PATRIOT DRIVE, MILTON KEYNES, MK13 8PU Prime Retail ...

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PATRIOT DRIVE, MILTON KEYNES Prime Retail Warehouse Investment Opportunity Investment Considerations Location Catchment & Demographics Situation Retail Warehousing in Milton Keynes Description Tenure Tenancies Planning Asset Management Potential Tenants’ Covenants, VAT, Proposal, Further Information Description The property was developed in 2005 and provides a modern purpose built retail warehouse unit, totalling 119,067 sq ft gross internal area. There is also an external garden centre area of circa 30,000 sq ft and a builders’ yard of approximately 20,000 sq ft. The building is of steel frame construction with the main elevations being clad with attractive masonry below ‘microrib’ cladding panels. Internally the building is fitted to the tenant’s specification with the unit benefiting from both an external garden centre area and a builders yard. The main floor is dedicated to retail sales and provides access to both external compounds. The ground floor totals 117,000 sq ft and there is also a first floor amenity area totalling 2,067 sq ft, providing offices and ancillary accommodation. The unit is well configured, virtually exactly to B&Q’s ideal warehouse format. Furthermore the frontage to depth ratio allows the unit to be easily subdivided. The scheme is serviced by a demised open tarmacadam surfaced car park, which provides 577 spaces, giving an ample car parking ratio of 1:206 sq ft. The dedicated service yard is situated to the rear of the unit and is accessed separately and segregated from the customer car park. We calculate the site area extends to approximately 10.99 acres (4.45 hectares), giving a low site cover of 24.86%.
PATRIOT DRIVE, MILTON KEYNES Prime Retail Warehouse Investment Opportunity Investment Considerations Location Catchment & Demographics Situation Retail Warehousing in Milton Keynes Description Tenure Tenancies Planning Asset Management Potential Tenants’ Covenants, VAT, Proposal, Further Information Tenure The property is held freehold and the site area is delineated right in red. Tenancies The property is let to B&Q plc on a full repairing and insuring 25 year lease from 21 October 2005. The unexpired term is just over 18.5 years, as at March 2012. The lease states that at review the property is assumed to have a ground floor gross internal area of 117,000 sq ft and a first floor gross internal area of 2,067 sq ft, providing a total area of 119,067 sq ft. The passing rent totals £2,202,739.50 per annum, reflecting £18.50 per sq ft, with the next rent review being due on 21 October 2015, with 5 yearly upward only rent reviews thereafter.
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PATRIOT DRIVE, MILTON KEYNES, MK13 8PU Prime Retail ...

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