Unit 8 Brooklands Court, Venture Park, Kettering, NN15 6FD

A Freehold modern Freehold office investment opportunity

Property details

Type Investment, Office
Tenure Freehold subject to existing tenancies.
Price Offers in excess of £385,000
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Features
  • Set within high quality modern office development
  • 2,324 square feet (215.98 sq m) over two floors
  • Fully let producing £27,125 per annum
  • 11 onsite car parking spaces
  • Freehold – offers in excess of £385,000, equating to a net initial yield of 6.77% (after usual purchasers costs)
  • Low capital value of £166 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 8 comprises a two storey office building within Brooklands Court which, itself, consists of 18 offices. The property extends to 2,324 sq ft (215.98 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 and Double glazed windows and doors.
Price
Offers in excess of £385,000 are sought for the freehold interest. A purchase at this level represents at net initial yield of 6.77%, after usual purchaser costs.
Tenancy
Ground floor -1,130 sq. ft. Let to Seventy9 Creative Ltd for a term of 5 years, expiring 12/2/2025. The passing rent is £12,500 per annum. There is a break clause and rent review at the third anniversary ( 12/2/2023)

First Floor – 1,194 sq. ft. Let to Novus Digital Ltd on a new 5-year lease at a passing rent of £14,625 per annum. There is an RPI linked rent review at the third anniversary.
The total rent is £27,125 per annum

Tenant profiles
Seventy9 Creative Ltd – Formed in 2005, Seventy9 is a full service creative and digital marketing agency, specialising in the design, build and maintenance of digitally-led websites. Seventy9 serves an active client list of over 150 businesses, from cottage industry to multi-national.

Novus Digital Ltd is a marketing services company specialising in SEO, SEO Consultancy, SEO Auditing, Technical SEO, Local SEO, National SEO, Global SEO, Digital Marketing, and Conversion Optimisation.
VAT
The property is elected for VAT, although it is anticipated that the sale 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.