Part let, part vacant freehold office investment opportunity
High-Quality Detached Office with Excellent Parking Ratio (1:182) 11,500 sq ft (1,068 sq m) approx.
Ground Floor Let to lb Group Limited at an annual rent of £110,000 pax.
First Floor currently available to let at £120,000 pax. Previously let to G4S.
Guide price £3,200,000 Freehold Plus VAT
The City of Chelmsford is located approximately 33 miles to the northeast of London. Chelmsford benefits from excellent communications with the A12 giving direct access to the M25 at Junction 28 (within 12 miles). The M11 and Stansted
Airport are also easily accessible.
Hoffmans Way is an established business location to the north east of Chelmsford Town Centre, within close proximity to Anglian Ruskin University and Campus located on a bus route which also services the Park and Ride. Swift House is situated less than one mile from the Main Line Railway Station (London Liverpool Street 35 minutes), Chelmsford City Centre and within easy reach to the main road links (A12, A130, A414). Stansted Airport is within 15 miles.
An opportunity to acquire a part-let, part vacant office in Chelmsford City.
• Excellent connectivity being located within easy access to both the A12 and M25.
• Less than 1 mile from Chelmsford City Railway Station and City Centre.
• Adjacent to Anglian Ruskin University.
• Modern office accommodation constructed in 2003 to a high specification.
• 2-storey detached office building extending to approximately 11,500 sq ft.
• Site extending to 0.923 acres.
• 63 car parking spaces (parking ratio of 1:182 sq ft).
• Current rental income for the ground floor only is £110,000 pax. First floor available to let at £120,000 pax.
• Excellent rent collection statistics through the pandemic.
• Offers in the region of £3,200,000 subject to contract.
• Capital value £278 p.s.f.
Swift House comprises a modern two storey office building constructed in 2000.
The building is arranged to provide office space across two floors with staff facilities throughout. The ground floor is let leaving the first floor office accommodation vacant.
The offices are air-conditioned throughout and benefit from double glazing, suspended ceilings and cat II lighting.
Whilst currently arranged to provide a range of private and open plan offices throughout, the building could, subject to terms, be reconfigured to suit occupiers needs or sub-divided further and converted into a business centre with various office suites with ample car parking.
The freehold property is held under title EX621986
Ground Floor: 5,750 sq ft (534sq m) let to lb Group Limited
First Floor: 5,750 sq ft (534sq m) to let / Vacant
The ground floor is let to lb Group Limited for a term of 10 years from 01/01/2017 expiring 31/12/2027 at a passing rent of £110,000 pax. There is an upwards only rent review 01/01/2022.
The first floor is currently vacant and available to let on a new internal repairing and insuring lease subject to a service charge arrangement for the communal and shared areas at £120,000 per annum.
Office Market Overview: Prime rents in Chelmsford have reached £27.50 per sq ft and quoting terms for Grade A space are in the range of £27.50 per sq ft - £30.00 per sq ft. We understand negotiations are ongoing in the city currently at £28.00 per sq ft, this rental growth reflecting Chelmsford’s continuing appeal to occupiers.
EPC - D93
All prices are exclusive of VAT.
Each party to bear their own legal costs incurred.
Viewing strictly by prior appointment with joint sole agents: