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EPC
The property has an EPC rating of B and is valid until April 2035.
Rateable Value
According to the Valuation Office website the rateable value for the property is as follows;
| Units 1,2&3 Market Wells | Office & premises | £22,000 |
The business rate multiplier is 43.2 pence per pound.
Accommodation
The property has been measured by BKR Floor Plans and provides the following accommodation:
| Gross Internal Area | ||
| Ground Floor | 331.28 sq m | 3,566 sq ft |
| First Floor | 124.86 sq m | 1,344 sq ft |
| Total | 456.14 sq m | 4,910 sq ft |
| Net Internal Area | ||
| Ground Floor | 295.33 sq m | 3,179 sq ft |
| First Floor | 108.97 sq m | 1,173 sq ft |
| Total | 404.30 sq m | 4,352 sq ft |
A set of floor plans is available to download, and the measured survey report will be re-addressed to a purchaser at a cost of £580 + VAT.
Tenure
Virtual Freehold Interest (999 years less 10 days from 21st May 2002 at a peppercorn rent).
Tenancy
The ground and part first floor is let to Dr Abel Adegoke & Dr Babatunji Adeogun (t/a Hamilton Medical Centre) on an effectively full repairing and insuring lease, subject to a Schedule of Condition, for a term of 15 years from 8th July 2026, expiring on 7th July 2041. There is a tenant’s break option on 8th July 2031 and 8th July 2036, subject to six months’ notice. The lease is outside 1954 Act protection.
The tenant has been in occupation since 2001 and recently renewed their lease, demonstrating their commitment to this location.
The current passing rent is £67,120 per annum. The lease benefits from three yearly open market rent reviews on 8th July in each of the years 2029, 2032, 2035 and 2038.
The passing rent prior to the lease renewal was £62,000 per annum. The rent was agreed with the NHS and District Valuer appointed by the NHS by reference to comparable evidence in relation to GP surgeries in the locality.
The tenant has a right to use three car parking spaces in the communal parking area.
Service Charge
For the year ending 31st December 2025, the service charge payable by the tenant was £5,431.40. Copies of the service charge accounts are available to download via the data room.
Covenant
Hamilton Medical Practice is an NHS primary healthcare provider that has been offering personalised care services since they took occupation in 2001.
In accordance with The National Health Service (General Medical Services-Premises Costs) Directions 2024, the NHS reimburses doctors for their premises costs. Rent for GP practices is based on the Current Market Rent (see Section 5 of the Directions) set by either a District Valuer or RICS Surveyor to reflect fair market value
In effect, the rent is under-written by the NHS, thereby providing highly secure income for an investor.
The surgery’s overall rating from the Care Quality Commission (CQC) is good (report is available to download).
VAT
The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Proposal
We are instructed to seek a figure of £800,000 (Eight Hundred Thousand Pounds), subject to contract, reflecting a net initial yield of 8%.
Please note a purchaser will be re-charged the cost of the measured survey (£580 + VAT) and searches (£1,294.70) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1.0% of the purchase price plus VAT.
Investment Considerations
An opportunity to acquire an NHS healthcare investment;
Highly secure income, with the rent effectively underwritten by NHS England;
New 15 year lease from July 2026;
The tenant has been in occupation since 2001 and has renewed their lease, demonstrating their commitment to this location;
A purchase at the asking price reflects an attractive net initial yield;
Attractive lot size for an investor.
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Data Room
A full data room is available for this property.
Click the button below to access the data room, or navigate to the area titled “clicktopurchase®”, where you can view the data room and commence the online purchase process.
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