Past Auction Listing

Fairbrook Medical Centre, 4, Fairway Avenue, BOREHAMWOOD, Hertfordshire - WD6 1PR

Guide price: £2,000,000

Barnard Marcus describes this property as

Freehold purpose built medical centre. Constructed circa 1990. NHS backed investment. Rent reserved £94,070 per annum. Ideal pension/SIPP investment. Location: Fairbrook Medical Centre is situated on the corner of Fairway Avenue and Brook Road in a mixed area of commercial and residential property and a few moments from the BBC Elstree Centre and Elstree Studios. The area immediately adjoining the medical centre has been the subject of significant recent developments including the seven storey residential development at Liberty Court, Franklin Court which, the library aerial photos shown in these particulars of sale is at its final stages of development. Indeed the adjoining pharmacy at Wellswood House is also subject to development to create a number of self contained flats above the ground floor pharmacy. The locality benefits from excellent transport links with the A1 lying immediately to the west and linking south to the M25 and M1 motorway and north where it becomes the A1 (M). Other transport links in the area include the mainline rail connection at Elstree and Borehamwood whilst Elstree Aerodrome lies to the west and is a hub for many private chartered flights. The immediate surrounding area is home to many major multiple companies supporting employment for densely populated residential catchment with many residents of course utilising the services of Fairbrook Medical Centre. Note: Whilst buyers are deemed to rely on their own enquiries, given the nearest developments and utilisation of space, a development as shown in the CGI should be capable of accommodating some 12 to 15 2 bedroom flats and 18 to 20 one bedroom flats. Description: Fairbrook Medical Centre is a purpose built medical centre which was constructed in the late 80s and concluded in 1990. The property is a two storey purpose built doctor’s surgery with the ground floor area extending to some 335sqm (3,606sq.ft.) and the first floor 129.6sqm (1,3095sq.ft.) with therefore the total area comprising some 446.6sqm (just over 5,000sq.ft.). In addition to this there is substantial parking which can accommodate up to 15 cars and this parking area could provide further development opportunities on reversion or a project in conjunction with and to retain further use of the doctor’s surgery. Internally the accommodation provides a range of treatment and consulting rooms, reception area, administrative and other rooms together with staff room, records room and kitchen. A full schedule of the accommodation is available from the auctioneers. The site in total has a frontage to Fairway Avenue of approximately 46.5m (153ft) and a return frontage to Brook Road of some 16.1m (53ft). Comparing this to the footprint of the adjoining residential block, the footprint/site area of Fairbrook Medical Centre is similar to that of the adjoining Liberty Court and considering this is a seven storey residential block that could be the potential for a similar development for Fairbrook Medical Centre whilst potentially retaining the current use on lower floor. Purchasers are deemed to rely on their own enquiries with regard to planning but these details do show a computer generated image of such development that may be possible subject to the necessary consents. Tenancy: The entire property is let on a lease for a term of 18 years from 4th October 2019 at an initial rent of £94,070 per annum. The tenants are four of the doctors within the practice trading as Fairbrook Medical Centre and the rent paid by the tenants to the landlord is reimbursed by the NHS so effectively and subject to continued funding the landlord’s tenant is indirectly the NHS in so far as rent payments are concerned. The lease provides for upward only rent reviews on 4th October 2022 and every third anniversary thereafter. Current rent reserved: £94,070 per annum – rent review due October 2022. ...

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