Property Auctions London, Property Auctioneers London, London Property Auctions, Property Auctions London

Lot 29

LET TO AN NHS TRUST (GROSS YIELD 13.3%)

SITUATION

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.

PROPERTY

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.

ACCOMMODATION

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

TENURE

Leasehold for a term of 999 years from completion at a peppercorn.

TENANCY

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

TENANT PROFILE

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.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

3rd & 4th Floors, Union House, 89 Union Street, Torquay, Devon TQ1 3YA