Piran House Nettells Hill Redruth Cornwall TR15 1SL
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 11th July 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Status Withdrawn Post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
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 11th July 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Status Withdrawn Post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
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.
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.
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
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
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
£231,170
Annual 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.
