Property photos
Just added
£345,000
(£92.34/sq. ft)
Office for sale
Unit 8A And 8B, Cranmere Road, Exeter Road Industrial Estate, Okehampton, Devon EX203,736 sq. ft
Available immediately
Local area information
Property location
Nearby amenities
- St James Church of England Primary and Nursery School 0.4 miles
- Okehampton 0.7 miles
- Okehampton College 0.9 miles
- Sampford Courtenay 3.2 miles
These distances are calculated in a straight line. The actual route and distance may vary.
Read our area guide for Okehampton to find out more about the local area.
Features and description
- Two single storey self-contained modern office buildings
- Established Business Park
- 1,868 sq ft/ 174 sq m each (Total: 3,736 sq ft / 348 sq m)
- 11 parking spaces
- Separate adjacent development site
- Fully income producing
- Total rent: £33,000
- Guide price: £345,000
Freehold office investment comprising 2 single storey modern office buildings with adjacent development site
Two single storey self-contained modern office buildings
Established Business Park
1,868 sq ft/ 174 sq m each (Total: 3,736 sq ft / 348 sq m)
Separate adjacent development site
11 parking spaces
Exeter Road Industrial Estate is situated on the eastern outskirts of Okehampton with good access to the A30 dual carriageway via Exeter Road. The A30 links Okehampton with Exeter and the M5 Motorway approximately 25 miles to the east, as well as with locations in Cornwall to the west.
Okehampton is the second largest town in the Borough of West Devon and, along with Tavistock, is the administrative centre for the area. The district population is in excess of 48,000 and the town is situated approximately 19 miles north east of Launceston and 32 miles north of Plymouth.
The property was originally constructed in the early 1990's and the units provide the following features:
Mainly open plan, well presented office space.
Unit 8B recently refurbished
Suspended ceilings with LED panel lighting.
Full carpeting.
Perimeter trunking providing data and power sockets.
Powder coated aluminum frame double glazed windows.
Intruder alarm.
Large kitchen/staff room, w/c's including disabled.
Air conditioning.
Wall mounted electric heaters.
3 phase electricity.
Accommodation
8a: 1,868 sq ft / 174 sq m
8b: 1,868 sq ft / 174 sq m
total: 3,736 sq ft / 348 sq M
Proposal
Guide price: £345,000 for the freehold interest.
This reflects a net initial yield of 9.22% after normal purchasers costs based on an income of £33,000 per annum.
Adjacent development site
The adjacent development site (outlined in blue on the plan) extends to about 0.145 acres (6,314 sq ft). Planning consent was granted on May 2014 for the construction of a 2,000 sq ft (187.94 sq m) single storey building for B1 and B8 (Office & Light Industrial Use). Application no. 00553/2014. Although the permission expired we understand renewal would be granted by West Devon Borough Council.
The property has been elected for VAT and therefore it is anticipated that the transaction will be treated as a Transfer of a Going Concern (togc).
Both parties to bear their own legal costs in the transaction.
8a: C/66
8b: A/21
Office Building 8a
The property is held by way of a lease for 6 years from 29th September 2021 by Mapyx Limited. Company Registration Number: 05696490, on a full repairing and insuring basis. The passing rent is £16,500 per annum and subject to review on a 3 yearly basis. The tenants option to break at the 3rd year subject to 6 months prior written notice, was not exercised.
Office Building 8b
The property is held by way of a new lease for a term of 6 years from 13th August 2025 by private individual on a full repairing and insuring basis. The initial rent is £13,200 rising to £16,500 per annum from 12th August 2026, rising annually in line with cpi thereafter. There are tenants options to break at the end of the 2nd and 3rd years subject to the tenant paying a break penalty of £3,300 if exercised at the end of the 2nd year. The lease is contracted outside The Landlord and Tenant Act 1954.
Note: The vendor is to pay the proportional shortfall in rent from £16,500 for year 1 upon completion.
Two single storey self-contained modern office buildings
Established Business Park
1,868 sq ft/ 174 sq m each (Total: 3,736 sq ft / 348 sq m)
Separate adjacent development site
11 parking spaces
Exeter Road Industrial Estate is situated on the eastern outskirts of Okehampton with good access to the A30 dual carriageway via Exeter Road. The A30 links Okehampton with Exeter and the M5 Motorway approximately 25 miles to the east, as well as with locations in Cornwall to the west.
Okehampton is the second largest town in the Borough of West Devon and, along with Tavistock, is the administrative centre for the area. The district population is in excess of 48,000 and the town is situated approximately 19 miles north east of Launceston and 32 miles north of Plymouth.
The property was originally constructed in the early 1990's and the units provide the following features:
Mainly open plan, well presented office space.
Unit 8B recently refurbished
Suspended ceilings with LED panel lighting.
Full carpeting.
Perimeter trunking providing data and power sockets.
Powder coated aluminum frame double glazed windows.
Intruder alarm.
Large kitchen/staff room, w/c's including disabled.
Air conditioning.
Wall mounted electric heaters.
3 phase electricity.
Accommodation
8a: 1,868 sq ft / 174 sq m
8b: 1,868 sq ft / 174 sq m
total: 3,736 sq ft / 348 sq M
Proposal
Guide price: £345,000 for the freehold interest.
This reflects a net initial yield of 9.22% after normal purchasers costs based on an income of £33,000 per annum.
Adjacent development site
The adjacent development site (outlined in blue on the plan) extends to about 0.145 acres (6,314 sq ft). Planning consent was granted on May 2014 for the construction of a 2,000 sq ft (187.94 sq m) single storey building for B1 and B8 (Office & Light Industrial Use). Application no. 00553/2014. Although the permission expired we understand renewal would be granted by West Devon Borough Council.
The property has been elected for VAT and therefore it is anticipated that the transaction will be treated as a Transfer of a Going Concern (togc).
Both parties to bear their own legal costs in the transaction.
8a: C/66
8b: A/21
Office Building 8a
The property is held by way of a lease for 6 years from 29th September 2021 by Mapyx Limited. Company Registration Number: 05696490, on a full repairing and insuring basis. The passing rent is £16,500 per annum and subject to review on a 3 yearly basis. The tenants option to break at the 3rd year subject to 6 months prior written notice, was not exercised.
Office Building 8b
The property is held by way of a new lease for a term of 6 years from 13th August 2025 by private individual on a full repairing and insuring basis. The initial rent is £13,200 rising to £16,500 per annum from 12th August 2026, rising annually in line with cpi thereafter. There are tenants options to break at the end of the 2nd and 3rd years subject to the tenant paying a break penalty of £3,300 if exercised at the end of the 2nd year. The lease is contracted outside The Landlord and Tenant Act 1954.
Note: The vendor is to pay the proportional shortfall in rent from £16,500 for year 1 upon completion.
More information
Listed by
Stratton Creber Commercial
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