Let to The Secretary of State for Communities and Local Government
Recently renewed lease from April 2023, expiring in October 2030 (No breaks)
Lease renewed at same rent
Approximately 10,144 sq ft plus 44 on-site car parking spaces
Established commercial location with nearby occupiers including Devon Partnership NHS Trust, Surgicare UK and Bishop Fleming Accountants
Adjacent to The Willows Retail Park where occupiers include Marks & Spencer, Sainsbury's, Boots the Chemist and Costa Coffee
Lot 14
Auction 25th September 2024
Rent £123,750 per Annum Exclusive (3)
Status Sold
Price £1,250,000
Sector Office
Auction Venue Live Streamed Auction
On Behalf of Trustees
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 situated in an established commercial location, on the east side of Nicholson Road, to the north of Riviera Way (A3022). Nearby office occupiers include Devon Partnership NHS Trust, Surgicare UK and Bishop Fleming Accountants. The property lies adjacent to The Willows Retail Park where occupiers include Marks & Spencer, Sainsbury's, Boots the Chemist and Costa Coffee.
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 situated in an established commercial location, on the east side of Nicholson Road, to the north of Riviera Way (A3022). Nearby office occupiers include Devon Partnership NHS Trust, Surgicare UK and Bishop Fleming Accountants. The property lies adjacent to The Willows Retail Park where occupiers include Marks & Spencer, Sainsbury's, Boots the Chemist and Costa Coffee.
Tenure
Freehold.
Description
The property comprises a large court building arranged on the ground, lower ground and first floors. The property benefits from 44 on-site car parking spaces.
VAT
VAT is applicable to this lot.
Viewings
There will be one accompanied viewing on Wednesday 18th September from 4pm, prior to our auction. If you would like to inspect, please confirm your attendance with your name and mobile number to henry.john@acuitus.co.uk
Completion Period
Six Week Completion
EPC
Band B
Description
The property comprises a large court building arranged on the ground, lower ground and first floors. The property benefits from 44 on-site car parking spaces.
VAT
VAT is applicable to this lot.
Viewings
There will be one accompanied viewing on Wednesday 18th September from 4pm, prior to our auction. If you would like to inspect, please confirm your attendance with your name and mobile number to henry.john@acuitus.co.uk
Completion Period
Six Week Completion
EPC
Band B
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas (Approx sq ft) (1)
Tenant
Term
Rent p.a.x.
Rent Review
Ground Lower Ground First
Office Ancillary Office
467.10 20.20 455.30
(5,027) (217) (4,900)
THE SECRETARY OF STATE FOR COMMUNITIES AND LOCAL GOVERNMENT(2) (t/a Torquay and Newton Abbott County Court)
Approximately 7.5 years from 27/04/2023 until 26/10/2030
£123,750
27/04/2028
Total
942.60
(10,144)
£123,750 (3)
(1) Areas provided by VOA (www.gov.uk/find-business-rates) (2) The Secretary of State for Communities and Local Government uses the property as a County Court and Family Court Hearing Centre for Torquay and Newton Abbott. (3) The tenant is currently benefitting from a rent free period expiring 27/12/2024. The Seller has confirmed they will top up the rent so the property effectively produces £123,750 p.a.x. from completion of the sale until 27/12/2024.
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.
