Sedan House, Stanley Place, Chester,CH1 2LU

Size - 2,518 Sq Ft

For Sale - £525,000

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Sedan House

Quick Overview

  • Prestigious city centre office investment fully let to established tenants extending to 2,518 sq. ft (234.0 sq. m). Current net income of £38,210 per annum with good potential for rental uplift to £57,671 per annum. Grade II listed so exempt from empty business rates.
  • Offers in the region of £525,000 showing attractive yield profile.

Investment Summary

  • An appealing period property in an exceptional city centre location and extending in total to 2,518 sq ft (234.0 sq m).
  • Fully let predominantly on a serviced / all inclusive basis generating a gross rental of £43,489 per annum. Current running costs of the property average £5,279 per annum over the last 2 years. Creating a net rental of £38,210 per annum.
  • Significant potential for rental uplift to an estimated rental value of £25 per sq ft on an all inclusive basis creating a gross rental of £62,950 per annum and a net rental of £57,671 per annum.
  • We are instructed to seek offers in the region of £525,000, subject to contract and exclusive of VAT. This reflects a yield of 7.3% on the current net rental income and a highly attractive yield of 11% on the estimated net rental income (before allowing for purchasers costs).
  • Multi-let offices with 11 tenancies creating excellent diversity of rental income to established tenants, a large majority of which have been in occupation for some time.
  • The selling agents, Bolton Birch have been letting agents for Sedan House for the last 10 years and confirm that is has an excellent letting history and has operated as fully let or near fully let throughout this period.
  • A very good strength of demand for small serviced offices in Chester City Centre.

Location

Sedan House occupies a prominent and imposing corner position within the attractive Georgian square of Stanley Place and benefits from pleasant views over Chester Racecourse and the Welsh Hills beyond. The square was restored using original materials and is now one of the most attractive and sought after locations for offices in Chester City Centre. Stanley Place is located close to the city inner ring road within the city walls and is approximately 100 yards from Chester Racecourse which offers extensive car parking. This location combines the benefit of ease of access with being within very easy walking distance of all the prime shops, restaurants, bars and other associated amenities of Chester City Centre. A very sought after location for offices.

Description

Sedan House comprises an attractive and appealing three storey Georgian Office building with a basement. The property is Grade II Listed and is of traditional construction with brick elevations under a slated roof and retains many period features.

Internally, the accommodation provides a number of spacious private offices accompanied by kitchen and WC facilities. The large sash windows provide good levels of natural lighting to create a pleasant working environment. The entire property has just been extensively refurbished and now provides office space of an excellent standard ready for immediate occupation. The property is heated via a gas-fired central heating system and is lit with a variety of traditional style drop lighting.

Sedan House is an attractive and appealing property providing a good standard of office accommodation.

Accommodation

The property has been measured on an IPMS 3 basis in accordance with the RICS Property Measurement 1st Edition and extends to 2,518 sq ft  (234.0 sq m). A full breakdown of the room and suite sizes is available on request.

Tenure

The property is held freehold subject to the current leases in place.

Tenancies

The entire  ground floor  extending to 756 sq ft (70.2 sq m) is currently let to Design Group Chester Architects at a rental of £8,694 per annum plus a service charge of £1,000 per annum on a lease due to expire on 4th April 2020.

The first and second floors comprising of 10 separate office rooms extending to 1,762 sq ft (163.7 sq m) are individually let on 12 month tenancies on a fully inclusive serviced basis and are currently generating £34,435 per annum.

The running costs of the property were £5,425 in 2017/2018 and £5,132 in 2016 / 2017 creating an average over the last 2 years of £5,279 (after deducting the £1,000 service charge payable by Design Group Chester Architects).

A full tenancy schedule and breakdown of the property running costs are available upon request.

VAT

The property is elected for VAT and it is the intention to treat the transaction as a transfer of a going concern (TOGC).

Legal Costs

Each party is to be responsible for their own legal costs incurred in the transaction.

Energy Performance

The  property is Grade II listed and is therefore, exempt from the requirements for an Energy Performance Certificate.

Viewings

Please contact Jonty Goodchild of the sole retained agents Bolton Birch:
Tel: 01244 311681
Email: jonty@boltonbirch.com

Sedan House occupies a prominent corner position within the attractive Georgian Square of Stanley Place.

Sedan House, Stanley Place, Chester,CH1 2LU

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