Playtrain House, Lancaster Road, HIGH WYCOMBE, Buckinghamshire, HP12 3QH
starts 10:30 AM at Grand Connaught Rooms
Tenure: Leasehold. Lease Information awaited. Please check the Legal Pack for further details.
Rent reserved £77,000 per annum
Rent reviews due 2020 and 2023
Internal area 985.6sqm (10,509sq.ft.)
Lying to the south west of the centre of High Wycombe, Cressex Business Park forms part of the main business and industrial estates of the area located immediately north of the M40 (junction 4) and to the east of the A4010 New Road. This strategic location is ideal for transport links given its close proximity to the M40 and it is this motorway junction that also links to the A404 providing fast access south to the M4 at Maidenhead whilst of course the M40 leads east towards the M25 and West London. The locality
is host to a substantial range of business uses being both local traders and national companies such as Screwfix, City Plumbing Supplies, Howdens, and one of the major regional centres for Hovis. The business centre is supported by a densely populated surrounding residential catchment especially lying to the north west while the centre of High Wycombe lies to the north east providing a comprehensive range of shopping and recreational facilities. The town is also a host to High Wycombe rail station which provides fast and direct links to London Marylebone with a journey time of some 30 minutes.
The property is divided into two main elements, the front two storey building let to Playtrain with an extensive single storey rear building let and trading as Fitness Experts Gym. The site also provides extensive parking facilities for both units. Internally the unit let to Playtrain provides open children’s soft play facilities together with ancillary and office accommodation. The rear unit let to Summit 2 Leisure Clubs Ltd t/a Fitness Experts provides extensive gym space with changing room and ancillary office/reception areas.
Comparable rent evidence:
The average rent apportioned across both units equates to £7.30 per square foot based on the current passing rent. Whilst purchasers must rely on their own advice initial investigations made by the auctioneers suggest that office rents in the area are closer to circa £17 per sqare foot whilst industrial space is letting at circa £12 per square foot. Both units have rent reviews due in 2020 and 2023 suggesting that not only is there a significant rent growth potential but, a change of use on reversion could increase the expected rent for buisness/indusrial space for the entire building to be in the region of £126,000 per annum or, if converted to office space could command a rent for the whole building of some £178,000 per annum. Buyers are deemed to rely on their own enquiries with regard to estimated rental values.
Total current rent reserved:
£77,000 per annum – rent reviews due 2020 and 2023.
The building is sold on an unconditional basis but clearly does not fully utilise the site area to its maximum potential and especially given that the rear addition is single storey just through pure extension of this space a purchaser on reversion could substantially increase the lettable floor area. With reference to the previously mentioned estimated rental values there is a clear opportunity to generate significantly enhanced rents through re-letting following expansion of the existing space or redevelopment (see CGI’s) of the entire site. Buyers are deemed to rely on their own enquiries with regard to planning permissions required.
The property is held on a lease from the Mayor and Burgess of the Borough of High Wycombe for a term of 91 years from 1st February 1957 at a ground rent of £130 per annum.
Front two floor unit - accommodation:
Open plan area 377.2sqm (4,060.1sq.f.t)
Internal Storage 11.1sqm (119.4sq.ft.)
Internal Storage 5.6sqm (60.2sq.ft.)
Office 27.5sqm (296.0sq.ft.)
Office 28.6sqm (307.8sq.ft.)
Office 25.9sqm (278.7sq.ft.)
Kitchen 20.06sqm (215.9sq.ft.)
Office 61.5sqm (661.9sq.ft.)
Office 52.12sqm (561.0sq.ft.)
Total internal area:
Tenant - Playtrain Express LLP (co.no. OC337377) incorporated 16/5/2008.
Lease - 20 years from 21/10/2008
Current rent - £52,000 per annum
Reviews - Rent reviews every 5 years, next due October 2023. Note: Rent not increased since lease commenced
Rear single floor unit - accommodation:
Reception/Entrance 6.2sqm (66.7sq.ft.)
Office 14.75sqm (158.7sq.ft.)
Hall 280.16sqm (3,015.6sq.ft.)
Office 6.12sqm (65.8sq.ft.)
Reception/Entrance 20.52sqm (220.8sq.ft.)
Changing Room 24.18sqm (260.7sq.ft.)
Changing Room 24.18sqm (260.7sq.ft.)
Tenant - Summit 2 Leisure Clubs Ltd t/a Fitness Experts (co.no. 08877062) incorporated 5/2/2014
Lease - 10 years from 29/6/2015
Current rent - £25,000 per annum
Reviews - Rent review due 29/6/2020
For each Lot, a contract documentation fee of £1,150 (inclusive of VAT) is payable to Barnard Marcus Auctions by the buyer. The seller may charge additional fees payable upon completion. If applicable, such fees are detailed within the Special Conditions of Sale. Buyers are deemed to bid in full knowledge of this.
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.
Whilst Barnard Marcus make every effort to ensure the safety and security of viewers at properties, we have not carried out a detailed Health & Safety inspection of properties in our auctions and cannot therefore guarantee the safety and security of viewers.
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. Measurements: 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
Lot location is based upon nearest property postcode only. Actual location of property being sold may differ.
Information about this lot will be sent to your friend.