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Lustleigh Clos - Mulberry Court 3,227 SF Office Condo Unit Offered at $573,759 in Exeter EX2 8PW
INVESTMENT HIGHLIGHTS
- Mid terraced, well presented office units on established Business Park location
- Circa 1,600 sq. ft each (Total: 3,200 sq.ft)
- Total rent: £36,000 per annum
- Fully income producing
- 12 allocated parking spaces
- Guide Price: £415,000 which reflects net initial yield of approx. 8.32% after purchasers costs
EXECUTIVE SUMMARY
Unit 8 & 9 Mulberry Court are 2 self contained mid terrace office units and provide well presented offices on ground and first floors accessed via a lobby. There is a disabled WC on the ground floor with a kitchen and a further WC on the first floor. The Marsh Barton Trading Estate, and its newer extension, Matford Park, is located to the southern edge of the city on the west side of the River Exe, and is the largest and most established estate. It is well served by road links both within and from outside the city boundaries, particularly the A30 and A38 which link to the M5 motorway. The estate is particularly popular with the motor trade industry and trade counter operators and has been further extended by the Matford Green development in recent years. The property is located in a 1980s development known as Mulberry Court, which is accessed from Lustleigh Close, a no-through road leading off Matford Park Road. Mulberry Court comprises a terrace of ten office units, and occupiers include Passmore Care, Coastal Recycling and Oak First Investments.
PROPERTY FACTS
| Total Building Size | 16,500 SF | Typical Floor Size | 8,250 SF |
| Property Type | Office (Condo) | Year Built | 1995 |
| Building Class | B | Lot Size | 0.48 AC |
| Floors | 2 | Parking Ratio | 4.21/1,000 SF |
| Total Building Size | 16,500 SF |
| Property Type | Office (Condo) |
| Building Class | B |
| Floors | 2 |
| Typical Floor Size | 8,250 SF |
| Year Built | 1995 |
| Lot Size | 0.48 AC |
| Parking Ratio | 4.21/1,000 SF |
AMENITIES
- Accent Lighting
- Energy Performance Rating - C
- Central Heating
- Demised WC facilities
- Recessed Lighting
- Drop Ceiling
- Air Conditioning
1 UNIT AVAILABLE
Unit 8 & 9
| Unit Size | 3,227 SF | Sale Type | Investment |
| Price | $573,759 | Tenure | Long Leasehold |
| Price Per SF | $177.80 | No. Parking Spaces | 12 |
| Condo Use | Office |
| Unit Size | 3,227 SF |
| Price | $573,759 |
| Price Per SF | $177.80 |
| Condo Use | Office |
| Sale Type | Investment |
| Tenure | Long Leasehold |
| No. Parking Spaces | 12 |
DESCRIPTION
The property comprises 2 self contained office buildings which are contiguous.
The offices are mainly open plan, but with some demount able partitioning. The specification includes:
- Large double glazed windows to front and rear
- Gas fired central heating
- Suspended ceilings with LED lighting
- Wall mounted power & data
- Security & fire alarms
- Unit 9 benefits from air conditioning throughout
Each unit has 6 allocated parking spaces in the shared car park.
SALE NOTES
The property is offered for sale by way of a long leasehold (expiring 1st July 2114), at a guide price of £415,000. Subject to the occupational leases providing a total annual income of £36,000 as set out below. Please contact sole agent for further details.
Lease terms:
Unit 8 - The property is held by way of a lease to Ishelp.co.uk Ltd for a term of 10 years from 17th August 2022, on an Full Repairing and Insuring basis. The passing rent is £17,750 per annum, subject to a review in August 2027. A tenant only break option is also included, 17th August 2027.
Unit 9 - The property is being sold with the benefit of a lease to Luxury Coastal Ltd for a term of 6 years from 1st November 2021, on an Full Repairing and Insuring basis. The passing rent is £18,250 per annum. An estate charge is payable by the tenant—the current charge for each unit is available on request.
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Lustleigh Clos - Mulberry Court
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