Comprises a convenience store with two self-contained flats above
Lease expires August 2034 (no breaks)
2.25% p.a. compound rental uplifts at review
Entirely let to Bestway Retail Limited – lease guaranteed by Bestway Wholesale Limited (1)
Lot 8
Auction 5th December 2018
Rent £34,648 per Annum Exclusive
Status Sold
Price £525,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
10 miles south-east of Exeter, 35 miles south-west of Taunton
Roads
A30, A38, A376, M5 (Junction 30)
Rail
Exmouth Railway Station
Air
Exeter International Airport
Situation
The property is located mid terrace in a busy retail parade on the southern side of Withycombe Village Road, which lies less than a mile north-east of Exmouth town centre. Withycombe Village Road connects to Gipsy Lane, which in turn connects to Exeter Road (A376), the principal arterial route connecting Exeter to the M5.
Tenure
Freehold.
Location
Miles
10 miles south-east of Exeter, 35 miles south-west of Taunton
Roads
A30, A38, A376, M5 (Junction 30)
Rail
Exmouth Railway Station
Air
Exeter International Airport
Situation
The property is located mid terrace in a busy retail parade on the southern side of Withycombe Village Road, which lies less than a mile north-east of Exmouth town centre. Withycombe Village Road connects to Gipsy Lane, which in turn connects to Exeter Road (A376), the principal arterial route connecting Exeter to the M5.
Tenure
Freehold.
Description
The property is mid terrace and comprises a double-fronted ground floor convenience store with two separately accessed flats arranged on the first floor.
VAT
VAT is applicable to this lot.
Completion Period
A six week or longer completion period is available on request
EPC
Energy Performance Certificate
Rating Band C. See legal pack at acuitus.co.uk.
Description
The property is mid terrace and comprises a double-fronted ground floor convenience store with two separately accessed flats arranged on the first floor.
VAT
VAT is applicable to this lot.
Completion Period
A six week or longer completion period is available on request
EPC
Energy Performance Certificate
Rating Band C. See legal pack at acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground
First
Convenience Store Two x 1 bedroom flats
140.66 sq m
-
(1,514 sq ft)
(-)
BESTWAY RETAIL LIMITED with a guarantee from BESTWAY WHOLESALE LIMITED (1)
20 years from 15/08/2014 until 14/08/2034 on a full repairing and insuring lease
£34,648 (2)
2.25% annually compounded increase on 15/08/2019 and 5 yearly thereafter
Total
140.66 sq m
(1,514 sq ft)
£34,648 (2)
(1) Bestway Retail Limited operates approximately 182 stores and supplies approximately 500 further convenience stores which are operated by other operators. For the year ending 30th June 2017, Bestway Wholesale Limited reported a turnover of £1,651,048,000, pre-tax profits of £6,354,000 and a total net worth of £85,255,000 (Sources: www.bestwaywholesale.co.uk and Experian Group 07/11/2018). The lease is guaranteed by Bestway Wholesale Limited until Bestway Retail Limited posts two consecutive years’ net profit at Companies House exceeding £10 million. (2) The current rent passing is £31,000 p.a.x., which will rise to £34,648 p.a.x. on 15/08/2019. The Vendor has agreed to adjust the completion monies so that the property will effectively produce £34,648 p.a. from completion of the sale until 15/08/2019.
