Entirely let to Torbay and South Devon NHS Foundation Trust
Recently renewed 10 year lease until May 2032 (subject to option)
Tenant in occupation since the building was constructed in 2006
RPI linked rent review in May 2027 (capped at 3%)
Approximately 24,290 sq ft plus 48 on-site car parking spaces
Located very close to Torbay Hospital and adjoining a large key worker residential block
Close to Bridge and Riviera Way Retail Parks where occupiers include Asda, McDonald's, B&Q, Currys, Dreams, Pets At Home, Staples, Dunelm and PureGym
Lot 11
Auction 18th May 2023
Rent £307,408 per Annum Exclusive
Status Withdrawn Post
Price
Sector Office
Auction Venue Live Streamed Auction
Property Information
Location
Miles
22 miles south of Exeter, 28 miles east of Plymouth, 80 miles south of Bristol
Roads
A38, A380, A385, M5
Rail
Torquay Railway Station
Air
Exeter International Airport
Situation
The property is prominently positioned on the corner of Regent Close and Newton Road, a busy arterial road linking Torquay town centre with the A380. The main Torbay Hospital is located immediately to the north-west and the property is attached to a large key worker residential block, known as Boyce Court. The property is close to both Bridge Retail Park and Riviera Way Retail Park where occupiers include Asda, McDonald's, B&Q, Currys, Dreams, Pets At Home, Staples, Dunelm and PureGym.
Tenure
Freehold.
Location
Miles
22 miles south of Exeter, 28 miles east of Plymouth, 80 miles south of Bristol
Roads
A38, A380, A385, M5
Rail
Torquay Railway Station
Air
Exeter International Airport
Situation
The property is prominently positioned on the corner of Regent Close and Newton Road, a busy arterial road linking Torquay town centre with the A380. The main Torbay Hospital is located immediately to the north-west and the property is attached to a large key worker residential block, known as Boyce Court. The property is close to both Bridge Retail Park and Riviera Way Retail Park where occupiers include Asda, McDonald's, B&Q, Currys, Dreams, Pets At Home, Staples, Dunelm and PureGym.
Tenure
Freehold.
Description
The property comprises a large office building arranged over the ground, first, second and third floors. The property benefits from a passenger lift, male & female WC's on each floor and partitioned offices and/or medical rooms and 48 on-site car parking spaces to the rear.
VAT
VAT is applicable to this lot.
Completion Period
Eight Week Completion
EPC
Band B
Description
The property comprises a large office building arranged over the ground, first, second and third floors. The property benefits from a passenger lift, male & female WC's on each floor and partitioned offices and/or medical rooms and 48 on-site car parking spaces to the rear.
10 years from 01/05/2022 (3) on a full repairing and insuring lease
£307,408.77
01/05/2027 and 29/04/2032 (4)
Total
2,256.82 (1)
(24,290) (1)
£307,408.77
(1) The previous lease dated 30/08/2006 specified the net internal floor area to be assumed for rent review purposes to be 2,255.88 sq m (24,282 sq ft). (2) Torbay and South Devon NHS Foundation Trust employ over 6,500 staff including doctors, nurses, social workers, consultants as well as highly skilled managers and administrators. The Trust supports around 500,000 face-to-face contacts with patients in their homes and communities each year and see over 78,000 people annually in their A&E department. They serve a resident population of around 286,000 people, plus approximately 100,000 visitors at any one time during the summer holiday season. Torbay and South Devon NHS Foundation Trust use Regent House for recruitment and other administrative purposes. (3) The lease is subject to a tenant only option to determine on 01/05/2027. (4) RPI linked rent reviews, capped at 3%.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
