LET TO AN NHS TRUST (GROSS YIELD 13.3%)
Located in this prime position on the town's main retail thoroughfare above a parade of shops which include Halifax and Clarks as well as being amongst a variety of other multiple traders such as Superdrug, Mcdonald's, Thomson, New Look, NatWest and BetFred and within close proximity to the Union Square Shopping Centre.
Torquay is a popular coastal resort situated on the south coast of Devon approximately 18 miles south of Exeter and 28 miles east of Plymouth.
Forming part of a substantial mid-terrace building comprising Self-Contained Offices on the third and fourth floors accessed from a ground floor communal lobby on Union Street. The offices benefit from use of two 8-person passenger lifts and 6 car parking spaces on the roof top car park accessed via Castle Road.
Third Floor Offices
Area Approx. 7,180 sq ft¹
Ladies & Gents WCs
Fourth Floor Offices
Area Approx. 7,245 sq ft¹
Ladies & Gents WCs
Total Area Approx. 14,425 sq ft
(Total GIA Approx. 15,215 sq ft)
¹Area includes kitchens and lobbies
VAT is applicable to this Lot
Leasehold for a term of 999 years from completion at a peppercorn.
The property is let on a full repairing and insuring lease (by way of service charge) to Torbay and Southern Devon Health and Care NHS Trust (See Tenant Profile) for a term of 10 years from 24th September 2012 at a current rent of £100,000 per annum exclusive.
Rent Review September 2017
On 1st October 2015, Torbay and South Devon NHS Foundation Trust was created when South Devon Healthcare NHS Foundation Trust merged with the tenant, Torbay and Southern Devon Health and Care NHS Trust.
This newly created Trust runs Torbay Hospital as well as nine community hospitals, stretching from Dawlish to Dartmouth and also provides health and social care to the local population. The Trust employ approximately 6,000 staff and has a budget of £375m for 2016/17 (Source: www.torbayandsouthdevon.nhs.uk).
Note 1: We understand these offices have been used by Social Services, Care Trusts etc since the 1980's.
Note 2: There may be future potential to convert the offices to Residential Use by way of Permitted Development, subject to obtaining vacant possession.
Note 3: 6 Week Completion.