Property Auctions 23/Mar/2016 | 1, 2 & 3 Magnolia Walk (23 Rolle Street), Exmouth, Devon, EX8 1HW

Freehold Retail Investment

Two retail units situated in Exmouth’s prime retail pitch
Let to New Look Retailers Limited and Hays Travel Limited
Prominent corner position in pedestrianised town centre location
Nearby occupiers include Boots the Chemist, WH Smith, Superdrug, Costa and Caffè Nero
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 36
Auction 23rd March 2016
Rent £93,000 per Annum Exclusive
Status Withdrawn Prior
Price
Sector
High Street Retail
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
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 prominent corner position on the south side of Magnolia Walk, at its junction with Rolle Street in the heart of the town centre. Nearby occupiers include Boots the Chemist, WH Smith, 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 prominent corner position on the south side of Magnolia Walk, at its junction with Rolle Street in the heart of the town centre. Nearby occupiers include Boots the Chemist, WH Smith, Superdrug, Costa and Caffè Nero.

Tenure

Freehold.

Description

The property comprises two ground floor retail units with ancillary accommodation on the first and second floors. Unit 1 has a main frontage to Rolle Street with a small return frontage to Magnolia Walk, and Unit 2 & 3 has a main frontage and return frontage to Magnolia Walk. Hays Travel (tenant of Unit 1) are currently fitting out the premises. The entire property is currently undergoing external repairs and redecoration. The work is due to complete at the end of March. Full details are included in the legal pack.

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 applicable to this lot.

EPC

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

Description

The property comprises two ground floor retail units with ancillary accommodation on the first and second floors. Unit 1 has a main frontage to Rolle Street with a small return frontage to Magnolia Walk, and Unit 2 & 3 has a main frontage and return frontage to Magnolia Walk. Hays Travel (tenant of Unit 1) are currently fitting out the premises. The entire property is currently undergoing external repairs and redecoration. The work is due to complete at the end of March. Full details are included in the legal pack.

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 applicable to this lot.

EPC

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

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x.	Review/(Reversion)
1	Ground First	Retail/Ancillary Ancillary	52 sq m 44 sq m	(560 sq ft) (474 sq ft)	HAYS TRAVEL LIMITED (1)	10 years from 03/02/2016 (2)	£18,000 (2)	03/08/2021 (02/02/2026)
2 & 3	Ground First Second	Retail/Ancillary Ancillary Ancillary	211 sq m 182 sq m 256 sq m	(2,271 sq ft) (1,959 sq ft) (2,756 sq ft)	NEW LOOK RETAILERS LIMITED (3)	20 years from 18/08/1998	£75,000	18/08/2013 (17/08/2018)
Totals			745.00 sq m	(8,020 sq ft)			£93,000 (2)

(1) For the year ending 31st October 2014, Hays Travel Limited reported a turnover of £253,055,459, pre-tax profits of £3,300,212 and a total net worth of £12,777,633. (Source: Experian Group 23/02/2016)
(2) The lease provides for a tenant option to determine on the 5th anniversary of the term. The tenant is to benefit from a six month rent free period. The seller has agreed to adjust the completion monies so that the unit will produce £18,000 p.a.x from completion of the sale.
(3 For the year ending 28th March 2015, New Look Retailers Limited reported a turnover of £1,310,401,000, pre-tax profits of £145,471,000 and a total net worth of £307,168,000. (Source: Experian Group 23/02/2016)