Description
Property
The property comprises ground, first and second floor offices let to a single tenant benefitting from lift and stair access between the floors. The suites provide modern open plan and private offices with ancillary, staff and WC facilities generally finished with carpeted floors. The offices are generallly finished with painted plastered walls, perimeter trunking, suspended ceilings incorporating inset lighting and air conditioning. Externally, there are 12 allocated car parking spaces.
EPC - D
Location
The property is located at the entrance of the successful Checkpoint Court office development and is accessed off Sadler Road a short distance from its junction with the busy Doddington Road. Checkpoint Court is situated within the South West Quarter Business District, widely regarded as Lincoln’s premier commercial and business location. The A46 dual carriageway is situated less than ½ a mile west of the property and is one of the principal arterial and commuter routes into Lincoln City Centre. The dual carriageway also provides easy access to the A1 and national motorway networks thereafter.
Services
The property is let to The Angel Organisation Ltd on an effectively Full Repairing and Insuring Lease which expires 31st January 2025. The rental payable is currently £32,340 per annum exclusive until 31 January 2024. The rental will then rise to £33,960 per annum exclusive. The tenant is also liable to pay a service charge directly to the landlords, further details can be obtained from the agent. It should be noted that the First and Second floors of the property are held on Long Leasehold titles for a term of 999 years which commenced February 2007.
Town & Country Planning
We understand that the property has consent for uses falling within Class E(g) (Commercial, Business & Services Use) of the Town and Country Planning (Use Classes) Order 1987 (as amended 2020). Interested parties are advised to make their own investigations with the Local Planning Authority.
Covenant Strength
The Angel Organisation Ltd (Company No. 09210111) provide a Credit Safe score of 68/100 and for year end March 2022 they reported a net worth of £816,942. Further information can be provided upon request.
VAT
VAT may be charged in addition to the price at the prevailing rate, albeit it is expected that the sale will be progressed as a TOGC.
Legal Costs
Each party is to be responsible for their own legal costs incurred in documenting the transaction