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Day Lewis Pharmacy, Ivybridge

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Basic Facts

Status: Type: Tenure: Freehold Gross Rent: £ 40,632
Lease Term: FR&I expires Jul '30 VAT applicable: Yes

Property Description

  • Freehold Blue-Chip Medical Investment.
  • The property comprises a ground floor retail unit with self contained first floor office accommodation, which has been sub-let.

Location Description

  • Ivybridge is a popular town in Devon situated on the southern boundary of Dartmoor National Park.
  • The property is prominently situated on Fore Street, adjacent to the Glanvilles Mill Shopping Centre.
  • Nearby occupiers include Co-operative Food, Lloyds Bank, Salvation Army and The Post Office.

Additional Notes

  • Day Lewis Plc are currently occupying the property on a lease assigned from Boots the Chemist Limited by way of an Authorised Guarantee Agreement at a rent of £39,439.86 p.a.x. rising to £40,031.60 p.a.x. in April 2019 and £40,631.92 p.a.x. in April 2020.
  • This lease is due to terminate on 21/07/2020. In addition, Day Lewis Plc have entered into a reversionary lease for a further 10 years at a rent of £40,632 p.a.x. expiring 21/07/2030 (no breaks).
  • The first floor has been sub-let on a licence to NHS Partnership Trust expiring in July 2020 at a rent of £9,900 per annum.

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