One of South Devon most substantial purpose-built office properties has been sold freehold by commercial agents, Bettesworths.
Riveria House on Nicholson Road in the Willows was originally purpose-built for NatWest Bank. Following the departure of NatWest, Bettesworths have sold the property on behalf of clients Lewis Property Services.
The property was sold for an undisclosed sum, off an asking price in the region of £1,200,000 and the freehold sale was negotiated by George Helmore of Bettesworths.
The purchaser Optics Warehouse Limited are moving from smaller premises in Paignton to meet the demands of growth in their business.
This is likely to be one of the larger freehold office transactions in South Devon in 2023.
George Helmore of Bettesworths commented on the sale “We received instructions from our investor client, that we were to pursue a disposal of the asset on their behalf.
This is a sizeable asset and we are delighted to have achieved a satisfactory result for our client in challenging office market conditions.
The sale of Riviera House, tops off what has been a positive start of the year for office transactions in Devon.”
Sean Ellis of Optics Warehouse remarked on the sale “Our acquisition of Riveria House gives our growing business facility to fulfil demand and continue to expand.
We are very grateful to George for his skill and assistance in negotiating and guiding the sale through to successful completion.”
Riviera House is a 1990’s purpose built detached office block, providing 1,200 plus m2 (13,000 sq ft) of mainly open plan modern office accommodation over ground and first floor level, with a private carpark for over 50 vehicles.
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