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Residential Property For Sale Westmoor Veterinary Hosiptal, 1 Brook Lane, Tavistock, Devon, PL19 9BA

  • Size:
    5,182 sq ft / 481 sq m
  • Usage:
    C2
  • Sale Type:
    For Sale
  • Rental Income:
    N/A
  • Property Type:
    Other
  • Auction:
    No
  • Development Opportunity:
    No
  • Investment Opportunity:
    No
  • Tenanted:
    No
  • Energy Rating:
    N/A

The subject property comprises of a purpose built animal hospital and veterinary clinic, which is presently occupied presently by Westmoor Veterinary Hospital. The subject property has a higher than average parking provision and as such we consider it to provide more than ample parking for both visitor and staff- parking purposes. The rear and front elevation could also easily facilitate an extension at a later date if required subject to the necessary consents. The property offers modern accommodation which is built to a good standard and specification.

The subject property is situated to the south of the Plymouth Road (A386) which is one of the principal roads in and out of Tavistock. The property lies to the east of Brook Lane which runs roughly perpendicular to the aforementioned road. The immediate area comprises of a large superstore occupied by Morrison?s supermarket along with industrial and residential areas located immediately to the north and east of the subject property. The Tavy river runs roughly parallel to Brook Lane at this point, and runs along the adjoining boundary of the subject property.

The subject property has a higher than average parking provision and as such we consider it to provide more than ample parking for both visitor and staff- parking purposes. The rear and front elevation could also easily facilitate an extension at a later date if required subject to the necessary consents.

Lease

We have been supplied with a copy of the occupational lease and note that the premises are let to CVS (UK) Ltd on a 15 year FRI lease, dated 20th October 2014, with a tenants option to determine the lease in years five and ten. The rent passing is £62,000 per annum, this is subject to a review every five years.

Tenant

The accounts to the 30th June 2019 stated that CVS (UK) Group plc, now owns over 500 veterinary surgeries throughout England, Scotland and Wales. It operates laboratories performing diagnostics services for the veterinary industry and pet crematoria. The Group also operates an online dispensary selling medicines, pet food and other animal related products. The company recorded a turnover of £406.5 million and a gross profit of £168.9 million.

Disposal

Offers are sought in the region of £950,000 for the freehold interest, exclusive of VAT, reflecting a net initial yield of 6.17% after the allowance of normal purchasers costs of 5.69%.

Tavistock is a prosperous town situated on the western side of Dartmoor which is located close to the Cornish border. The town lies some 15 miles north of Plymouth, and is located on the A386 road which also links the town with the A30 trunk route at Oakhampton some 16 miles to the north. The town's local economy is based on the service of the surrounding agricultural community and industry situated within established industrial estates located on the fringe of the town. With a population of some 10,000 people. Tavistock is a popular residential location and is considered to be a dormitory town for the city of Plymouth.

The retailing centre of the town is to be found along Brook Street, Duke Street and West Street where the major clearing banks, building societies and national retailers are represented. There is also a panier market which is an established and popular indoor market which is located behind Duke Street.

The subject property is situated to the south of the Plymouth Road (A386) which is one of the principal roads in and out of Tavistock. The property lies to the east of Brook Lane which runs roughly perpendicular to the aforementioned road. The immediate area comprises of a large superstore occupied by Morrison's supermarket along with industrial and residential areas located immediately to the north and east of the subject property. The Tavy river runs roughly parallel to Brook Lane at this point, and runs along the adjoining boundary of the subject property.

All mains services are connected to the premises. We have not tested the apparatus, interested parties are invited to make their own enquiries.

Offers are sought in the region of £950,000 for the freehold interest, exclusive of VAT, reflecting a net initial yield of 6.17% after the allowance of normal purchasers costs of 5.69%.

INVESTMENT SALE- LET TO VETERINARY PRACTICE

STRONG COVENANT

9 YEARS UNEXPIRED / 4 YEARS TO NEXT BREAK

6.17% NET INITIAL YIELD

* INVESTMENT SALE- LET TO VETERINARY PRACTICE
* STRONG COVENANT
* 9 YEARS UNEXPIRED / 4 YEARS TO NEXT BREAK
* 6.17% NET INITIAL YIELD
* LOW SITE COVERAGE - APPROXIMATELY 15%

 

Contact Bruton Knowles

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