The freehold of a major property on a Cambridgeshire business park – leased to a nationwide day nursery – is to be put up for sale at auction with a guide price of £1.6million.
Acuitus hope to sell the property at Saint Thomas Place, Ely, by auction on July 13.
It comprises of 717.50 sq. m. (7,723 sq. ft.) with 22 parking spaces and has been a children’s nursery since 2003.
Bright Horizons Nursery agreed a new lease in April for 20 years with a tenant option to determine the lease on 06/04/2038 upon serving six months written notice.
The nursery, one of the country’s best-known providers with over 300 nurseries nationwide, has agreed to a rent of £110,000 per annum (exclusive) for the Ely premises.
The most recent Ofsted inspection dated 13/10/2021 graded the Overall Effectiveness of the nursery as “Good” (www.ofsted.gov.uk 05/06/2023).
The lease provides for 5 yearly, upward only, RPI linked, annually compounded rent reviews to a minimum and maximum of 1% and 4% per annum respectively.
The property comprises a purpose-built nursery arranged over ground and first floors. Externally, the property provides a play area, external buggy, and toy store together with parking for approximately 22 vehicles.
The property is located within a well-established business park on the south-eastern side of Angel Drove (A142) and a short distance from the junction with the A10 (Cambridge Road) and Ely Station.
Acuitus says the guide price is an indication of the current minimum price at which, or if a guide price range is given, within which, the seller may be prepared to sell.
“The reserve price is the minimum price acceptable to the seller and the price below which the auctioneer cannot sell,” it says.
