The property outlined in red on the site plan is held on a 125 year lease (less 1 day) from Barratt Southern Properties Limited from 18th January 1983 at a peppercorn rent providing an unexpired term of 93.5 years. Barratt Southern Properties Limited hold a lease of 125 years from 18 January 1983 from Luton Borough Council (The Freeholder) at a peppercorn rent. There is an option to purchase the long leasehold interest from Barratt Southern Properties Limited for £1.

The property is currently let to 7 tenants on 7 separate leases in accordance with the tenancy schedule. There is currently one vacant unit totalling 1,025 sq m (11,034 sq ft) which has been refurbished and will be subject to a 1 year rent, rates and service charge guarantee. The property produces a current rental income of £361,327 pa and an average weighted unexpired lease term of 3.98 years to lease expiries and 3.28 years to breaks.

We have commissioned Dun & Bradstreet credit reports on each of the tenants and summary details from the most recent recorded accounts for each company are listed in the table below.

The service charge budget for the year ending 24th December 2014 is £22,500 (£0.40 psf). 

Full details of the service charge are available upon request.

The property has been elected for VAT which will therefore be payable on the purchase price unless the sale can be treated as a Transfer Of a Going Concern (TOGC).

We are instructed to seek offers in excess of £4,550,000 subject to contract and exclusive of VAT. This price reflects a net initial yield of 7.50%, net of standard acquisition costs of 5.8%.