Piran House Nettells Hill Redruth Cornwall TR15 1SL

Piran House
Nettells Hill
Redruth
Cornwall
TR15 1SL

Freehold Government Occupied Office Investment with Annual RPI Uplifts

Let to Mapeley STEPS Properties Limited (guaranteed by Mapeley Limited) until 2031 (no breaks)
Annual RPI linked uplifts
28,936 sq ft purpose built government office building providing accommodation for HM Revenue & Customs (HMRC) and Department for Work & Pensions (DWP) t/a Job Centre Plus
Benefits from parking for 95 cars and an approximate site area of 0.513 hectares (1.268 acres)

Lot
24
Auction
11th July 2018
Rent
£231,170 per Annum Exclusive
Status
Withdrawn Post
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Important Update Interested?

Expand
Photos
Map

Freehold Government Occupied Office Investment with Annual RPI Uplifts

Let to Mapeley STEPS Properties Limited (guaranteed by Mapeley Limited) until 2031 (no breaks)
Annual RPI linked uplifts
28,936 sq ft purpose built government office building providing accommodation for HM Revenue & Customs (HMRC) and Department for Work & Pensions (DWP) t/a Job Centre Plus
Benefits from parking for 95 cars and an approximate site area of 0.513 hectares (1.268 acres)

Lot 24
Auction 11th July 2018
Rent £231,170 per Annum Exclusive
Status Withdrawn Post
Price
Sector
Office
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 9 miles west of Truro; 17 miles north-east of Penzance
Roads: A30, A39, A394
Rail: Redruth Rail
Air: Newquay Airport

Situation

Redruth is an attractive Cornwall market town located 9 miles west of Truro. The property is located within Redruth town centre, just north of the main retailing pitch of Fore Street. The property is located around 5 minutes from Redruth Rail, which provides direct access to London Paddington, Penzance and Plymouth. Adjacent to the property is the New Cut Car Park, which provides spaces for 182 cars and serves the prime retailing pitch.

Tenure

Freehold.

Location

Miles: 9 miles west of Truro; 17 miles north-east of Penzance
Roads: A30, A39, A394
Rail: Redruth Rail
Air: Newquay Airport

Situation

Tenure

Freehold.

Description

The property comprises a three-storey office building purpose built for Her Majesty’s Revenue & Customs in 1992. The property benefits from the following specification; raised floors, suspended ceilings, 2.7m floor to ceiling, recessed category II lighting, two passenger lifts, gas-fired central heating and double glazed aluminium framed windows. The total approximate site area is 0.513 hectares (1.268 acres) with parking for approximately 95 cars. The ground floor and part of the first floor of the property are occupied by the Department for Work and Pensions, for use as a job centre and assessment facility. The remaining part first floor and the entire second floor provide offices for HMRC.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground First Second	Office Office Office	812.53 sq m 935.81 sq m 939.90 sq m	(8,746 sq ft) (10,073 sq ft) (10,117 sq ft)	MAPELEY STEPS PROPERTIES LIMITED Guaranteed by Mapeley Limited (1)	20 years from 31/03/2011 until 30/03/2031 on a full repairing and insuring lease	£231,170	Annual RPI linked uplifts (2)
Total		2,688.24 sq m	(28,936 sq ft)			£231,170

(1) Mapeley were established in 1999 in order to bid for the contract to provide outsourced management to the HM Revenue & Customs estate. They won the bid in 2001 and went on to win other large outsourcing contracts for Abbey, now part of Santander, and for HM Passport Office. They now own and manage over 670 assets and are one of the largest commercial landlords in the UK (Source:
www.mapeley.com 05/06/2018).
(2) The lease provides annual uplifts to Retail Price Index subject to a minimum of 1.5% and a maximum of 3% compounded per annum.
The rent will therefore increase to a minimum of £234,637.55 p.a.x from 31/03/2019 and £238,157.11 p.a.x from 31/03/2020 up to a minimum of £276,391.05 p.a.x. from 31/03/2030. Tenant option to extend the lease in whole or part for up to 10 further years.