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.