12 - 14 Chapel Street Exmouth Devon EX8 1HS

12 - 14 Chapel Street
Exmouth
Devon
EX8 1HS

Freehold Retail Investment

  • Let to Mackays Stores Limited on a recently renewed 10 year lease until 2026 (no breaks)
  • Re-based rent
  • Tenant in occupation since at least 1983
  • Prime pedestrianised position in popular Devon town
  • Nearby occupiers include Boots the Chemist, WH Smith, New Look, Superdrug, Costa and Caffè Nero
  • £66,500 per annum exclusive, subject to note 2
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    8
  • Auction
    13th October 2016
  • Rent
    £66,500 per Annum Exclusive
  • Status
    Sold
  • Price
    £937,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG
  • On behalf of Receivers - CBRE
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Freehold Retail Investment

  • Let to Mackays Stores Limited on a recently renewed 10 year lease until 2026 (no breaks)
  • Re-based rent
  • Tenant in occupation since at least 1983
  • Prime pedestrianised position in popular Devon town
  • Nearby occupiers include Boots the Chemist, WH Smith, New Look, Superdrug, Costa and Caffè Nero
  • £66,500 per annum exclusive, subject to note 2
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 8
  • Auction 13th October 2016
  • Rent
  • Status Sold
  • Price £937,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Squafre
    London W1H 7BG
  • On behalf of Receivers - CBRE

Property Information

Location
Miles
10 miles south-east of Exeter, 35 miles south-west of Taunton
Roads
A376, A30, A38, M5 (Junction 30)
Rail
Exmouth Railway Station
Air
Exeter International Airport
Situation

Exmouth is a popular east Devon seaside resort town located 15 miles from Dartmoor National Park. The property is situated in a prime pedestrianised position on the east side of Chapel Street and Magnolia Walk in Exmouth town centre. Nearby occupiers include Boots the Chemist, WH Smith, New Look, Superdrug, Costa and Caffè Nero.

Tenure

Freehold.

Location
Miles
10 miles south-east of Exeter, 35 miles south-west of Taunton
Roads
A376, A30, A38, M5 (Junction 30)
Rail
Exmouth Railway Station
Air
Exeter International Airport
Situation

Exmouth is a popular east Devon seaside resort town located 15 miles from Dartmoor National Park. The property is situated in a prime pedestrianised position on the east side of Chapel Street and Magnolia Walk in Exmouth town centre. Nearby occupiers include Boots the Chemist, WH Smith, New Look, Superdrug, Costa and Caffè Nero.

Tenure

Freehold.

Description

The property comprises a double fronted ground floor retail unit with ancillary accommodation on the first and second floors.

VAT

VAT is not applicable to this lot.

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.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises a double fronted ground floor retail unit with ancillary accommodation on the first and second floors.

VAT

VAT is not applicable to this lot.

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.

Completion Period

Six Week Completion

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
First
Second
Retail/Ancillary
Ancillary
Ancillary
333.30 sq m
162.40 sq m
43.40 sq m
(3,588 sq ft)
(1,748 sq ft)
(467 sq ft)
MACKAYS
STORES
LIMITED (1)
10 years from 11/07/2016
on a full repairing and
insuring lease
£66,500 (2) 11/07/2021
(11/07/2026)
Totals   539.10 sq m (5,803 sq ft)     £66,500 (2)  

(1) The first Mackays store opened 50 years ago and has grown from a small family business of just 6 stores to almost 300. Between 2005 and 2007, the store portfolio was expanded and upgraded, and Mackays successfully rebranded to the more contemporary M&Co fascia. M&Co currently employ more than 3,900 staff (Source: www.mandco.com 05/09/2016).
(2) The tenant is benefiting from a rent free period due to expire 10th July 2017. The seller has agreed to adjust the completion monies so that the property will produce £66,500 p.a.x from completion of the sale.

Property Documents

  • Site Plan
    Updated Date
    29.10.19
    File Size
    80 KB
    View PDF
  • Catalogue Page
    Updated Date
    29.10.19
    File Size
    745 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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