This office is now off the market

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Third Floor, Prideaux Court, Palace Street, Plymouth, PL1 2AY – Stonehouse

This office is now off the market

Vickery Holman
Contact name
Joanne High
Full address
Prideaux Court, Palace Street, Plymouth PL1 2AY – Stonehouse
Property type
Office to rent
Rent
£12,400 per annum
Features
Car park, Kitchen, Lift, Office space, Open plan, Refurbished, Security
Size
154 sq m
Estimated space
15 people

Newly refurbished ● First Floor - 148.6 sq m (1,600 sq ft) ● Third Floor - 153.3 sq m (1,649 sq ft) ● Mainly open plan ● From £12,400 per annum exclusive ● Inclusive of 2 car parking spaces per suite ● TENANT INCENTIVES AVAILABLE
Prideaux Court comprises an imposing 5-storey office building that still retains its original character and features from its rich history, whilst still providing good quality office space.
The suite is open plan. The suite also benefits from a separate kitchen area, gas central heating, lift access, lobby area with secure access and separate WCs for each floor.
Prideaux Court comprises an imposing 5-storey office building that still retains its original character and features from its rich history, whilst still providing good quality office space.
The suite is open plan. The suite also benefits from a separate kitchen area, gas central heating, lift access, lobby area with secure access and separate WCs for each floor.
Assignment – Transfer of a lease from one party to another. Once a lease has been assigned, the assignee becomes responsible to the Landlord for paying the rent and fulfilling the other obligations of the lease.
Assured Shorthold Tenancy (AST) – An AST is the usual form of residential letting if: you are a private Tenant with a private Landlord, the tenancy began on or after 15 January 1989 or the house or flat is let as separate accommodation and is your main home.       A tenancy will not be an AST if: the tenancy began before 15 January 1989, it is a business or holiday let, no rent or a very high rent is charged or if the landlord is a ‘resident landlord’ (e.g. they let out a room within their home).
Break Clause – A clause in the lease giving either or both the Landlord and Tenant the right to terminate the lease in specified circumstances, normally at a given date within the lease, such as the third anniversary of the start of the lease. It is important to diarise the dates for the break clause as notice will have to be given to the other party stating that they wish to operate the break at the correct time. Most break clauses are time sensitive in that if the date is missed, the right to exercise the break will be lost. Break clauses are often also subject to certain conditions such as all payments being up to date and the Tenant providing vacant possession.
Consumer Price Index (RPI) – Rent reviews within leases can be linked to CPI which is a measurement of consumer inflation produced by the UK’s Office for National Statistics having regard to the price level of a basket of household goods and services.
Contracting Out – An agreement between the Landlord and Tenant that the Tenant will have no right to renew the lease at the end of the contractual term and will not have any right to compensation for the same purpose. This might also be referred to as ‘outside the act’. Both parties agree that the security of tenure provisions of Part II of the Landlord and Tenant Act 1954 shall not apply.
Covenant – The word generally has two meanings: First, in the strict legal sense it refers to a clause within the lease requiring the Tenant (or Landlord) to do something or to refrain from doing something (see Restrictive Covenant). Second, it is used to denote the worth of a Tenant and hence the risk of default, which will have a bearing on the value of the lease.
Energy Performance Certificate (EPC) – a commercial EPC provides an energy rating for the building which is based on the potential energy comsumption. Services such as lighting, heating and insulation are taken into account. The EPC is accompanied by a secondary Recommendation Report that provides recommendations on how the energy performance of the building could be improved.
Gross Development Value (GDV) – The estimated value that a new development or property would sell for on the open market.
Independent Expert Determination – A process in which a neutral, independent third-party acts as an expert to provide a confidential and binding determination of a dispute. Different to Arbitration as the Independent Expert is not confined to the evidence presented by the parties.
International Property Measurement Standards (IPMS) – International standards providing buildings of different use classes to be measured on a like for like basis around the world.
ITZA – ‘In Terms of Zone A’ a method of measuring and valuing shops of different sizes and layouts based on the amount of window frontage.
Net Internal Area (NIA) – The usable area within a building measured to the face of the internal finish of party walls and taking each floor into account. Excluding toilets, lift rooms, stair wells, entrance halls and corridors.
Net Initial Yield (NIY) – A measure of the return on an investment, the net yield takes the actual costs associated with purchasing the property into account.
Retail Price Index (RPI) – Rent reviews within leases can be linked to RPI which is a measurement of consumer inflation produced by the UK’s Office for National Statistics.
Security of Tenure – The statutory right of a tenant to renew the lease at the end of the term. Part II of the Landlord and Tenant Act 1954 gives business tenants security of tenure. However, this can be opted out of, see ‘Contracting Out’.
Service Charge – The costs incurred by the Landlord for upkeep and maintenance to shared parts of the building or estate, which can be charged back to Tenants.

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