REPRICED - South Devon Veterinary Hospital

An opportunity to acquire a highly specified Veterinary Hospital let to IVC Evidensia.

• Located in the village of Abbotskerwell, which boarders the larger market town of Newton Abbot in South Devon. 
• The investment consists of a high specification Veterinary hospital, which serves the South Devon region. 
• The property is let in its entirety to the undoubted covenant of Independent Vetcare Limited (IVC Evidensia) - Experian score of 93.
• The building is set over 3 floors totalling 4,247 sqft.
• Current passing rent is £49,850pa which equates to £11.74 psf. 
• Additional PV panel income of circa £2,500pa with future additional growth anticipated.
• An Open Market Rent Review in May 2029 providing future reversionary potential. 
• The lease is to expire on 27th May 2034, providing a term certain of approximately 8.5 years without break.

We are instructed to seek offers at a revised price of £650,000 (Six Hundred and Fifty Thousand Pounds), which equates to Net Initial Yield of 7.66% once allowing for purchasers’ costs of 5.18%.

This amounts to a capital value of £153 psf.  The property is not registered for VAT and therefore VAT is not chargeable on the sale. 

*This adopts an additional £2,500 per annum for PV income.