Description
The property comprises a development of 3 office buildings (1 sold
freehold).
Casina House and
Burton House are arranged around an attractive brick paviour
covered courtyard. The buildings are constructed with brick
elevations under pitched tile covered roofs.
Each building has
two separate entrances with core facilities and stairwell providing
flexible office accommodation which can be easily divided for
multiple occupation.
Casina House is
arranged over ground and 2 upper floors, with Burton House being on
ground and first floors only. The specification includes:
- Male and female w.c’s on all floors
- Double glazed windows
- Suspended ceilings with recessed
fluorescent lighting
- Gas fired central heating
- Single passenger lift serving all floors
(Casina House)
The building to the
front of the property known as Nash House, and shaded blue on the
site plan, has been sold freehold.
Accommodation
The property has been measured in accordance with the RICS Code of
Measuring Practice (6th Edition) and the approximate net internal
floor areas are set out below:
| Building |
Sq Ft |
Sq M |
| Casina House |
|
|
| Ground Floor |
3,781 |
351.31 |
|
First Floor
|
4,014 |
372.91 |
| Second Floor |
4,008 |
372.42 |
| Sub-Total |
11,803 |
1,096.64 |
| Burton House |
|
|
| Ground Floor |
2,132 |
198.08 |
| First Floor |
2,215 |
205.83 |
| Sub-Total |
4,347 |
403.91 |
| Total |
16,150 |
1,500.55 |
Site
The site extends to approximately 0.977 acres (0.395 hectares).
There are a total of 72 car spaces allocated for the use of Casina
House and Burton House. Providing a car parking ratio of 1 space
per 224 sq ft.
Tenure
Freehold.
Tenancies
The property is currently let to 2 tenants:
Casina
House
Casina House is let to Steelstone Properties
Ltd on a full repairing and insuring lease expiring 24 September
2014 at a current rent of £243,747 per annum. The current rent
equates to £20.65 per sq ft overall.
The lease provides for the right to
park 53 cars in the spaces provided.
The lease to Steelstone Properties Ltd
is on assignment from BET Plc.
Burton
House
Burton House is let to Keyland Developments Ltd
on 2 co-terminus, full repairing and insuring leases expiring 28
September 2014 at a total current rent of £86,300 per annum. The
current rent equates to £19.85 per sq ft overall.
The leases provide for the right to
park a total of 19 cars in the spaces provided.
The total current rent is
£330,047 per annum.
Sub
Tenancies
The tenant of Casina House is not in
occupation. Part of the property has been sub-let to Purcon
Consultants Limited (guaranteed by Oxinia Ltd) on a lease expiring
September 2014 at a current rent of £70,000 per annum.
The tenant of Burton House is not
in occupation. The entire property has been sub-let to Succinct
Communications Ltd on a lease expiring September 2014 at a current
rent of £56,750 per annum.
Covenant Information
Steelstone Properties Limited
For the year ending 31
December 2010 the company reported a tangible net worth of £5.413m
and net current assets of £2.467m. Dun & Bradstreet have
awarded the company a rating of 2A3.
Keyland Developments
Limited
For the year ending 31 March 2010 the company
reported a tangible net worth of £31.13m and net assets of
£14.117m. Dun & Bradstreet have awarded the company a rating of
4A1.
VAT
We understand that the property is elected for VAT and as such VAT
will be payable on the purchase price.