The Willow Tree Public House
Condor Way
Torquay
Devon
TQ2 7TG

Freehold Public House Ground Rent Investment

  • Let to Mitchells & Butlers Retail Limited until 2036 – 18 years unexpired (no breaks)
  • Rent reviewed to 9% of site value
  • Corner position located just off the busy A3022
  • Near large Sainsbury’s and Marks & Spencer stores, Boots, Next and DFS
  • Substantial site area of approximately 1.3 acres (0.5 hectares) with parking for approximately 100 cars
  • Lot
    40
  • Auction
    24/May/2018
  • Rent
    £83,250 per Annum Exclusive
  • Status
    Sold
  • Price*
    £1,540,000
  • Sector
    Public House
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Behalf of Trustees
  • The Willow Tree Public House<br>Condor Way<br>Torquay<br>Devon<br>TQ2 7TG
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  • Map

Property Information

Location
Miles
2 miles north west of Torquay town centre
20 miles south of Exeter
Roads
A3022, A380, M5 (Junction 31)
Rail
Torquay Railway Station
Air
Exeter International Airport
Situation

Torquay is a popular seaside resort town in Devon on the west coast of England. The property forms part of a large commercial and residential area 2 miles north of the town centre and accessed just off the A3022, the principal arterial route from the town to the A380 and M5 motorway (Junction 31).
The property is located on the Condor Drive/Browns Bridge Road roundabout, opposite the busy Willows Retail Park which houses Marks & Spencers, Sainsbury’s and DFS. The Willows Village Centre is directly adjacent, with the Wren Retail Park also located nearby providing retailers including Next, Boots and Mothercare. To the south-west of the property is Primrose Hill, a Cavanna Homes development comprising 155 new homes.

Tenure

Freehold.

Description

The property comprises a standalone public house and restaurant arranged on ground floor, with ancillary accommodation on lower ground and a manager’s residential flat on the first floor. Towards the northern boundary of the property is a self-contained ground floor unit which has been used as a play area. The property benefits from a substantial site of 1.3 acres (0.5 hectares) providing an external patio area and parking for approximately 100 cars.

VAT

VAT is applicable to this lot.

Completion Period

Six week completion

Tenancy & Accomodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReviews
Ground

Ground
Lower Ground
First
Public House/
Restaurant
Play Area
Ancillary
Residential Flat
& Ancillary
540.4 sq m

254.2 sq m
102.2 sq m
141.3 sq m
(5,815 sq ft)

(2,735 sq ft)
(1,100 sq ft)
(1,520 sq ft)
MITCHELLS &
BUTLERS RETAIL
LIMITED (1)
40 years from 30/10/1996 until 29/10/2036
on a full repairing and insuring lease
£83,25030/10/2016
and 5 yearly
(2)
Total
1,038.1 sq m
(11,170 sq ft)
£83,250

(1) For the year ending 30th September 2017, Mitchells & Butlers Retail Limited reported a turnover of £1,656,000,000, pre-tax profits of £114,000,000 and a total net worth of £2,983,000,000 (Source: Experian Group 23/04/2018). Established in 1898, Michells & Butlers are one of the largest operators of restaurants, pubs and bars in the UK, operating around 1,700 restaurants and pubs (Source: www.mbplc.com 23/04/2018).
(2) The rent is reviewed to 9% of the site value. For further information please refer to the lease provided in the legal pack.

Property Documents

  • Site Plan
    Updated Date
    02.05.18
    File Size
    1 MB
    View PDF
  • Catalogue Page
    Updated Date
    02.05.18
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Gwen ThomasGwen Thomas +44 (0)20 7034 4857 +44 (0)7809 363549gwen.thomas@acuitus.co.uk
Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863georgina.roberts@acuitus.co.uk
Seller's Solicitors
Shepherd and Wedderburn LLP Condor House, 10 St. Paul's Churchyard
London
EC4M 8AL
Lauren McLeod 0207 429 4959lauren.mcleod@shepwedd.com

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