Entirely let to WH Smith Retail Holdings Limited on a re-geared lease from 2016 (2)
Tenant in occupation since at least 2011
Prominent corner position in prime retail location
Nearby occupiers include Boots the Chemist, Argos, Superdrug and Card Factory
VAT free investment
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 36
Auction 19th May 2016
Rent
Status Sold
Price £575,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of CBRE Receivers
Property Information
Location
Miles
25 miles north-west of Taunton, 45 miles north of Exeter
Roads
A39, A396
Rail
Taunton Rail
Air
Exeter International Airport
Situation
Minehead is a coastal town in Somerset and home to the Butlins Holiday Park, which attracts several thousand tourists every year. The property is situated in a prominent corner position where
Summerland Road joins The Parade, the principal retail trading location within Minehead. Nearby occupiers include Boots the Chemist, Argos, Superdrug and Card Factory.
Tenure
Freehold.
Location
Miles
25 miles north-west of Taunton, 45 miles north of Exeter
Roads
A39, A396
Rail
Taunton Rail
Air
Exeter International Airport
Situation
Minehead is a coastal town in Somerset and home to the Butlins Holiday Park, which attracts several thousand tourists every year. The property is situated in a prominent corner position where
Summerland Road joins The Parade, the principal retail trading location within Minehead. Nearby occupiers include Boots the Chemist, Argos, Superdrug and Card Factory.
Tenure
Freehold.
Description
The property comprises a substantial retail unit with a return frontage and ancillary accommodation on the first and second floors.
Six Week Completion
This property is being marketed for sale on behalf of Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a substantial retail unit with a return frontage and ancillary accommodation on the first and second floors.
Six Week Completion
This property is being marketed for sale on behalf of Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reversion
Ground First Second
Retail/Ancillary Ancillary Ancillary
227.52 sq m 124.87 sq m 177.06 sq m
(2,449 sq ft) (1,344 sq ft) (1,906 sq ft)
WH SMITH RETAIL HOLDINGS LIMITED (1)
5 years from 2016 (2) on a full repairing and insuring lease
£42,500
2021
Totals
529.45 sq m
(5,699 sq ft)
£42,500
(1) For the year ending 31st August 2014, WH Smith Retail Holdings Limited reported a turnover of £164,447,000, pre-tax profits of £105,938,000 and a total net worth of £466,645,000 (Source: Experian Group 19/04/2016). (2) The property is currently let on a 5 year lease from 13th January 2011 until 12th January 2016 at a rent of £42,500 p.a.x. Terms for a new 5 year lease, subject to a 6 month rent free period, at a rent of £42,500 p.a.x have been agreed and is in solicitors’ hands due to complete imminently. The seller has agreed to adjust the completion monies so that the property will produce £42,500 p.a.x from completion of the sale.