31 St. Michael's Road Paignton Devon TQ4 5LP

31 St. Michael's Road
Paignton
Devon
TQ4 5LP

Freehold Convenience Store Investment

Comprises a convenience store (with residential upper parts let on a long lease)
Convenience store includes Post Office
Shop 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)
VAT-free Investment

Lot
15
Auction
5th December 2018
Rent
£20,845 per Annum
Status
Sold
Price
£367,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Convenience Store Investment

Comprises a convenience store (with residential upper parts let on a long lease)
Convenience store includes Post Office
Shop 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)
VAT-free Investment

Lot 15
Auction 5th December 2018
Rent £20,845 per Annum
Status Sold
Price £367,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 5 miles south of Torquay, 24 miles south of Exeter
Roads: A379, A380, A3022
Rail: Paignton Railway Station
Air: Exeter International Airport

Situation

The property is set within a densely populated residential area, less than 1/2 mile from Paignton town centre. The property is prominently situated at the junction of St Michael’s Road and York Road.

Tenure

Freehold.

Location

Miles: 5 miles south of Torquay, 24 miles south of Exeter
Roads: A379, A380, A3022
Rail: Paignton Railway Station
Air: Exeter International Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground and lower ground floor convenience store investment with residential accommodation on the first, second and third floors, let on a long lease.

VAT

VAT is not applicable to this lot.

Completion Period

A six week or longer completion period is available on request

EPC

Band D. See legal pack at acuitus.co.uk.

Description

The property comprises a ground and lower ground floor convenience store investment with residential accommodation on the first, second and third floors, let on a long lease.

VAT

VAT is not applicable to this lot.

Completion Period

A six week or longer completion period is available on request

EPC

Band D. See legal pack at acuitus.co.uk.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground/Lower Ground	Convenience Store/Ancillary	146.51 sq m	(1,577 sq ft)	BESTWAY RETAIL LIMITED - with a guarantee from BESTWAY WHOLESALE LIMITED (1)	20 years from 22/08/2014 until 21/08/2034 on a full repairing and insuring lease	£20,845 (2)	2.25% annually compounded increase on 22/08/2019 and 5 yearly thereafter
First/Second/ Third	Residential	-	(-)	INDIVIDUAL	999 years from 22/08/2014 until 21/08/3013	Peppercorn	-
Total Commercial Area		146.51 sq m	(1,577 sq ft)			£20,845 (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 £18,650 p.a., which will rise to £20,845 p.a. on 22/08/2019. The Vendor has agreed to adjust the completion monies so that the property will effectively produce £20,845 p.a. from completion of the sale until 22/08/2019.