Freehold Retail Investment with vacant upper parts with potential
No. 54 let to TCCT Retail Ltd t/a Thomas Cook on a recently renewed lease (subject to option)
No. 50-52 to be let on a new 10 year lease (with no breaks) to Betfred (see note 2)
Prominent corner position on Torquay’s prime retailing thoroughfare
Potential for residential redevelopment of first floor (subject to consents)
Close proximity to Union Square Shopping Centre
Nearby occupiers include New Look, Primark, Boots the Chemist, River Island and Holland & Barrett
£52,500 per annum exclusive, subject to notes 2 & 3
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 111
Auction 13th October 2016
Rent
Status Sold
Price £501,000
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
22 miles south of Exeter, 32 miles east of Plymouth, 85 miles south-west of Bristol
Roads
A380, A38, A385, M5
Rail
Torquay Railway Station
Air
Exeter International Airport
Situation
The property is situated in a prominent corner position on the south side of Union Street at its junction with Lower Union Lane and Market Street, on Torquay's prime retailing thoroughfare. Union Square Shopping Centre is situated close by and nearby occupiers include New Look, Primark, Boots the Chemist, River Island, Holland & Barrett and H&M.
Tenure
Freehold.
Location
Miles
22 miles south of Exeter, 32 miles east of Plymouth, 85 miles south-west of Bristol
Roads
A380, A38, A385, M5
Rail
Torquay Railway Station
Air
Exeter International Airport
Situation
The property is situated in a prominent corner position on the south side of Union Street at its junction with Lower Union Lane and Market Street, on Torquay's prime retailing thoroughfare. Union Square Shopping Centre is situated close by and nearby occupiers include New Look, Primark, Boots the Chemist, River Island, Holland & Barrett and H&M.
Tenure
Freehold.
Description
The property comprises two ground floor retail units with ancillary accommodation on the lower ground floor. Additionally there is self-contained former nightclub accommodation on the first floor, which may benefit from residential redevelopment potential (subject to consents).
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
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 lower ground floor. Additionally there is self-contained former nightclub accommodation on the first floor, which may benefit from residential redevelopment potential (subject to consents).
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
(1) For the year ending 27th September 2015, Done Brothers (Cash Betting) Limited reported a turnover of £288,012,000, pre-tax profits of £7,489,000 and a total net worth of £117,912,000. (Source: Experian Group 12/08/2016). (2) The lease has been agreed, is in solicitors hands and is due to complete imminently. (3) On completion of the lease the tenant will benefit from an eighteen month rent free period. The seller has agreed to adjust the completion monies so the unit will produce £28,500 p.a.x from completion of the sale. (4) Founded in 1841, Thomas Cook Group is the oldest and best known name in leisure travel with 23 million customers every year. The group is supported by approximately 27,000 employees and operates from 17 countries. (Source: www.thomascook.com 22/08/2016). (5) The lease is subject to a tenant option to determine on 5th June 2019, subject to a £6,000 break penalty payable by the tenant.