Let on a new 10 year lease to The Works Stores Limited (subject to option)
Located on Tiverton’s prime pedestrianized retail thoroughfare
Nearby occupiers include Boots the Chemist, The Edinburgh Woollen Mill, NatWest Bank and The Carphone Warehouse
VAT-free investment
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 60
Auction 19th May 2016
Rent £35,000 per Annum Exclusive
Status Sold
Price £430,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of Receivers CBRE
Property Information
Location
Miles
15 miles north of Exeter
20 miles south-west of Taunton
Roads
A396, A361, M5 (Junction 27)
Rail
Tiverton Parkway Railway Station
Air
Exeter Airport
Situation
The property is situated in a prime retail position on the pedestrianised Fore Street. Nearby occupiers include Boots the Chemist, The Edinburgh Woollen Mill, NatWest Bank and The Carphone Warehouse. The property benefits from a public car park to the rear of the building.
Tenure
Freehold.
Location
Miles
15 miles north of Exeter
20 miles south-west of Taunton
Roads
A396, A361, M5 (Junction 27)
Rail
Tiverton Parkway Railway Station
Air
Exeter Airport
Situation
The property is situated in a prime retail position on the pedestrianised Fore Street. Nearby occupiers include Boots the Chemist, The Edinburgh Woollen Mill, NatWest Bank and The Carphone Warehouse. The property benefits from a public car park to the rear of the building.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit with storage and
staff facilities on the first floor.
Six Week Completion
Note
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 ground floor retail unit with storage and
staff facilities on the first floor.
Six Week Completion
Note
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
Review (Reversion)
Ground
Retail/Ancillary
199.80 sq m
(2,151 sq ft)
THE WORKS STORES LIMITED (1)
10 years from 2016 on a full repairing and insuring lease (2)
£35,000 (3)
5th anniversary (2026)
First
Ancillary
214.20 sq m
(2,305 sq ft)
Totals
414.00 sq m
(4,456 sq ft)
£35,000
(1) The Works currently have over 330 stores nationwide selling discount books, gifts, toys and stationary. For the year ending 26th April 2015, The Works Stores Limited reported a turnover of £141,684,000, pre-tax profits of £6,733,000 and a total net worth of £16,756,000. (Source: Experian Group 19/04/2016). (2) The lease has been agreed, it is in the solicitor’s hands and due to complete imminently. The lease will provide for a tenant’s option to determine on the fifth anniversary of the term, subject to 6 months’ prior written notice. (3) The tenant will benefit from a 12 month rent free period. The seller has agreed to adjust the completion monies so that the property will produce £35,000 p.a.x. from completion of the sale.
