Land

Description

The site is used by the current owner and his tenants for residential, commercial and personal storage uses. The near perfect rectangular and level site contains 27 storage units and a large open yard across most of the site. A detached bungalow with gardens, detached double garage annexe and mobile home for residential use also exists on part. 11 of the storage units are let on formal, ‘contracted-out’ leases, the others are within the owner’s control, some of which are disused and require refurbishment. Several storage containers exist on site, all of which are controlled by the owner. All storage containers owned by the vendor will be included in the sale, subject to final sale price. The residential area is separated from the yard and units with both parts of the site having secure gated entrances. Both could, however, be combined in a more open configuration to allow for the more convenient circulation of larger commercial vehicles, if desired by a future commercial owner occupier.

The site currently produces a rental income of £136,740 pa with opportunities to increase this.
The site offers an incoming party shared occupation with the existing tenants, with the ability to obtain vacant possession of the whole site from as early as the 26th February 2021, if desired. The owner will vacate his demised parts upon completion with no onward chain.

The site therefore offers prospective purchasers an immediate income-generating investment with the potential for further growth; and/or a site ideal for owner occupier storage; and/or perhaps future commercial or residential redevelopment, subject to planning. The open storage yard and units are also available separately from the residential element. See the plan on page 6 for indicative site split.

Title Information

The freehold is spread over the following three Titles, the documents for which are available upon request: Title No: BK352856, BK352857, BK357267.

Planning

The site has a certificate of lawful use for general and vehicle storage across the units and open yard and residential use for the Farm bungalow and garage/annexe. A certificate of lawful use could also be obtained for the mobile home given its duration in situ. Certificate details available upon request.

The site is situated within Flood Zone 1. The owner has been involved with the site for 43 years and has advised that the site has never flooded in this time. The site is on the edge of a defined settlement and is not within a conservation area, area of natural outstanding beauty or green belt. None of the buildings are listed.

The owners have not explored the possibility of redevelopment, nor undertaken any contamination reports. Any planning related queries should be directed to the Local Planning Authority Wokingham Borough Council.

Business Rates

Interested parties should enquire with the local rating authority Wokingham Borough Council.

Tenure

The property will be sold freehold, as seen, without conditions, as a Transfer Of Going Concern.

VAT

The site is not currently elected for VAT.

Services

We are advised that mains electricity, water and drainage services are available for connection to the property. However, prospective purchasers are advised to make their own independent enquiries of the individual authorities to verify the capacity and availability of such services.

Energy Performance Asset Rating

The Woodlands Farm bungalow’s current Energy Performance Certificate shows a rating of E:42.

Method of Sale

The site’s freehold interest is offered for sale by way of informal, non-binding tender with the vendor reserving the right not to accept the highest or any offer and also reserving the right to withdraw the site from sale or to vary the method of sale at any time without notice.

The site is offered in whole with unconditional offers invited only. The site is to be sold as seen, as a Transfer Of Going Concern. Conditional offers including full vacant possession are not of interest.

Unconditional Offers
If an unconditional offer is accepted, completion is to take place within four weeks of exchange of contracts with 10% payable on exchange and the full balance of the purchase price payable immediately upon completion of the sale.

All offers should state whether they are submitted with or without Board approval and whether they are dependent on Bank or similar finance being available with confirmation or proof of funding.