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Alexandra Rd - 1-4 Alexandra Terrace 2,075 - 4,441 SF Office Condo Units Offered at $599,576 - $1,199,153 Per Unit in Aldershot GU11 3HU
INVESTMENT HIGHLIGHTS
- Cellular & Open plan offices
- Burglar & Fire Alarm
- Gas Fired Central Heating
- Wall & Ceiling Lighting
EXECUTIVE SUMMARY
An attractive three storey terraced period style office building constructed in the late 1980’s with car parking to the rear.
DATA ROOM Click Here to Access
- Miscellaneous
PROPERTY FACTS
| Total Building Size | 8,591 SF | Typical Floor Size | 2,864 SF |
| Property Type | Office | Year Built | 1987 |
| Building Class | B | Lot Size | 0.10 AC |
| Floors | 3 | Parking Ratio | 1.16/1,000 SF |
| Total Building Size | 8,591 SF |
| Property Type | Office |
| Building Class | B |
| Floors | 3 |
| Typical Floor Size | 2,864 SF |
| Year Built | 1987 |
| Lot Size | 0.10 AC |
| Parking Ratio | 1.16/1,000 SF |
AMENITIES
- Security System
- Kitchen
- Central Heating
- Demised WC facilities
- Fully Carpeted
3 UNITS AVAILABLE
Unit 1
| Unit Size | 2,075 SF | Tenure | Freehold |
| Price | $599,576 | Cap Rate | 5.89% |
| Price Per SF | $288.95 | NOI | $35,315.04 |
| Condo Use | Office | No. Parking Spaces | 5 |
| Sale Type | Investment |
| Unit Size | 2,075 SF |
| Price | $599,576 |
| Price Per SF | $288.95 |
| Condo Use | Office |
| Sale Type | Investment |
| Tenure | Freehold |
| Cap Rate | 5.89% |
| NOI | $35,315.04 |
| No. Parking Spaces | 5 |
DESCRIPTION
Internally the property is presented in a very good decorative order following refurbishment by the outgoing tenant with the following facilities:
New Carpeting
Gas Fired Central Heating
Ladies & Gents Toilets / Kitchenette
3 Car Parking Spaces
Fire Alarm
Wall & Ceiling Lighting
Ground Floor Offices 725 sq ft ( 67.35 sq mts)
First Floor Offices 628 sq ft ( 58.34 sq mts)
Second Floor Offices 722 sq ft ( 67.08 sq mts)
Total Nett Internal Floor Area 2,075 sq ft (192.77 sq mts)
SALE NOTES
TENANCIES The second floor office has been let to Ghale Mortgages Ltd for a term of 3 years on a full repairing and insuring lease commencing 29 September 2021 at an annual rent of £10,000 per annum exclusive.
The ground and first floors have been let to Care Maid Services Ltd on a new 3 year full repairing and insuring lease commencing 1 December 2021 at a rent of £18,000 per annum exclusive.
SERVICE CHARGE The current service charges for the property are £300 per quarter for the estate service charge and building insurance premiums run for the period 1 May 2020 to 2 May 2021.
FREEHOLD The freehold investment interest is available in the sum of £475,000 and is not subject to VAT.
LEGAL COSTS: Each party to be responsible for their own legal costs incurred in the transaction.
Unit 2
| Unit Size | 2,075 SF | Tenure | Freehold |
| Price | $632,886 | Cap Rate | 5.79% |
| Price Per SF | $305.01 | NOI | $36,644.10 |
| Condo Use | Office | No. Parking Spaces | 5 |
| Sale Type | Investment |
| Unit Size | 2,075 SF |
| Price | $632,886 |
| Price Per SF | $305.01 |
| Condo Use | Office |
| Sale Type | Investment |
| Tenure | Freehold |
| Cap Rate | 5.79% |
| NOI | $36,644.10 |
| No. Parking Spaces | 5 |
DESCRIPTION
Internally the property is presented in a very good decorative order following refurbishment by the outgoing tenant and has the following facilities:
New Carpeting Gas Fired Central Heating
Ladies/Gents Toilets to the ground floor WC facility to the 2nd floor
5 Car Parking Spaces
Fire Alarm Wall & Ceiling Lighting
ACCOMMODATION:
Ground Floor Offices 725 sq ft ( 67.35 sq mts)
First Floor Offices 628 sq ft ( 58.34 sq mts)
2nd Floor Offices 722 sq ft ( 67.00 sq mts)
SALE NOTES
TENANCIES: The Ground and First floor tenant have a new 9 year full repairing and insuring lease from 1 December 2022 at a commencing rent of £18,000 per annum for the first 3 years, rising to £19,800 for the 4th to 6th years finally rising to £21,780 for years 7 to 9. The tenant has the right to break the lease at the third and sixth years of the term upon giving not less than 6 months notice.
The second floor tenant entered a full repairing and insuring lease for a term of 6 years from 25 October 2020 at a rent of £9,500 per annum. The tenant has the right to break the lease at the third year upon giving not less than 6 months notice and there is an upward only open market rent review at the third year.
Unit 3-4
| Unit Size | 4,441 SF | Condo Use | Office |
| Price | $1,199,153 | Sale Type | Investment |
| Price Per SF | $270.02 | Tenure | Freehold |
| Unit Size | 4,441 SF |
| Price | $1,199,153 |
| Price Per SF | $270.02 |
| Condo Use | Office |
| Sale Type | Investment |
| Tenure | Freehold |
DESCRIPTION
An attractive three storey terraced period style office building constructed in the late 1980’s with car parking to the rear.
Ideally positioned in the centre of Aldershot, opposite the Westgate Centre and within walking distance of Aldershot station (Waterloo – fastest journey approximately 45 minutes) and the Tesco Superstore. Road communications are efficient as the property is situated just off the A323 Wellington Avenue which links with the main A325 Farnborough Road less than ½ a mile away. The Blackwater Valley relief road (A331) has north and south communications between Camberley, Farnborough, Aldershot, Farnham and Guildford.
SALE NOTES
FREEHOLD: The freehold investment of 3-4 Alexandra Terrace is available and with the benefit of the incumbent tenant MPFT as stated above in the sum of £900,000. However the freeholders are also offering the investment sale of 1 Alexandra Terrace* and 2 Alexandra Terrace* adjoining and where they are seeking £1.76 million (no VAT applicable) for all four investment units and which combined provide a current rental income of £102,950 rising to approx. £111,000 per annum as at October 2023.
A new lease was granted to the Midlands Parnership NHS Foundation Trust on 4 September 2020 for a term of approx. 5 years expiring on 30 September 2025. The current rent is £47,450 per annum exclusive and which will rise to £55,500 per nnum exclusive on 1 October 2023. The tenant has the right to break the lease on 30 September 2023 upon giving 4 months prior written notice. The lease has been granted outside the Landlord & Tenant Act.
Presented by
Alexandra Rd - 1-4 Alexandra Terrace
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