FOR SALE - INVESTMENT
Bright Horizons Day Nursery Pomeroy Crescent, Hedge End, Hampshire, SO30 2LF
High Quality Investment Opportunity Children’s Day Nursery
Attractive Lot Size Guide Price £945,000 No VAT Long un-expired Lease Term 17 years & 7 years to break Attractive Net Initial Yield 6% Income £60,000 Per Annum High density residential catchment area
Primmer Olds B.A.S, 61 Cromwell Road, Southampton, SO15 2JE Call us on 023 8022 2292 www.primmeroldsbas.co.uk Location
Hedge End is an affluent and busy town to the east of Southampton within the borough of Eastleigh, in the borough of Hampshire.
There are plans for extensive new housing in the area with many under development and an already established catchment.
The property is well located adjacent to the Wellstead Primary School and a local park and within easy reach of the Hedge End retail parks.
The property is situated approximately 5.9 miles to the north east of Southampton City Centre.
Hedge End railway station is approximately 1 mile to the east, while Southampton International Airport and Southampton Parkway mainline railway station are also located close to Junction 5 Description & Accommodation
The property comprises a Grade II listed building which was extensively refurbished and extended in 2012 for the specific needs of the tenant company.
The property provides well laid out fit for purpose modern day nursery space with extensive outside space and parking. The site is registered for 64 children and its last Ofsted report was good.
Gross internal Area 279.88 Sqm 3,013 Sqft. Total site Area 0.418 Acres. Floor plans attached for your information. These are not to scale and shown for indicative purposes only. Scale PDF versions are available on request. Rates
Property has a rateable value of £25,000.
Planning
The site has what was previously D1 planning permission, which now under the new planning rules is likely to fall under Class E.
Interested parties are advised to make their own enquiries of the local authority for confirmation.
EPC
The property has an asset rating of C 68.
Tenancy Information
The property is let to Yellow Dot Limited for a term of 20 years commencing 1st April 2018 at a passing rent of £60,000 per annum exclusive.
The lease is drawn on standard full repairing and insuring terms and subject to a rent review on an upward only basis on 1st April 2021 and every third year.
The lease contains a tenant’s option to break at the 1st April 2028, subject to six month’s written notice.
The lease provides a desirable 17 years to expiry and 7 years to break. Covenant Information
The tenant Yellow Dot was up until 2018 a locally run chain of day nurseries and pre-schools operating throughout Hampshire. The business was acquired in 2018 and is now operated by Bright Horizons, one of the UK’s largest operators with over 300 centres and a thirty year history.
Further information can be found on the tenant’s website www.brighthorizons.co.uk.
Tenure The property is being sold freehold.
Terms
Offers invited in the region of £945,000 subject to contract for the freehold interest subject to and with the benefit of the subsisting tenancy as outlined above. A purchase at this level shows an attractive net initial yield of 6% after allowance for usual buyer’s costs at 5.69%.
Money Laundering
Please note all prospective purchasers will need to be verified for ‘Anti Money Laundering’ purposes prior to issuing memorandum of agreed terms of sale.
Duane Walker Rose-Anna Liddiard Call us on Director Surveying Executive 023 8022 2292 [email protected] [email protected] 07880 700 995 023 8022 2292 www.primmeroldsbas.co.uk