Piran House
Nettells Hill
Redruth
Cornwall
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
    24
  • Auction
    11/Jul/2018
  • Rent
    £231,170 per Annum Exclusive
  • Status
    Withdrawn Post
  • Price*
     
  • Sector
    Office
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Property Update
  • Piran House<br>Nettells Hill<br>Redruth<br>Cornwall<br>TR15 1SL
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Property Information

Location
Miles
9 miles west of Truro
17 miles north-east of Penzance
Roads
A30, A39, A394
Rail
Redruth Rail
Air
Newquay Airport
Situation

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.

Tenure

Freehold.

Description

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

VAT is applicable to this lot.

EPC

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

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReviews
Ground
First
Second
Office
Office
Office
812.53 sq m
935.81 sq m
939.90 sq m
(8,746 sq ft)
(10,073 sq ft)
(10,117 sq ft)
MAPELEY STEPS
PROPERTIES
LIMITED
Guaranteed by
Mapeley Limited
(1)
20 years from
31/03/2011 until
30/03/2031 on a full
repairing and insuring
lease
£231,170Annual RPI
linked uplifts (2)
Total
2,688.24 sq m
(28,936 sq ft)
  £231,170 

(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
    19.06.18
    File Size
    992 KB
    View PDF
  • Catalogue Page
    Updated Date
    19.06.18
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Gwen ThomasGwen Thomas +44 (0)20 7034 4857 +44 (0)7809 363549gwen.thomas@acuitus.co.uk
Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863georgina.roberts@acuitus.co.uk
Seller's Solicitors
BrookStreet des Roches LLP 25A Western Avenue, Milton Park
Abingdon
Oxfordshire
OX14 4SH
Maryam Collett 01235 836 616maryam.collett@bsdr.com

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