53 High Street
Wells
Somerset
BA5 2AE

Freehold Retail Investment (with potential development opportunity)

  • Entirely let to Coffee #1 Limited until November 2024
  • 2019 tenant break option not exercised, with important rent review in November 2019
  • Upper parts not currently used by tenant - potential development/change of use opportunity to residential to create 2 x two bedroom flats from existing space, plus large rear flat roof space (subject to lease and consents)
  • Attractive and historic cathedral city
  • Nearby occupiers include Greggs, WHSmith, Seasalt, Boots the Chemist, Waterstones, Caffè Nero, Costa Coffee, FatFace and various banks
  • VAT-free investment
  • Lot
    3
  • Auction
    23/May/2019
  • Rent
    £58,000 per Annum Exclusive
  • Status
    Sold
  • Price*
    £770,000
  • Sector
    High Street Retail
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
  • 53 High Street<br>Wells<br>Somerset<br>BA5 2AE
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* More information on the term "price" can be found here

Property Information

Location
Miles
19 miles south-west of Bath
20 miles south of Bristol
Roads
A4, A39, A46, A361, M4
Rail
Castle Cary
Air
Bristol Airport
Situation

Wells is a popular and historic cathedral city located immediately south of the Mendip Hills, an area of outstanding natural beauty and home to the Cheddar Gorge - a popular tourist destination. The property is well located on the southern side of High Street, at its junction with Mill Street in the heart of Wells city centre. Nearby occupiers include Greggs, WHSmith, Seasalt, Boots the Chemist, Waterstones, Caffè Nero, Costa Coffee, FatFace and various banks.

Tenure

Freehold.

Description

The property comprises a ground floor coffee shop with ancillary storage space to the rear as well as first and second floor ancillary accommodation. The first and second floors are not currently used by the tenant, who has expressed interest in surrendering this accommodation to the landlord. Plans were drawn up by the tenant to create 2 x two bedroom flats, copies of which are in the legal pack. The rear flat roof area also provides scope for additional development, subject to the necessary consents being obtained.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion Available

EPC

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

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.x. Review
Ground
First

Second
Coffee Shop/Ancillary
Ancillary
(not currently used)
Ancillary
(not currently used)
178.26 sq m
66.08 sq m

70.17 sq m
(1,918 sq ft)
(711 sq ft)

(755 sq ft)
COFFEE #1
LIMITED (1)
15 years from
05/11/2009 until
04/11/2024 (2)
on a full
repairing and
insuring lease
£58,00004/11/2019
Total
314.51 sq m
(3,384 sq ft)
  £58,000 

(1) For the year ending 30th September 2017, Coffee #1 Limited reported a turnover of £27,164,756, pre-tax profits of £1,555,510 and a total net worth of £6,012,636 (Source: Experian Group 10/04/2019). Coffee #1 opened its first café in 2001 and operates from over 90 cafés across the UK (www.coffee1.co.uk). Caffè Nero holds a majority share in Coffee #1 Limited.
(2) The tenant did not exercise their November 2019 break option.

Property Documents

  • Catalogue Page
    Updated Date
    01.05.19
    File Size
    847 KB
    View PDF
  • Site Plan
    Updated Date
    01.05.19
    File Size
    4 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.01.19
    File Size
    143 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
George GoucherGeorge Goucher +44 (0)20 7034 4860george.goucher@acuitus.co.uk
Associate Auctioneers
Boddy & Edwards 5 Riverview, Walnut Tree Close
Guildford
Surrey
GU1 4UX
Barry Munday 01483 668 262barry@boddyandedwards.co.uk
Seller's Solicitors
Battens Solicitors Mansion House, Princess Street
Yeovil
Somerset
BA20 1EP
Robert Wright 01935 846 000robert.wright@battens.co.uk

Useful Links

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