Location Estimated District Population: 157,000 Miles: 14 miles north-west of Cambridge 17 miles south of Peterborough
Roads: A1, A14, A141, M11
Position The property is located on an established industrial area, in the heart of Stukeley Meadows Industrial Estate, about one mile north of Huntingdon town centre. The property is accessed via Windover Road and St Peter’s Road is located to the east of the property.
Description PURPOSE BUILT INDUSTRIAL UNIT arranged on the ground, mezzanine and first floors. The property provides for manufacturing, warehousing and office areas and a ‘link building’ used for research and development. The property has a site area of about 2.2 hectares (5.5 acres).
Tenure Long Leasehold for a term of 999 years from 10th February 2005 at a peppercorn rent.
Tenant VIP-POLYMERS LIMITED (1)
Lease Term: 15 years from 23rd February 2005 Basis: FRI (2) Rent: £190,000 per annum Reviews: 2010 and 2015 (3) Expiry: February 2020
VAT is applicable to this lot – please see Special Conditions of Sale
Note This property is being marketed on behalf of Joint Fixed Charge Receivers excluding any title guarantees, warranties or indemnities. The information in these particulars has been provided by the Joint Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
(1) VIP-Polymers Limited have been established for over 80 years and are a leading UK manufacturer of engineered rubber and plastic components. They serve a range of industries including the Pipeline, Rail, Defence and Engineering sectors. For the year to 03/11, VIP-Polymers Limited reported a turnover of £7 million, pre-tax profits of £200,000 and a net worth of £2.6 million. (Source: www.vip-polymers.com and One-Source One-Stop Report)
(2) The lease is subject to a Schedule of Condition – please see legal documentation. (3) The rent is reviewed to 65% of open market value – please see lease. The 2010 rent review remains outstanding. NB. It is necessary persuant to a Services Agreement to obtain consent to the sale from the freeholder and the tenant of the property. Such consent cannot be unreasonably withheld. Accordingly, the completion of the sale and purchase of the property will be conditional upon this consent with a long stop date. If the date is reached and the consents are not obtained, either the seller or the purchaser will be able to terminate the sale agreement and the deposit will be returned in accordance with the Conditions of Sale.
The Special Conditions of Sale and a legal pack are available from the Seller’s Solicitors and are available online at www.cbre.co.uk/auctions. Seller’s Solicitor Reed Smith LLP. t: 0203 116 3000. e: ahaughton@reedsmith.com Ref: Ms A Haughton.
103 Gross Rent £190,000 pa
ON THE INSTRUCTIONS OF T PERKIN AND M CREAMER OF CBRE ACTING AS JOINT FIXED CHARGE RECEIVERS