office
Ref 14103

28-29 Central Park Avenue

PL4 6DE Plymouth

To buy£3,500,000
Size53,652 ft² / 4,984 m² (approx. 500 desks)
Initial yield9%

Description

High Yielding Reversionary Office Investment With Underlying Redevelopment Potential

Investment Summary

  • Excellent location adjacent to Plymouth Railway Station.
  • Four storey building fronting Central Park Avenue totalling 53,652 sq ft.
  • Fully let to strong covenant, University of Plymouth, with 7 years unexpired.
  • Total rent of £336,066 per annum reflecting low base of £6.26 psf.
  • Landlord early surrender option to redevelop part from 1 April 2020.
  • Alternative use / redevelopment potential.
  • 1954 Act security of tenure provisions excluded.
  • Offers are sought in excess of £3,500,000 (Three Million Five Hundred Thousand Pounds) subject to contract.
  • Net initial yield of 9.02%, after allowing for purchaser’s costs of 6.50%.
  • Capital value of only £65 psf overall.

Energy rating

Energy rating F

Location and Transport

The property is located on the south side of Central Park Avenue, directly north of the Plymouth Central Railway Station and to the south of Central Park. The City Centre and University of Plymouth’s main campus are five minutes’ walk to the south. The property is highly visible to passing traffic with frontage to Pennycomequick roundabout, which forms part of the strategic road network and is a major gateway into the City Centre from the north. Plymouth Railway Station is the focus of a major masterplan redevelopment to provide enhanced station passenger facilities including new entrance and car parking as well as hotel, retail, restaurant and leisure uses, apartments, student accommodation and University faculty space / offices. The first phase comprising a 10,000 sq m landmark University faculty block together with new station entrance, multi-storey car park and public realm is expected to be delivered in time for the City’s international Mayflower 400 celebrations in 2020.