Piran House
Nettells Hill
TR15 1SL

Freehold Government Occupied Office Investment with Annual RPI Uplifts

  • Let to Mapeley STEPS Properties Limited (guaranteed by Mapeley Limited) until 2031 (no breaks)
  • Annual RPI linked uplifts
  • 28,936 sq ft purpose built government office building providing accommodation for HM Revenue & Customs (HMRC) and Department for Work & Pensions (DWP) t/a Job Centre Plus
  • Benefits from parking for 95 cars and an approximate site area of 0.513 hectares (1.268 acres)
  • Lot
  • Auction
  • Rent
    £231,170 per Annum Exclusive
  • Status
    Withdrawn Post
  • Price*
  • Sector
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Auction & Property Update
  • Piran House<br>Nettells Hill<br>Redruth<br>Cornwall<br>TR15 1SL
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* More information on the term "price" can be found here

Property Information

9 miles west of Truro
17 miles north-east of Penzance
A30, A39, A394
Redruth Rail
Newquay Airport

Redruth is an attractive Cornwall market town located 9 miles west of Truro. The property is located within Redruth town centre, just north of the main retailing pitch of Fore Street. The property is located around 5 minutes from Redruth Rail, which provides direct access to London Paddington, Penzance and Plymouth. Adjacent to the property is the New Cut Car Park, which provides spaces for 182 cars and serves the prime retailing pitch.




The property comprises a three-storey office building purpose built for Her Majesty’s Revenue & Customs in 1992. The property benefits from the following specification; raised floors, suspended ceilings, 2.7m floor to ceiling, recessed category II lighting, two passenger lifts, gas-fired central heating and double glazed aluminium framed windows. The total approximate site area is 0.513 hectares (1.268 acres) with parking for approximately 95 cars. The ground floor and part of the first floor of the property are occupied by the Department for Work and Pensions, for use as a job centre and assessment facility. The remaining part first floor and the entire second floor provide offices for HMRC.


VAT is applicable to this lot.


The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReviews
812.53 sq m
935.81 sq m
939.90 sq m
(8,746 sq ft)
(10,073 sq ft)
(10,117 sq ft)
Guaranteed by
Mapeley Limited
20 years from
31/03/2011 until
30/03/2031 on a full
repairing and insuring
£231,170Annual RPI
linked uplifts (2)
2,688.24 sq m
(28,936 sq ft)

(1) Mapeley were established in 1999 in order to bid for the contract to provide outsourced management to the HM Revenue & Customs estate. They won the bid in 2001 and went on to win other large outsourcing contracts for Abbey, now part of Santander, and for HM Passport Office. They now own and manage over 670 assets and are one of the largest commercial landlords in the UK (Source:
www.mapeley.com 05/06/2018).
(2) The lease provides annual uplifts to Retail Price Index subject to a minimum of 1.5% and a maximum of 3% compounded per annum.
The rent will therefore increase to a minimum of £234,637.55 p.a.x from 31/03/2019 and £238,157.11 p.a.x from 31/03/2020 up to a minimum of £276,391.05 p.a.x. from 31/03/2030. Tenant option to extend the lease in whole or part for up to 10 further years.

Property Documents

  • Site Plan
    Updated Date
    File Size
    992 KB
    View PDF
  • Catalogue Page
    Updated Date
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    File Size
    143 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    File Size
    27 KB
    View PDF


Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863 +44 (0)7899 877 224georgina.roberts@acuitus.co.uk
Seller's Solicitors
BrookStreet des Roches LLP 25A Western Avenue, Milton Park
OX14 4SH
Maryam Collett 01235 836 616maryam.collett@bsdr.com

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