8B Cranmere Rd 3,736 SF 100% Leased Office Building Okehampton EX20 1UE $641,670 CAD ($171.75 CAD/SF) 9.22% Cap Rate

Freehold office building on established Business Park. Guide price: £345,000 for the freehold interest. This reflects a net initial yield of 9.22% after normal purchasers costs based on an income of £33,000 per annum.
Exeter Road Industrial Estate is situated on the eastern outskirts of Okehampton with good access to the A30 dual carriageway via Exeter Road. The A30 links Okehampton with Exeter and the M5 Motorway approximately 25 miles to the east, as well as with locations in Cornwall to the west. Okehampton is the second largest town in the Borough of West Devon and, along with Tavistock, is the administrative centre for the area. The district population is in excess of 48,000 and the town is situated approximately 19 miles north east of Launceston and 32 miles north of Plymouth.
The property was originally constructed in the early 1990’s and the units provide the following features:
- Mainly open plan, well presented office space
- Unit 8B recently refurbished
- Suspended ceilings with LED panel lighting
- Full carpeting
- Perimeter trunking providing data and power sockets
- Powder coated aluminum frame double glazed windows
- Intruder alarm
- Large kitchen/staff room, w/c’s including disabled
- Air conditioning
- Wall mounted electric heaters
- 3 phase electricity.
Lease terms:
Office Building 8a
The property is held by way of a lease for 6 years from 29th September 2021 by Mapyx Limited. Company Registration Number: 05696490, on a full repairing and insuring basis. The passing rent is £16,500 per annum and subject to review on a 3 yearly basis. The tenants option to break at the 3rd year subject to 6 months prior written notice, was not exercised.
Office Building 8b
The property is held by way of a new lease for a term of 6 years from 13th August 2025 by private individual on a full repairing and insuring basis. The initial rent is £13,200 rising to £16,500 per annum from 12th August 2026, rising annually in line with CPI thereafter. There are tenants options to break at the end of the 2nd and 3rd years subject to the tenant paying a break penalty of £3,300 if exercised at the end of the 2nd year. The lease is contracted outside The Landlord and Tenant Act 1954. Note: The vendor is to pay the proportional shortfall in rent from £16,500 for year 1 upon completion.