New Buildings, Hinckley
- Low average passing rental of £6.29 per sq ft
- Asking price reflects low capital value of £70 per sq ft
- Estimated rental value £127,497 pa reflecting 8.8% reversionary yield
- Potential residential development opportunity (STPP)
- NIA - 20,586 sq ft (1,912 sq m)
Office, Investment
For Sale: £1,450,000
20,586 Sq Ft (1,912.44 Sq M)
Description
Stockwell House is an attractive multi-occupied office building, with lower ground floor car parking, situated near the top of Castle Street in Hinckley and hence within easy walking distance of town centre amenities.
The building benefits from lift access, kitchen and WC facilities and air conditioning to each suite.
The property may be suitable for alternative uses, subject to planning permission.
Location
The subject property is located on the corner of New Buildings and Stockwell Head on the fringe of Hinckley town centre. The town's main retailing area, Castle Street, is located a short walk away and provides a wide range of amenities. The Lower Ground Floor car park is accessed from Stockwell Head.
Hinckley is a market town with a population in the order of 55,000 (Local Authority 112,000) lying approximately 13 miles to the south west of Leicester. The town enjoys good motorway communications with Junction 1 of the M69 Motorway being located on the south eastern fringe of the conurbation approximately 2 miles from the town centre. Hinckley railway station provides regular commuter services to Birmingham New Street and Leicester.
Accommodation
| Size | Description | |
|---|---|---|
| Ground Phase 1 | 2,912 Sq Ft (270.52 Sq M) | Aspirations Care Ltd |
| Ground Phase 2 | 3,950 Sq Ft (366.95 Sq M) | Heroic Care Ltd |
| First Phase 1 | 2,912 Sq Ft (270.52 Sq M) | Turning Point |
| First Phase 2 | 3,950 Sq Ft (366.95 Sq M) | Best4 Group Limited |
| Second Phase 1 | 2,912 Sq Ft (270.52 Sq M) | Vacant |
| Second Phase 2 | 3,950 Sq Ft (366.95 Sq M) | Vacant |
Services
We understand mains electricity, water and drainage are connected to the subject property.
Tenure
The Freehold interest in the subject property is available, subject to the occupational agreements in place, at an asking price of £1,450,000 which reflects a low capital value of £70 per sq ft, net initial yield of 5.6% and reversionary yield of 8.8%.
The passing rent is £86,325 per annum (low average rental of £6.29 per sq ft) and an estimated rental value is in the order of £127,497 per annum (based on a rental of £6 per sq ft for the vacant second floor).
Legal Costs
Each party to bear their own legal costs.
Energy Performance Certificate
Phase 1 (Ground and First Floor) - C(71)
Phase 1 (Second Floor) - D(80)
Phase 2 (Ground Floor) - D(87)
Phase 2 (First Floor) - D(84)
Phase 2 (Second Floor) - C(52)