Office Investment
Regent House, 73 Newton Road, Torquay TQ2 7AN
Freehold Modern Office Investment Opportunity - Let to South Devon NHS Foundation Trust
Regent House,
73 Newton Road, Torquay TQ2 7AN
The Bridge
Retail Park
Investment Considerations
99
22
Modern office building let to
South Devon NHS Foundation
Trust for a further 9.5 years.
1
B3
Freehold
■■
Offers sought in the region of
£3,500,000, subject to contract
and exclusive of VAT. A purchase
at this level would reflect a net
initial yield of 8.25% after usual
purchaser’s costs of 5.8%.
A3
77
A3
77
A3
0
A30
A3 0
A30
EXETER
76
A3
A3
76
A3
A 3 86
A38
0
Site boundary for indicative purposes only.
0
A3
A3 86
38
Exmouth
A380
A
38
Peignmouth
Newton
Abbot
38
80
A3
A 38
6
A380
A
A38 5
A38
6
Principal road access is provided by the A3022/A380 trunk
road which links with the M5
at Exeter. Regular rail services
A 38
are available at both Torquay and Torre stations to Exeter
8
and to London. Exeter InternationalA Airport isA3located
38
A
approximately 17 miles to the north of the town.
38
PLYMOUTH
Dartmoor
National park
6
The town is located on the south coast of Devon and
forms part of a larger conurbation, including Paignton
and Brixham, known as Torbay with a population of
approximately 140,000. Torquay is situated approximately
22 miles south of Exeter, 28 miles east of Plymouth
and 80 miles south west of Bristol.
A380
A
A3 0
A3 8
A39
6
0
A3
A30
A30
Torquay
5
M5
■■
5
Good car parking ratio of 1:506 sq ft
M
■■
A377
Prominent location on main
arterial route.
86
■■
A3
Potential for alternative uses
(subject to planning).
86
A3
■■
M
A30
■■
A3
A 38
8
A385
TORQUAY
Paignton
Totnes
Brixham
Situation
The property is situated approximately 200 yards
from Torbay Hospital and immediately adjoining
an ASDA food store and B&Q.
Also situated close by are The Bridge Retail Park
(Dunelm, Staples, Pets at Home, McDonalds),
Riviera Retail Park (Currys/PC World, Dreams,
Harveys, Bensons for Beds), The Willow Retail
Park (Sainsbury’s, M&S, Comet, Thomsons)
and Lidl.
Description
The property comprises a modern office building constructed in
2006 forming approximately half of a larger building the remainder
of which comprises a development of 68 studio apartments let to
keyworkers with the South Devon Healthcare Trust.
The building is served by an 8 person passenger lift and has a mix of
open plan and cellular offices. The 3rd floor provides both male and
female WC’s, an accessible WC and shower room, whilst the other
floors have, additionally, male and female WC’s located adjacent to
the front stairwell. 48 car spaces are provided on site.
The property has the benefit of air conditioning throughout the
offices via ceiling mounted cassette units.
Tenancy Details
The entire property is let to South Devon Healthcare NHS
Foundation Trust on an FRI basis for 15 years from 29/8/2006 at
a current rent of £307,409 p.a. The lease provides for reviews at
24/6/2011 and 24/6/2016. The 2011 review remains outstanding.
7 to 10
The property provides a total net internal floor area of 24,290 sq ft
(2,256.82 sq m) on ground and three upper floors as shown below:-
Bart
on
Hi l
l Rd
e
Browns Bri d g e Rd
19
B3
n R
d
Rd
rt o
CLOSE
Fo
re
42.7m
t
ut h
mo
Depot
A3
79
d
Rd
Ha
R
S
st
t
l d Rd
r
so
nd
ab
Boyce Court
ba
co
m
be
Rd
Wi
nd
so
r
St
Hi
Un
i
d
l
l
R
on
gt
Tor
d
7,031
7,053
Third
290.78
3,129
Total
2,256.82
24,290
South Devon Healthcare NHS Foundation Trust received £211m of
income during 2010/2011 of which 95% was provided by Torbay
Care Trust and Devon Primary Care Trust.
The Trust’s financial performance is monitored by the Independent
Regulator to NHS Foundation Trusts, and the Trust achieved a financial
risk rating of 4 in 2010/2011 in a range of 1 (worst) and 5 (best).
Tenure
Freehold
VAT
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outh
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Bar
Ne
U pton
First
Second
Further information is available at www.monitor-nhsft.gov.uk
combe Rd
ba
A3022
New
ton
7,077
1 to 73
© Crown Copyright, ES 100004106. For identification purposes only.
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REGENT
ad
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657.52
Covenant
Regents House
A37
9
C
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The Bridge
Retail Park
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Victoria
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Torbay
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Park
th
St
199
B3
He
le
Riviera
Retail Park
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ay
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Ri
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Barto
nH
ill Rd
Hil
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ay
M
St
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Ba r t o n
The Willow
Retail Park
Te i g
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Av
Ground
Sq M
The purchase will be subject to VAT although it is anticipated the
property will be treated as a transfer of a going concern (TOGC).
Regent House, 73 Newton Road, Torquay TQ2 7AN
Proposal
We are instructed to seek offers in the region of £3,500,000
(Three Million Five Hundred Thousand Pounds) for the benefit
of our client’s freehold interest to show a net initial yield of 8.25%
after purchaser’s costs of 5.8%.
For further information or to make arrangements for viewing please contact:
David Hammond
020 7543 6721
Dale Johnstone
020 7543 6796
david.hammond@allsop.co.uk
dale.johnstone@allsop.co.uk
www.allsop.co.uk
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property
are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations,
warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to:
(a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property;
and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. 05.12