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Old Stratford Business Park, Falcon Drive, Old Stratford, Milton Keynes, West Northamptonshire, MK19 6FG
Guide Price* : £1,000,000
For Sale By Auction - If Not Sold Prior
- Multi-Let Modern Office Development
- Ten Office Suites Totaling 11,523 sq ft (1,070.5 sq m)
- Producing £73,524 per annum
- Six suites (5,648 sq ft) vacant, providing significant asset management potential
- Potential for alternative uses (subject to planning)
- ERV of circa £150,000 (£13.00 per sq ft)
- Guide Price of £1,000,000 reflects NIY of 6.97% and an attractive reversionary yield of 14.2%
- Low Capital Value of £86.78 per sq ft
Description
The property comprises a modern two storey office development in a landscaped setting together with allocated parking.
The offices are configured in an “L” shaped terrace, comprising a total of eight individual units (A-H) with four common entrances providing 8 person passenger lifts.
Each office suite is self contained benefiting from gas fired central heating, suspended ceilings with recessed lighting, carpeted raised floors with floor boxes, kitchenette and a disabled WC.
The estate has a total 61 car parking spaces equating to a ratio of 1:188 sq ft.
Location
The property is located in Old Stratford, a village within the urban area to the north west of Milton Keynes.
Old Stratford lies at the junction of the A5, providing direct access to Central Milton Keynes, the A508, providing access to Northampton and the A422, which provides access to the M40 motorway.
The property is situated on a cul-de-sac accessed from Falcon Drive, in the north of Old Stratford, immediately to the south of the Old Stratford roundabout providing excellent road communications. The surrounding area is predominantly commercial use with a mix of retail, leisure and other commercial occupiers, there is a Travelodge immediately adjacent to the property. The main residential area of Old Stratford is to the south.
Tenure
Freehold
Tenancy
The property is currently let on four separate leases producing £73,524 per annum.
The property represents an excellent asset management opportunity, the ERV of the property if fully let is estimated at £150,000. There is therefore opportunity not only to let the vacant units, but to potentially re-gear existing leases and improve rental income throughout the estate.
Units A, C (1st floor) and D have been sold off individually on long leases, highlighting the potential to further maximise capital value by selling off individual units or suites to owner occupiers.
For full tenancy information, please see the Tenancy Schedule under "Related Documents".
VAT
We understand the property is elected for VAT. It is anticipated that the sale can be dealt with as a transfer of a going concern
Energy Performance Certificate
All EPCs for the property can be found under "Related Documents" on the right had side of the page.
Contact
Joint auctioneers
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
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The successful purchaser will be required to pay the auctioneers administration fee of £1,800 inclusive of VAT on purchases of £20,000 and above and £600 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
Joint Agent
Office Contact
Related Documents
Agreement Documents
Additional Documents
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton April 2025
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