20 The Parade Minehead Somerset TA24 5UG

20 The Parade
Minehead
Somerset
TA24 5UG

Freehold Retail Investment

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
£42,500 per Annum Exclusive
Status
Sold
Price
£575,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of CBRE Receivers

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Freehold Retail Investment

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 £42,500 per Annum Exclusive
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

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

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.