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
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Update
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* More information on the term "guide" can be found here

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
  • 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

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.

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.

Property Documents

  • Catalogue Page
    Updated Date
    28.10.19
    File Size
    545 KB
    View PDF
  • Site Plan
    Updated Date
    28.10.19
    File Size
    685 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
Associate Auctioneers
Savoy Stewart Atlantic House, 351 Oxford Street
London
W1C 2JF
Michael Braier 020 7495 3666mb@savoystewart.co.uk
Seller's Solicitors
WGS Solicitors 133 Praed Street
London
W2 1RN
Miles Lester 0207 298 1590m.lester@wgs.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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