The Quay, Plymouth Road, Tavistock, Devon, PL19 8AB
- SIZE AVAILABLE
10,439 sq ft
970 sq m
- SECTOR
Commercial property for sale
Key features
- Rare Investment Opportunity
- Prominent quality versatile building
- Centrally located in popular Market Town
- 76% of income secured against NHS TRUST
- Good mix of tenants
- Potential for re-purposing STPP and consents
- Head lease allows for residential use
- Scope for increasing income by letting the vacant suite
Description
The building is currently arranged to provide a self contained ground floor library. The offices benefit from a dedicated communal entrance which provides a stairwell and lift access. There are communal kitchen and toilet facilities. The larger ground floor suite benefits form its own entrance, kitchenette and toilet facility.
Externally, there is a car parking area for 8 cars, along with an EV charging station. Internally the specifications vary from suite to suite, but include a mix of partitioned and open plan spaces, suspended ceilings with recessed LED lights or cat 2 lights and a mix of carpet and laminate floor coverings.
Location
The Quay occupies a prominent and easily accessible location fronting Plymouth Road, one of the main arterial routes into the historic and popular market town of Tavistock.
The property is situated within a desirable mixed-use area, with Abbey Doctors Surgery opposite, and the recently refurbished Meadowlands Leisure Centre which provides a gym, swimming pool and café to the rear.
The bus station is also in very close proximity opposite.
Tavistock is a prosperous market town situated on the western side of Dartmoor and close to the Cornish border. It is connected by the A386 to Plymouth, which is approximately 15 miles to the south. The Town provides a range of amenities and retail offerings including a Pannier Market. It has a population of circa 10,000.
Accommodation
All areas are approximate and measured in accordance with the RICS Property Measurement (2nd Edition) on a net internal basis, see the tenancy schedule.
From Nimbus maps we calculate that the red line of the property extends to 0.286 hectares (0.708 acres), and the blue line extends to 0.076 hectares (0.189 acres).
Planning
Rent / Price
We are instructed to seek offers off a guide of £890,000 which reflects a net initial yield of 10.07% after an allowance for purchasers costs of 5.62%. This equates to approx. £85 per sq ft (excluding library area) overall. Upon letting of the ground floor suite at the asking rent, there is a potential reversionary yield of 11.86% (after purchasers costs).
Service Charge
A service charge is levied for the upkeep and maintenance of the common parts. Further information available from the agents.
Business Rates
Services
We understand that mains electricity, water and drainage are connected to the property however these services have not been tested by the agents. Interested parties should make their own enquiries.
EPC
C (57)
Legal Fees
Each party to be responsible for their own legal fees in relation to this transaction.
VAT
The property has been elected for VAT and therefore VAT will be charged on the purchase price.
Brochures
The Quay, Plymouth Road, Tavistock, Devon, PL19 8AB
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Gunnislake Station3.9 miles
- Calstock Station4.4 miles
- Bere Alston Station4.8 miles
Vickery Holman is a multi-disciplined property company, the roots of which can be traced back as far as 1848. Today, the consultancy has more than 60 people working in four offices, strategically placed across the South West. Vickery Holman is a limited company, owned by its employees, and is a member of the RICS (Royal Institution of Chartered Surveyors).
Our consultants offer a full spectrum of skills in all areas of property, from all aspects of general practice and building surveyin
Notes
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