50 / 54 Union Street Torquay Devon TQ2 5PS

50 / 54 Union Street
Torquay
Devon
TQ2 5PS

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
    £52,500 per Annum Exclusive
  • 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
Important Update
  • Expand
  • Photos
  • Map

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

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.

Tenancy & Accommodation

Unit Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x Review/(Reversion)
50-52 Ground
Lower Ground
Retail/Ancillary
Ancillary
171.30 sq m
25.70 sq m
(1,844 sq ft)
(277 sq ft)
DONE
BROTHERS (CASH BETTING) LIMITED (1) t/a Betfred
10 years from
2016 (2)
£28,500 (3) 2021
(2026)
54 Ground Retail/Ancillary
114.40 sq m
(1,231 sq ft)
TCCT RETAIL
LIMITED
t/a Thomas Cook (4)
5 years from
06/06/2016 (5)
£24,000 (05/06/2021)
50-54 First Former
Nightclub
220.60 sq m
(2,375 sq ft)
VACANT
POSSESSION
     
Totals    
532.00 sq m
(5,727 sq ft)
    £52,500 (3)  

(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.

Property Documents

  • Catalogue Page
    Updated Date
    30.10.19
    File Size
    596 KB
    View PDF
  • Site Plan
    Updated Date
    30.10.19
    File Size
    101 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

Contacts

Seller's Solicitors
Walker Morris LLP Kings Court, 12 King Street
Leeds
LS1 2HL
Austin Judson 0113 283 2500austin.judson@walkermorris.co.uk

Useful Links

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

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