11-12 Fore Street
Ivybridge
Devon
PL21 9AB

Freehold Retail Investment

  • Let to Day Lewis Plc on a new reversionary 10 year lease (2)
  • 12 years unexpired term
  • Adjacent to Glanvilles Mill Shopping Centre
  • Nearby occupiers include Co-operative Food, Lloyds Bank and The Post Office
  • Lot
    22
  • Auction
    24/May/2018
  • Rent
    £40,632 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    Withdrawn Post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 Trustees
Important Property Update
  • 11-12 Fore Street<br>Ivybridge<br>Devon<br>PL21 9AB
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Property Information

Location
Miles
11 miles north-east of Plymouth
32 miles south west of Exeter
Roads
A38 (Devon Expressway)
Rail
Ivybridge Rail
Air
Exeter International Airport
Situation

Ivybridge is a popular town in Devon situated on the southern boundary of Dartmoor National Park. The property is prominently situated on Fore Street, adjacent to the Glanvilles Mill Shopping Centre. Nearby occupiers include Co-operative Food, Lloyds Bank, Salvation Army and The Post Office.

Tenure

Freehold.

Description

The property comprises a ground floor retail unit with first floor
ancillary accommodation.

VAT

VAT is applicable to this lot.

Completion Period

Six week completion

Tenancy & Accomodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReview/(Reversion)
Ground
First
Retail
Office/Ancillary
220.27 sq m
81.47 sq m
(2,371 sq ft)
(877 sq ft)
DAY LEWIS PLC
(1)
A term of years expiring 21/07/2030 on a full repairing and insuring lease (2)£40,63222/07/2025
(21/07/2030)
Total
301.74 sq m
(3,248 sq ft)
  £40,632 

(1) The Day Lewis Group is an award winning family business, consisting of one of the largest independent pharmacy chains in the UK and Europe. Day Lewis employs over 2,500 people, owning and managing over 300 pharmacies in the UK today, with the management rights to the pharmacy concession in Harrods (Source: www.daylewis.co.uk 18/01/2018).
(2) Day Lewis Plc are currently occupying the property on a lease assigned from Boots UK Limited by way of an Authorised Guarantee Agreement at a rent of £39,439.86 p.a.x. rising to £40,031.60 p.a.x. in April 2019 and £40,631.92 p.a.x. in April 2020. This lease is due to terminate on 21/07/2020. In addition, Day Lewis Plc have entered into a reversionary lease for a further 10 years at a rent of £40,632 p.a.x. expiring 21/07/2030 (no breaks). Day Lewis Plc will benefit from a 12 month rent free period. The seller has agreed to adjust the completion monies so that the unit will effectively produce £40,632 p.a.x. from completion of the sale.

Property Documents

  • Site Plan
    Updated Date
    09.05.18
    File Size
    2 MB
    View PDF
  • Catalogue Page
    Updated Date
    09.05.18
    File Size
    730 KB
    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
Gowling WLG Two Snowhill
Birmingham
B4 6WR
Nisha Minhas 0121 393 0648Nisha.Minhas@gowlingwlg.com

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