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Lot 12
The Mill, Upper Mills Trading Estate, Stonehouse, Stroud, Gloucestershire GL10 2BJ

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* Reserve below

£825,000

(under £55 per sq ft freehold)
BY ORDER OF A PUBLIC COMPANY

SITUATION

Upper Mills Trading Estate is situated on the south side of Bristol Road offering a pleasant working environment overlooking open countryside and the River Frome. Conveniently located approximately ½ mile from Stonehouse Station (Great Western Railway) and benefitting from good road links via the M5 motorway (Junction 13).
Stroud town centre is approximately 3 miles to the east and Gloucester is approximately 12 miles to the north.

HISTORICAL BACKGROUND
Stonehouse is an historical town appearing in William the Conqueror's Domesday Book of 1086 under its Old English Name “Stanhus”. Stonehouse Upper Mill was granted away from the Lords of The Manor in 1085 and was later referred to as the Corneham Mill (circa 1517) which operated as a fulling mill and corn mill for the thriving woollen cloth-making industry.
In 1839, the Mill was acquired by the firm of R. S. Davies and was rebuilt in 1875 to facilitate the increasing number of handlooms installed as part of their expansion. The firm ceased cloth production when the building was sold in 1904 and by 1914 a brush-works had been established at the Mill.

PROPERTY

An attractive Grade II Listed building that has been converted to provide High Standard Office Accommodation on the ground, first, second and third floors. This Period building with an ornamental tower benefits internally from original cast iron columns and timber beams providing an aesthetically pleasing character to the offices and has walls up to 2ft thick.

The property has front private parking for up to 23 cars and each floor can be accessed via an 8 person passenger lift with the use of kitchen facilities and ample ladies and gents WCs. There are 2 internal staircases as well as modern air conditioning provided by ceiling cassette and Category 5 cabling.

ACCOMMODATION

Ground Floor GIA Approx. 4,258 sq ft
First Floor GIA Approx. 4,258 sq ft
Second Floor GIA Approx. 3,347 sq ft
Third Floor GIA Approx. 3,347 sq ft

Total Office GIA Approx. 15,210 sq ft

Floor Plans available from Auctioneers on request.

VAT is NOT applicable to this Lot

FREEHOLD

TENANCY

The entire property is let on a full repairing and insuring lease (subject to a schedule of condition) to MRG Systems Ltd (See Tenant Profile) for a term of 10 years from 2nd October 2017 at a current rent of £93,000 per annum exclusive.

Upward only Rent Reviews in October 2022 to OMV (capped at £120,000 p.a.)

TENANT PROFILE

MRG Systems Ltd was established in 1983 and they provide digital signage solutions. They have a variety of clients including the BBC, YouTube, Coral Ladbrokes, Paddy Power, Houses of Parliament and Portcullis House. They have circa 20 employees and in December 2017, 18 participated in an employee buyout with 80% of the shares in employee or former employee hands.

Note 1: 6 week completion.

Note 2: It is considered that the property may be suitable for future conversion into Residential Use, subject to Permitted Development and/or Planning Consent.

Nearby examples of former mills with Planning for Residential Use include Stanley Mills (GL10 3HQ) which has Planning for 65 residential dwellings and Rooksmoor Mills (GL5 5ND) which has planning for 54 residential units.

Note 3: The third floor offices are sublet to Hall Mark Meat Hygiene Limited.

*Please note:

RESERVE:The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE: Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

  • a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
  • b. A single price figure where the 'Reserve' is not to exceed it.
  • c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
  • d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Buyer or Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £750 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.