
Legal Costs
Each party is to be responsible for their own legal costs that may be incurred in this transaction.
Anti Money Laundering
In accordance with Anti-money laundering regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.