Office for sale Exeter EX2 5AZ,6480sq ft

1/2

Office

Office For Sale Exeter

PROPERTY ID: 143396

PROPERTY TYPE

Office

STATUS

Available

SIZE

6,480 sq.ft

Key Features

Modern detached office building undergoing substantial upgrade works

Approx: 6,480 sq ft

33 parking spaces

Rent: £120,000 p.a.

Let to established accountancy firm to 2035

Freehold price: £1,275,000 plus VAT

Property Details

Detached Office Building On Secure Site With 33-space Car Park

Modern Detached Office Building Undergoing Substantial Upgrade Works

Approx: 6,480 Sq Ft

33 Parking Spaces

Let To Established Accountancy Firm To 2035

Rent: £120,000 P.a.

Melrose House Is Situated On The Established Pynes Hill Office Campus, Which Is Accessed Off Rydon Lane Approximately 1 Mile From Junctions 29 And 30 Of The M5. The City Centre Is Around 3 Miles Away And There Are Regular Bus Links To The City Centre And Park & Ride Services. The Nearest Railway Station Is Digby & Sowton, Providing Services Into The City And To Locations Beyond.

There Is A Retail Park And Tesco Superstore Nearby Together With A Costa Outlet At The Entrance To The Office Campus.

Exeter Is An Historic University City And Is The Main Administrative And Commercial Centre For Devon With A Resident Population Of Approximately 130,000 And A Catchment Population Of 500,000 Within A 40 Minute Drive Time.

Exeter Is Situated Some 79 Miles South Of Bristol, 40 Miles North Of Plymouth And 200 Miles To The West Of London. The City Has Its Own Airport And Is Served By A Comprehensive Intercity Rail Service From Exeter St David's With A Fastest Journey Time To London Of Approximately 2 Hours.

Exeter Has Attracted A Number Of Major Occupiers And Organisations To Locate In The City Including The Met Office, Ashfords And Michelmores Solicitors And Pennon Group (south West Water).

Melrose House Is A Detached And Self-contained Office Building, Set On Its Own Site Which Includes Car Parking To The Front And Side Of The Building, As Well As Mature Landscaping.

The Building Is Designed To Provide Open-plan Offices On Ground And First Floors, Accessed Via A Glazed Lobby Off Which Are Two Sets Of Stairs And Wc Facilities. The Layout Permits The Building To Be Occupied As A Whole Or As Two Or Three Self-contained Units.

Parking
The Building Has Its Own Car Park With Security Barrier Across The Entrance. The Car Park Currently Has 33 Marked Spaces, But Planning Consent Exists For An Extension To The Parking Areas Which Will Bring The Number Of Spaces To 39. Works Have Been Commenced On The Extension To The Car Park.

Tenants Works
The Tenant Has Commenced A Comprehensive Programme Of Works Which Will Improve And Modernise The Building, With Emphasis On Enhancing Its Energy Performance. The Intended Works Include The Following:

New Air Con (heating/cooling) With Heat Recovery System To All Office Areas, New Electric Heating To Core Areas.
Full Refurbishment Of Office Areas To Include New Ceilings, Lighting, Power And Data Cabling And Floor Coverings, And New Office Partitions.
Refurbishment Of All Kitchen, Wc And Shower Facilities.
Ev Charging Points In The Car Park.

Tenure
Freehold.

Proposal
The Freehold Is Available At A Price Of £1,275,000 Plus Vat Equating To A Net Initial Yield (following End Of Rent-free Period) Of 8.88% After Normal Purchaser's Costs.

The Property Has Been Elected For Vat And Therefore It Is Anticipated The Transaction Will Be Treated As A Transfer Of A Going Concern (togc).

Both Parties To Bear Their Own Legal Costs In The Transaction.

The Property Has A Rating Of Band C. On Completion Of The Tenant's Current Works, It Is Anticipated That The Building Will Be Capable Of Achieving An Epc Of A Or B, Which Would Comply With Anticipated Changes To Epc Regulations.

Let To Streets Bush Limited From 27th May 2025 For A Term Of 10 Years On A Full Repairing And Insuring Basis. The Passing Rent Is £120,000 Per Annum, Subject To Review At The End Of The 5th Year. There Is A Tenant Break Option At The End Of The 5th Year, Subject To A Penalty Of 6 Months' Passing Rent.

The Rent Review Is To Be By Reference To The Property's Condition And Specification On Completion Of The Tenant's Current Works (as Summarised Above; A Full Specification Is Available On Request).

Streets Bush Limited (co Reg 09017205), Formerly Known As Bush & Co, Was Founded In Exeter In 1955. In 2024 Bush & Co Merged With Streets Chartered Accountants And Became Known As Streets Bush, Thereby Joining A Top 40 Uk Accountancy Practice.

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About the Agent

Stratton Creber Commercial - Exeter

See Agent's Other Properties

Office Unit

£1,275,000 Freehold

Melrose House,Pynes Hill, Exeter, EX2 5AZ

Office - Available
6,480 sq ft
602 sqm

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Office For Sale Exeter

PROPERTY ID: 143396

PROPERTY TYPE

Office

STATUS

Available

SIZE

6,480 sq.ft

Key Features

Property Details

About the Agent

Stratton Creber Commercial - Exeter

Office Unit

£1,275,000 Freehold

Melrose House,Pynes Hill, Exeter, EX2 5AZ

Office - Available 6,480 sq ft602 sqm

Enquiry Form

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Office - Available
6,480 sq ft
602 sqm