Freehold Medical Centre Investment
Ideal sipp Investment with Rent backed by nhs
Two outstanding Rent reviews
Current Rent £151,638 per annum
This bespoke medical centre is located within the heart of Buxted at the junction of Framfield Road with the High Street. Buxted lies on the A272 between Uckfield to the south west and Hadlow Down to the east, the A272 links west to the A22 and A26 providing good road links south towards Lewes or north east to Royal Tunbridge Wells. Transport links are further enhanced with a rail connection at Buxted which provides direct services to London Bridge with a journey time of approximately 1 hour 15 minutes. Buxted itself provides a good range of local facilities whilst more comprehensive shopping and recreational facilities are available at Uckfield whilst the surrounding countryside provides a range of outdoor pursuits.
Buxted medical Centre is a bespoke built medical centre set in grounds that provide on-site parking for visitors and staff to the property. The building is purpose built and constructed within the last 10 years or so providing some 781 sq m (8,406 sq ft) of internal space. Leading off a central reception and waiting area the east wing is a single storey section of the building providing pharmacy dispensary area, treatment and minor surgery space, office and ancillary space. The west wing is arranged over two floors, the upper floor mainly utilised for gp consulting rooms together with office, wc facilities etc whilst the lower floor is mainly arranged to provide admin function offices, record storage facilities, staff areas and facility management associated space.
The lease provides for the rent to be reimbursed to the tenant from the nhs, please refer to the lease regarding this. The entire property is let for a term of 25 years without break clauses from 20th April 2012 therefore expiring April 2037.
Rent Reviews/ Outstanding Rent Reviews:
The lease provides for rent reviews every three years, the initial rent was £134,987, this was reviewed in April 2015 to the current passing rent of £151,638 . The landlord did not trigger the rent reviews as at 2018 and also, the current review due April 2021 remains outstanding with no notice served to trigger this however, the rent reviews are not time restricted therefore a buyer could exercise such reviews and collect the back rent - the sale entitles the buyer to retain any back rent arising as a result of the outstanding reviews.
Potential back rent Payable to New Owner:
Purchasers must rely on their own enquiries as to potential rent and amounts they may receive in back rent as a result of the outstanding reviews however, the increase in rent in 2015 equates to a rise of 12.3%. If this rate of rise was applied to the current outstanding reviews the rent as at April 2018 would be £170,289 per annum and as at April 2021 would be £191,234 per annum. On this assumption, this would provide the buyer on completion of the reviews back rent of some £55,983 for the period April 2015 to April 2018 and a further £5,236 to July 2021, this would of course increase until such times as the review was finalised.
Total Current Rent Reserved
£151,638 with no arrears and two rent reviews outstanding.
The property can be sold as a purchase of the company offering a considerable sdlt saving - Please contact the auctioneers to discuss this.
Every care has been taken with the preparation of these Particulars but complete accuracy cannot be guaranteed. If there is any point, which is of particular importance to you, please obtain professional confirmation; alternatively, we will be pleased to check the information for you.
These details are prepared as a general guide only, and should not be relied upon as a basis to enter into a legal contract, or commit expenditure. An interested party should consult their own surveyor, solicitor or other professionals before committing themselves to any expenditure or other legal commitments.
All dimensions/measurements are approximate.