Freehold Fully Let Commercial Office Block Property Investment Opportunity | | Undisclosed Lincolnshire | | Freehold Fully Let Commercial Office Block Property Investment Opportunity Ref.CR161 Location Lincolnshire Asking Price £590,000 | | BUSINESS FOR SALE ADVERT DETAILS ADVERT NUMBER : 50465
ADVERT IMPRESSIONS : 29,610 TIME(S) | | | | BUSINESS SECTOR: | Commercial Property | | TRADE TYPE: | Investment Properties | | SALE: | Agent Sale | FREEHOLD: | £590000 | | | | | | | | | | Add this business advert to your: | | | | | | | | | | | | | | | BUSINESS DETAILS: | Business profile:
This is a business that is well run and delivering excellent returns. This substantial office block is offered on a freehold basis. The properties currently contains 5 commercial tenants three of them secured on five year lease contracts and two on 15 year terms. The property is delivering annual turnover of close to £25,000.
The business has succeeded through its highly flexible approach to signing up new tenants. New clients can start their agreement more or less immediately, depending on availability.
The concept of the business is to make life as easy as possible for its tenants. Simple, straightforward full repairing lease contracts are a big attraction as is the fact that the business does not charge a set up fee.
Aside from all of the other measures that the owners have taken to fill the property, the business also benefits from being part of a larger complex of buildings all of which attract tenants to the area. The complex was once an RAF facility with many of the buildings being quarters for the personnel; all have now been converted into various types of commercial letting property. The buildings are currently the only commercial properties within a large area of the county of Lincolnshire.
The business has spent over the past 10 years approximately £450,000 to fully renovate the building so that the new owners will have a walk in and trade option with limited maintenance over the coming years.
Equipment:
All services connected to include water and electricity.
Modern wheelchair friendly 6 person 400 kgs lift to all floors.
Customer Service:
The business has been successful to a great extent as a result of the service levels that are provided. The idea of the business is to make it easy for new tenants to occupy as quickly as possible and to take the hassle away from the process. This strategy has attracted a secure and successful group of businesses to the building and surrounding area.
The directors of the property are very much hands on with all aspects of the building and the tenants and because of this have secured new 15 year lease options.
Flexibility in terms of duration of contracts added to highly competitive rates have also attracted a number of new clients.
Key Strengths:
The property stands as part of a larger commercial park all of the buildings are in good repair giving the whole estate a quality feel.
The property can lend itself easily to accommodate all business office needs, as all of the suites are open plan and can be easily converted by means of de-mountable office partitions.
The property and its surrounding buildings are the only major commercial office complex in the area giving the business a captive audience.
Growth and Expansion:
As mentioned the ground floor two suites are yet to be let and would be idle to convert to the new 15 year lease terms increasing the turnover and earning potential of the property. This can be achieved by as little means as local advertising.
Key Opportunities:
At present the business does not advertise. Introducing a marketing strategy would help to get occupancy even higher. There are currently only two units available. At present tenants are introduced through word of mouth recommendation. This strategy obviously has an impact on profit margins. An advertising campaign should help to achieve an increase in these numbers.
Due to the fact that a few tenants are on the shorter term 5 year lease agreements, there is always an opportunity to increase rental income as market conditions begin to move in a positive direction.
Premises:
As previously described, the property included in this sale is circa 6600 sq ft. This property currently has 5 tenants. The property has three floors with two office suites to each floor plus a further wing that provides toilets kitchens and storage. There is a 6 person or 450 kgs weight full width lift to except wheelchair and product parcels and boxes this is situated in the main reception hall of the building. There are forty two parking spaces to the front and the rear of the property all clearly marked by white lines. This property is located in the very heart of a thriving commercial and business park. The property has been fully refurbished over the past ten years to a very high quality retaining many of the original features. Some of the office suites have section de-mountable offices, all have original wood flooring and new secondary glazing and of course all of the needed electric points and water.
Security:
The building benefits from secondary security glazed windows and full alarm for both Police and Fire.
Advertising and Marketing:
Advertising and Marketing has been mainly via word of mouth recommendations and local press this has been successful to attract tenets and has been a cost conscious exercise.
Financial profile:
The business is being offered for sale on a going concern basis, all financial discussions will take place directly between the vendor and all interested parties under the auspices of Turner Butler.
Turnover circa £25,000 per annum
Net Profit circa £20,000.
Support and Training:
The Vendor will offer all support and training needed to facilitate a smooth transfer of ownership.
Reason for Sale:
The vendor wishes to take a well earned retirement. | | | | | | FOR SALE | | | | | REFERENCE: | CR161 / RightBiz | | | | | | Request more information about this business.. | | ENQUIRIES: | | | | CONTACT SELLER TO GET THE SELLERS DIRECT CONTACT DETAILS AVAILABLE TO MEMBERS ONLY | | | | | | | | | | | |
