Property Auctions 24/May/2018 | 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 24th 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

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.

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

EPC

The EPC will be available to view online in the solicitor’s legal pack.

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

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	Reviews
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	£83,250	30/10/2016 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.