Office For Sale, Cullompton

The building has excellent road access, sitting at the entrance to the Longbridge Meadow Estate, which is located almost immediately off Junction 28 of the M5 Motorway to the east of Cullompton town centre. Junction 29 of the M5 (Exeter North) is 10 miles to the south.

There is a public house adjacent, and a Tesco superstore and motorway services are within easy walking distance.

Modern Office Building On Two Floors

Detached Modern Office Building On Two Floors

21 Parking Spaces

First Floor Let On Contributory Fri Lease To 2029 - Passing Rent: £43,920 P.a.

Aggregate Gross Rental Income £69,635 Per Annum, Rising To £85,763 P.a. When Vacant Rooms Let At Same Rental Level.

Second Floor Two Tenancies At Will, Can Be Offered With Vacant Possession

The Building Has Excellent Road Access, Sitting At The Entrance To The Longbridge Meadow Estate, Which Is Located Almost Immediately Off Junction 28 Of The M5 Motorway To The East Of Cullompton Town Centre. Junction 29 Of The M5 (exeter North) Is 10 Miles To The South.

There Is A Public House Adjacent, And A Tesco Superstore And Motorway Services Are Within Easy Walking Distance.

A Detached Office Building Constructed In 2020, Comprising Offices On First And Second Floor Levels, Plus Undercroft Parking At Ground Floor Level. The Offices Are Accessed Via Stairs And Passenger Lift, And There Are Facilities (male, Female And Disabled Wcs And Kitchens) Leading Off The First And Second Floor Landings.
Features Of The Offices Include:

Suspended Ceilings With Recessed Led Lighting..
Air Conditioning (heating And Cooling).
Power And Data Sockets In The Walls.
Laminate Flooring.

The Offices Are Structurally Open-plan But Are Currently Partitioned On Both Floors To Form Several Rooms With Central Corridor. On The First Floor These Partitions Are Mostly Full-height Glazed Partitioning And Glazed Doors, While The Second Floor Walls Are Mostly Of Stud Partitioning.

Parking
The Site Has 21 Marked Have Parking Spaces, Including Those In The Undercroft Of The Building Which Have Ev Charging Points.

Accommodation
First Floor: 2,402 Sq Ft (223.11 Sq M)
Second Floor: 2,375 Sq Ft (220.60 Sq M)
Total: 4,776 Sq Ft (443.71 Sq M)

The Property Is Not Elected For Vat And Therefore Vat Is Not Applicable To The Purchase Price.

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

To Be Re-assessed.

The Whole Of The First Floor Is Let To Adoptstar Limited From 25th September 2024 For A Term Of 5 Years On A Contributory Full Repairing And Insuring Basis. The Passing Rent Is £43,920 Per Annum, Subject To Review On 25.9.2027. There Is A Tenant Break Option On 25.9.27, Subject To A Penalty Of £10,980.

On The First Floor, There Are Two Occupiers In A Total Of Three Rooms, Who Occupy By Way Of Tenancies At Will With A Combined Rent Of £20,715 Per Annum. These Tenancies At Will Can Be Terminated And Full Vacant Possession Offered.

Adopstar Have Use Of Ev Charging Points By Way Of A Separate Agreement Which Yields A Further Sum Of £5,000 Per Annum.
The Current Aggregate Gross Income Is Therefore £69,635 Per Annum. The Cost Of Services Provided By The Landlord Which Are Not Recoverable From The Tenants Is Anticipated To Be £14,475 In The Current Year, Making The Aggregate Net Income £55,160 Pa With A Further 898 Sq.ft Of Vacant Office Space On The Second Floor.

Adopstar Limited (co Reg 07361099) Is An Advertising Agency Which Was Incorporated In 2010. The Company's Latest Published Accounts, For The Year To 31.8.2024, Show Net Assets Of £270,969.