44-46 Middle Street
Yeovil
Somerset
BA20 1LX

Freehold Retail Investment

  • Entirely let to V.E. Limited, Guaranteed by Vision Express (UK) Limited (t/a Vision Express), until 2025 (subject to Note 3)
  • 6 month lease extension recently agreed
  • Pedestrianised pitch in the heart of the town centre
  • Neighbouring occupiers include Boots the Chemist, Waterstones, Primark, Clarks and Nationwide
  • Lot
    15
  • Auction
    28/Oct/2020
  • Rent
    £28,335 per Annum Exclusive
  • Status
    Sold
  • Price*
    £285,000
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
Important Auction & Property Update
  • 44-46 Middle Street<br>Yeovil<br>Somerset<br>BA20 1LX
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* More information on the term "price" can be found here

Property Information

Location
Miles
42 miles south of Bristol,
25 miles east of Taunton,
41 miles north-east of Exeter
Roads
A30, A303, M5 (Junction 25)
Rail
Yeovil Junction (Direct to London Waterloo)
Air
Bristol Airport
Situation

The property is situated in a prominent position on the south side of pedestrianised Middle Street in the heart of the town centre and some 50 metres south of the Quedam Shopping Centre whose occupiers include River Island, Holland & Barrett, H&M Iceland ad Topshop. Other neighbouring occupiers include Boots the Chemist, Waterstones, Primark, Clarks and Nationwide.

Tenure

Freehold.

Description

The property comprises ground floor retail accommodation together with first and second floor ancillary accommodation. There is a basement which is currently unused and accessed via a trap door. The property benefits from a small yard to the rear.

VAT

VAT is applicable to this lot.

Completion Period

Six week completion

EPC

Band E. See legal pack.

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReversion
Ground
First
Second
Retail
Ancillary
Ancillary
123.65 sq m
28.33 sq m
30.01 sq m
(1,331 sq ft)
(305 sq ft)
(323 sq ft)
YEOVIL V.E.
LIMITED (1) with
a guarantee from
Vision Express
(UK) Limited (2)
10.5 years from
28/11/2014 (3) on a
full repairing and
insuring lease
£28,33527/05/2025
(3)
BasementUnused
not measured
Total
181.99 sq m
(1,959 sq ft)   £28,335 

(1) For the year ending 31st December 2018, Yeovil V.E. Limited reported a turnover of 1,073,000, pre-tax profits of 10,000 and shareholders funds of 79,000 (Source; SmartSearch 01/20/2020).
(2) For the year ending 31st December 2018, Vision Express (UK) Limited reported a turnover of 324,319,000, pre-tax profits of negative 16,533,000 and shareholders funds of 92,655,000 (Source: SmartSearch 01/20/2020). Vision express was founded in 1988 and now has approximately 575 stores across the UK and Ireland (www.visionexpress.com).
(3) The original lease term was 10 years from 28/11/2014, with a break clause in 2019 which was subsequently removed in return for the landlord reducing the passing rent to the current level of 28,335 p.a.x. The lease currently expires on 27/11/2024 although a 6 month lease extension has been agreed but not yet signed. Once signed the lease expiry will be 27/05/2025. See details in the legal pack.

If you are the successful bidder, Acuitus requires a separate payment of £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    26.10.20
    File Size
    19 MB
    Login to View
  • Catalogue Page
    Updated Date
    07.10.20
    File Size
    7 MB
    View PDF
  • Site Plan
    Updated Date
    07.10.20
    File Size
    919 KB
    View PDF
  • Common Auction conditions
    Updated Date
    01.07.20
    File Size
    277 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    07.10.20
    File Size
    1,016 KB
    View PDF
  • Customer Due Dilligence Form
    Updated Date
    20.05.20
    File Size
    585 KB
    View PDF

Contacts

Acuitus
Peter MayoPeter Mayo +44 (0)20 7034 4864 +44 (0)7833 459318Peter.mayo@acuitus.co.uk
Billy StruthBilly Struth +44 (0)20 7034 4854billy.struth@acuitus.co.uk
Associate Auctioneers
Stratton Creber Commercial Stratton Creber Commercial, 20 Southernhay West
Exeter
EX1 1PR
Damian Cook 01392 284234damian@sccexeter.co.uk
Seller's Solicitors
OTB Eveling Senate Court, Southernhay Gardens
Exeter
EX1 1NT
Clare Wedderburn 01392 823811clare.wedderburn@otbeveling.com

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