Built in the 1980s, the property is a distribution centre consisting of two adjoining warehouses with minimum eaves heights of 12.5m and 8m. The building is of steel-framed construction with corrugated steel roofs and blockwork wall elevations. The property is well maintained throughout.
There is two storey office accommodation, comprising 18% of the total area. The property is broadly rectangular in shape and covers 50% of the site, the perimeter is secured with steel fencing. There are a eight dock levelling loading bays, four serving each warehouse. To the eastern and northern sides there is a concrete yard accommodating the loading bays and 60 car spaces.
Held on a 99 year lease expiring 02/02/2082 at a current passing ground rent of £51,275. The ground rent is subject to 5 year upward only rent reviews to 14% of rack rent value.
The property is located to the south west of the town centre, within the district of Cranbourne just off Basingstoke’s ring road. The property lies between the Lister Road Industrial Area and Bessemer Park Industrial Estate.
Structure
The property was part of the Sapphire Portfolio (Part). See ‘Sapphire Portfolio (Part)’ section for further details.
Asset Management/Value-Add
Negotiated substantially improved lease renewal terms to those inherited from previous manager/loan sponsor.
