18-20 Cornard Road, Sudbury
INVESTMENT SUMMARY
- Sudbury is an attractive and prosperous market town in Suffolk.
- Let to West Suffolk College on a 10 year lease from 19 February 2019.
- Rental income £61,248 pax.
- Offers invited in excess of £650,000 (+ VAT) equating to a net initial yield of approximately 9%.
LOCATION
Sudbury is a historic and affluent Suffolk market town, 14 miles south of Bury St Edmunds, 15 miles north west of Colchester and 23 miles west of Ipswich. The town has a population of 23,912 (2021 census) but it serves a catchment area with a much larger population.
Cornard Road is one of the principal arterial routes linking the town centre with Great Cornard.
The property is prominently located close to the town centre, adjacent to Co-op Funerals and near to Sainsburys, Waitrose, Roys and Ernest Doe.
ACCOMMODATION
The property provides clear, flexible accommodation currently used for education purposes with approximate area as follows:-
| Ground Floor | ||
| Offices/Classrooms | 3,077 sq ft | 285.86 sq m |
The building is located towards the rear of the site and there is on-site car parking at the front and to the side of the building with some 16 marked spaces.
LEASE
The property is let to West Suffolk College on a full repairing and insuring lease for 10 years from 19 February 2019 at a rent of £61,248 pax with no further reviews.
TENURE
Freehold.
RATEABLE VALUE
We understand from the Valuation Office Agency website that the property has a rating assessment of £41,500 with effect from 1 April 2023. Interested parties are advised to make their own enquiries.
EPC
The property has an energy rating of A. Further details available upon request.
VAT
The property is elected for VAT. The sale will be subject to VAT.
PROPOSAL
Offers are invited in excess of £650,000 + VAT (Six Hundred and Fifty Thousand Pounds) for the freehold of the property, subject to the lease.
A purchase price at this figure will equate to an initial yield of approximately 9%, net of buyer’s costs.
ANTI MONEY LAUNDERING
In accordance with Anti Money Laundering Legislation, the buyer will be required to provide proof of identity and address to the selling agents prior to solicitors being instructed.
LEGAL COSTS
Each party to be responsible for their own legal costs incurred in this transaction.
Francis Darrah for themselves and as Agents for the proposed Vendor(s) or Lessor(s) give notice: 1. That they do not make or give either in these particulars or in negotiations or otherwise any warranty or representation whatever in relation to the property. 2. Any plan attached to these particulars is for identification purposes only and all measurements are given as a guide and no liability can be accepted for errors arising therefrom. 3. The property being open to inspection any intended purchaser must satisfy himself as to the accuracy of these particulars and he will be deemed to have full knowledge thereof. 4. No liability can be accepted for any misstatement, omission or errors in these particulars. 5. These particulars do not constitute an offer or Contract or any part thereof.