Office for sale in Alverthorpe Surgery, Balne Lane, Wakefield WF2

Description

The property comprises a purpose built single story gp Surgery constructed in 1982 and extended in 1992 . The property comprises a patient reception area and a series of consultation, administrative and welfare rooms.

Externally the property benefits from dedicated parking area and is situated on a site of approx. 0.20 acres.

Location

Alverthorpe is a suburb located 1.5 miles north west of Wakefield town centre in West Yorkshire. Wakefield is an attractive cathedral city situated on the eastern edge of the Pennines in West Yorkshire. The city lies 9 miles (15 km) south east of Leeds, 42 miles (68 km) north east of Manchester and 25 miles (40 km) north of Sheffield.

The city is strategically located at the intersection of the M1 and M62 motorways providing excellent accessibility to the wider national motorway network. The M1 motorway is located 2.5 miles (4 km) to the west and provides access to Leeds and the A1 (M) to the north, and to Sheffield and the Midlands to the south.

The population of Wakefield is approx. 360,000 and is projected to see growth of 2.8% over the next five years.

Tenancy

The property is let on a Full Repairing basis to Dr Selwyn Barnsley for a term of 12 years from the 1st December 2022 expiring 30th December 2034. The lease contains a tenant only break option in December 2031. The current passing rent is £26,850 per annum and is reviewed every 3 years from commencement of the term. The next rent review is in December 2025.

The property has an estimated rental value of £35,000 per annum.

Proposal

We are instructed to seek offers in excess of £375,000 (Three Hundred and Seventy Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive Net Initial Yield of 6.88%, assuming purchaser’s costs 2.76%.