Fairbrook Medical Centre, 4, Fairway Avenue, BOREHAMWOOD, Hertfordshire, WD6 1PR
starts 09:30 AM at Grand Connaught Rooms
Constructed circa 1990
NHS backed investment
Rent reserved £94,070 per annum
Ideal pension/SIPP investment
Fairbrook Medical Centre is situated on the corner of Fairway Avenue and Brook Road in a mixed area of commercial and residential property and a few moments from the BBC Elstree Centre and Elstree Studios. The area immediately adjoining the medical centre has been the subject of significant recent developments including the seven storey residential development at Liberty Court, Franklin Court which, the library aerial photos shown in these particulars of sale is at its final stages of development. Indeed the adjoining pharmacy at Wellswood House is also subject to development to create a number of self contained flats above the ground floor pharmacy. The locality benefits from excellent transport links with the A1 lying immediately to the west and linking south to the M25 and M1 motorway and north where it becomes the A1 (M). Other transport links in the area include the mainline rail connection at Elstree and Borehamwood whilst Elstree Aerodrome lies to the west and is a hub for many private chartered flights. The immediate surrounding area is home to many major multiple companies supporting employment for densely populated residential catchment with many residents of course utilising the services of Fairbrook Medical Centre.
Whilst buyers are deemed to rely on their own enquiries, given the nearest developments and utilisation of space, a development as shown in the CGI should be capable of accommodating some 12 to 15 2 bedroom flats and 18 to 20 one bedroom flats.
Fairbrook Medical Centre is a purpose built medical centre which was constructed in the late 80s and concluded in 1990. The property is a two storey purpose built doctor’s surgery with the ground floor area extending to some 335sqm (3,606sq.ft.) and the first floor 129.6sqm (1,3095sq.ft.) with therefore the total area comprising some 446.6sqm (just over 5,000sq.ft.). In addition to this there is substantial parking which can accommodate up to 15 cars and this parking area could provide further development opportunities on reversion or a project in conjunction with and to retain further use of the doctor’s surgery. Internally the accommodation provides a range of treatment and consulting rooms, reception area, administrative and other rooms together with staff room, records room and kitchen. A full schedule of the accommodation is available from the auctioneers. The site in total has a frontage to Fairway Avenue of approximately 46.5m (153ft) and a return frontage to Brook Road of some 16.1m (53ft). Comparing this to the footprint of the adjoining residential block, the footprint/site area of Fairbrook Medical Centre is similar to that of the adjoining Liberty Court and considering this is a seven storey residential block that could be the potential for a similar development for Fairbrook Medical Centre whilst potentially retaining the current use on lower floor. Purchasers are deemed to rely on their own enquiries with regard to planning but these details do show a computer generated image of such development that may be possible subject to the necessary consents.
The entire property is let on a lease for a term of 18 years from 4th October 2019 at an initial rent of £94,070 per annum. The tenants are four of the doctors within the practice trading as Fairbrook Medical Centre and the rent paid by the tenants to the landlord is reimbursed by the NHS so effectively and subject to continued funding the landlord’s tenant is indirectly the NHS in so far as rent payments are concerned. The lease provides for upward only rent reviews on 4th October 2022 and every third anniversary thereafter.
Current rent reserved:
£94,070 per annum – rent review due October 2022.
VAT is not applicable to this lot.
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The Guide Price quoted must not be relied upon by prospective purchasers as a valuation or assessment of value of the property. It is intended to provide purchasers with an indication of the region at which the reserve may be set at the time of going to press. The guide price may be subject to variation and interested parties are advised to make regular checks for variations and should be aware that the reserve price may be either below or above the quoted guide price.
Prospective purchasers should also be aware that the eventual sale price may be above or below the guide level dependent upon competition, and should therefore not presume the guide to be indicative of the final expected sale price or the price the property is available at.
When setting the guide price, the auctioneers have given consideration to the seller’s instructions in respect of their indicated reserve price at the time of instruction. The reserve price, (the level below which the property will not be sold), remains confidential between the seller and the auctioneer. The guide price therefore, is intended to indicate the region at which the reserve price is intended to be set. The seller will confirm their final reserve price close to the auction date and if appropriate the auctioneers may adjust the guide price to reflect this.
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Prospective purchasers and bidders attend properties entirely at their own risk. Particular care should be taken when accessing cellars, attics, exterior grounds and outbuildings and boundaries. All non-conducted inspections of vacant sites should be made in daylight hours only and entry into such sites is entirely at the viewers risk.
1. MONEY LAUNDERING REGULATIONS: Intending purchasers will be asked to produce identification documentation at a later stage and we would ask for your co-operation in order that there will be no delay in agreeing the sale.
2. General: While we endeavour to make our sales particulars fair, accurate and reliable, they are only a general guide to the property and, accordingly, if there is any point which is of particular importance to you, please contact the office and we will be pleased to check the position for you, especially if you are contemplating travelling some distance to view the property.
3. Photographs and Measurements: Some images may have been taken by a wide angled lens camera. These approximate room sizes are only intended as general guidance. You must verify the dimensions carefully before ordering carpets or any built-in furniture.
4. Services: Please note we have not tested the services or any of the equipment or appliances in this property, accordingly we strongly advise prospective buyers to commission their own survey or service reports before finalising their offer to purchase.
5. THESE PARTICULARS ARE ISSUED IN GOOD FAITH BUT DO NOT CONSTITUTE REPRESENTATIONS OF FACT OR FORM PART OF ANY OFFER OR CONTRACT. THE MATTERS REFERRED TO IN THESE PARTICULARS SHOULD BE INDEPENDENTLY VERIFIED BY PROSPECTIVE BUYERS OR TENANTS. NEITHER SEQUENCE (UK) LIMITED NOR ANY OF ITS EMPLOYEES OR AGENTS HAS ANY AUTHORITY TO MAKE OR GIVE ANY REPRESENTATION OR WARRANTY WHATEVER IN RELATION TO THIS PROPERTY.
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