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
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG
On behalf of Receivers - CBRE

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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

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

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

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.