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Lot 11 - The Farmyard, Pierce William Farm, Pierce William,Hatfield B..

Details:

The Farmyard, Pierce William Farm, Hatfield Broad Oak, Bishops Stortford, CM22 7BA

• Commercial Property Investment let at £87,000 pa (c. £7.25 per sq ft)
• 2 storey technology premises close to Stansted Airport/M11
• Let to Photonic Products Ltd to September 2013
• ‘1A2 Rated’ Company with turnover of over £5m (to 31/12/06)

Description
A high yielding commercial investment let to a successful ‘high-tec’ occupier close to Stansted Airport, M11 and M25. The property comprises a former agricultural building which has been adapted to provide a mixture of offices, assembly and production and storage areas over 2 floors. There is ample car parking to the front and side of the unit.

Hatfield Broad Oak provides an attractive rural setting but is within close proximity to Stansted and J8 M11 (both around 5 miles.) The subject property provides a high quality mixed use building at a low rent, compared to prime office rents of around £18 - £23 per sq ft and industrial units between £5 - £8 per sq ft in the Bishops Stortford/Stansted areas. The accommodation has the following approx. Gross Internal Areas;
Ground Floor – 714.41 sq m (7690 sq ft) (Reception, Conference Rooms, Production stores and staff areas)
First Floor - 419.36 sq m (4514 sq ft) (Offices and stores)
TOTAL GIA - 1,133.77 sq m (12,204 sq ft)
NB - The tenant has recently added further first floor accommodation (approx 300 sq m) by way of a licence to alter

Lease Terms
The property is let by way of a full reparing and insuring lease from 29/09/04 for a term of 9 years, expiring 28/09/13. The rent was reviewed with effect from 29/09/07 to £87,000 pa and there is a further review in 2010

Tenant Information
Photonic Products Ltd is a manufacturer of custom designed laser diode modules and laser assemblies and was established in 1995. The company has a Dun & Bradstreet Rating of 1A2 and a reported turnover of £5.084m at year end December 2006 with profits before tax of £617,078. The company was acquired in October 2006 by Stocker Yale Inc, a Nasdaq listed US technology company. local authority Uttlesford District Council, Council Offices, London Road, Saffron Walden, Essex, CB11 4ER Tel (01799) 510510

Tenure
Freehold subject to the lease to Photonic Products Ltd

Legal Pack
Nockolds Solicitors, Market Square, Bishops Stortford, Herts, CM23 3UZ Tel (01279) 755777

Viewing
Contact Cheffins Commercial Department on 01223 213666 ref PW

Report: • Commercial Property Investment let at £87,000 pa (c. £7.25 per sq ft) • 2 storey technology premises close to Stansted Airport/M11 • Let to Photonic Products Ltd to September 2013 • ‘1A2 Rated’ Company with turnover of over £5m (to 31/12/06)

 Estimate: £900,000 - £950,000
Result: £870000