Specialist commercial property consultants

Riverside Office Complex, Castle Street, Barnstaple, Devon EX31 1EP

Property information

Status: For Sale
Price: £725,000
Tenure: Freehold

We are delighted to be appointed SOLE SELLING AGENTS of the "Riverside Court Office Complex", centrally located in Barnstaple and well known as a respected business address since it's development in the late 70's/early 80's.There are 8x self- contained offices within the complex, 7 of which are currently let, with only one vacant (available TO LET at £11,700 p.a.)

Our clients are seeking offers in the region of £725,000 for the freehold intersest which will produce an annual income of around £65,000 when the vacant office becomes LET - an attractive gross return of almost 9% p.a.

THE COMPLEX comprises as follows (approximate measurements net internal office space):-

SUITE 1: Ground Floor 602 sq. ft (56m2)  First Floor 805 sq. ft. (75m2)  LET to Pearson Professional Assesments Ltd, (driving test centre) on a 5yr. lease to (30.09.19) rent £20,000 per annum

SUITE 2: Ground Floor 484 sq. ft. (45m2) LET to Dapling Accountants on a 3yr lease to (21.06.18), rent £5,500 per annum. A new 3 year lease has been agreed.

SUITE 3: Ground Floor 600 sq.ft. (55m2) LET to EDP Drug & Alcohol Services Clinic on a 7yr. lease to (31.03.25) rent £7,000 per annum

SUITES 4&6 : First Floor 764 sq. ft. (71m2) Second Floor 431 sq. ft. (40m2) LET to Aviation MaintenanceTraining on a 3 yr.lease to (5.09.21) rent £12,000 per annum

SUITE 5: First Floor 441 sq. ft. (41m2) LET to Hobsons International (Arts & Entertainment) on a 3yr. lease to ( 3.11.20) rent £6,750 per annum

SUITE 7: Second Floor 1292 sq. ft. (120m2) Vacant (asking & previous rent £11,700 p.a.)

SUITE 8:Ground Floor 355 sq. ft. (33m2) LET to Martin Critchard & Andrew Pearce (Financial Advisors) on a 3 yr. lease to (1.05.19) rent £5,250 p.a.

Each tenant pays a quarterly Service Charge, Water & Sewerage Charge and Refuse Collection Charge and all are responsible for their own Business Rates.

Recently the Building has been extensively re-decorated and some replacement aluminium windows have been fitted.


Business rates

Rateable value:
Rates payable for :

Please Valuation Office Agency website for individual Rateable Values of each office - tenants are responsible for payment.


Tenure

Freehold subject to individual tenancies.


Property reference number

Reference: UW 835
 

Important notice

These particulars are for guidance only. They are prepared and issued in good faith and are intended to give a fair description of the property but do not constitute part of an offer or contract.

Any description of information given should not be relied upon as a statement of representation of fact or that the property or its services are in good condition. Neither Underwood Warmington (nor its Joint Agents) not any of their employees has any authority to make or give any representation or warranty whatsoever in relation to the property.

The photographs show only certain parts and aspect of the property at the time they were taken. Any areas, measurements or distances given are approximate only.

Any reference to alterations to, or use of, any part of the property is not a statement that any necessary planning, Building Regulations or other consent has been obtained. These matters must be verified by an intending tenant.

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