Four retail units with self-contained residential flats on upper floors (one on AST)
Close proximity to Market Square Shopping Centre
Nearby occupiers include Boots, Iceland, Barclays and Timpson
Further residential development potential (subject to consents)
Lot 61
Auction 19th October 2017
Rent £32,000 per Annum Exclusive
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of a Major Fund Manager
Property Information
Location
Miles
7 miles north of Torquay, 15 miles south of Exeter
Roads
A381, A38
Rail
Newton Abbot
Air
Bristol International Airport
Situation
The property is situated on Union Street, close to its junction with the pedestrianised Courtenay Street, the prime retailing pitch. The Market Square Shopping Centre is located within close proximity and houses occupiers including Iceland, Wilko, Holland & Barrett and Clarks. Other nearby occupiers include Boots, WH Smith, Barclays and Timpson.
Tenure
Freehold.
Location
Miles
7 miles north of Torquay, 15 miles south of Exeter
Roads
A381, A38
Rail
Newton Abbot
Air
Bristol International Airport
Situation
The property is situated on Union Street, close to its junction with the pedestrianised Courtenay Street, the prime retailing pitch. The Market Square Shopping Centre is located within close proximity and houses occupiers including Iceland, Wilko, Holland & Barrett and Clarks. Other nearby occupiers include Boots, WH Smith, Barclays and Timpson.
Tenure
Freehold.
Description
The property comprises four ground floor retail units with unit 1 benefiting from first floor office/ancillary accommodation. The remainder of the first and second floors provides three self-contained residential flats, two of which have been let on long leases
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 four ground floor retail units with unit 1 benefiting from first floor office/ancillary accommodation. The remainder of the first and second floors provides three self-contained residential flats, two of which have been let on long leases
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)
1
Ground First
Retail Office/Ancillary
57 sq m 71.9 sq m
(613 sq ft) (773 sq ft)
INDIVIDUAL t/a Phone Doctor (1)
6 years from October 2017
£13,500
October 2020 (October 2023)
1A
Ground
Retail
32.39 sq m
(348 sq ft)
VACANT POSSESSION (1)
3
Ground
Retail
41.59 sq m
(447 sq ft)
INDIVIDUAL t/a Sanders Newsagents
3 years from 01/12/2013
£6,500
(30/11/2016)
3A
Ground
Retail
21.3 sq m
(229 sq ft)
INDIVIDUAL t/a The Filling Station
5 years from 25/12/2015
£6,000
25/12/2018 (24/12/2020)
3D
First
Residential
Studio Flat
INDIVIDUAL
6 month AST from 17/06/2017
£5,700
(16/12/2017)
3B
First
Residential
2 Bedroom Flat
INDIVIDUAL
125 years from 16/01/2013 (2)
£100
16/01/2038 and 25 yearly (3) (15/01/2138)
3C
Second
Residential
2 Bedroom Flat
INDIVIDUAL
125 years from 22/02/2013 (2)
£100
22/02/2038 and 25 yearly (3) (21/02/2138)
3E
Second
Residential
1 Bedroom Flat
INDIVIDUAL
125 years from 25/11/2011 (2)
£100
25/11/2036 and 25 yearly (3) (24/11/2136)
Total
224.18 sq m
(2,410 sq ft)
£32,000
(1) The tenant of unit 1A is currently in discussions with the vendor regarding taking a new 6 year lease of Unit 1 with a simultaneous surrender of unit 1A, which is due to complete imminently. They are currently occupying Unit 1A on a 6 year lease from 01/02/2012 at £6,500 per annum. Please refer to the legal pack for further information. (2) The seller has served a notice on the residential tenants, pursuant to section 5B of the Landlord & Tenant Act 1987. (3) The lease provides fixed rental increases every 25 years to double the passing rent.
