Lot 12
(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.
