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Commercial property for sale

Duke Street, Tavistock

Offers in Region of £850,000

Property Description

Full description

LOCATION: The property is centrally located in the popular town of Tavistock, which lies approximately 15 miles north of the regional centre of Plymouth.The property is situated at the west end of Duke Street in a very prominent position close to its junction with Bedford Square and Drake Road and opposite the very popular Pannier Market.

Duke Street and Brook Street are the primary retailing streets in Tavistock, with the subject property being adjacent to National Westminster Bank and Stead and Simpson footwear. Located close by are Boots, W.H. Smiths and New Look.  Tavistock is recognised as a popular destination town, attracting a large number of visitors to its wide range of specialist shops and serving a large rural catchment in addition to its resident population of approximately 12,000.

DESCRIPTION: The property comprises two self contained ground floor lock up shops with a joint entrance and lobby, forming part of a period building that was refurbished in 2003/2004, and having a rear  access. 

ACCOMMODATION:
Ground Floor
Sub-divided into 2 shops with shared lobby
Zone A          91.60 m   986 sq ft
Zone B          72.37 m   779 sq ft
Remainder       26.66 m   287 sq ft
Total NIA      190.63 m  2350 sq ft
ITZA           138.05 m  1486  sq ft   

SERVICES: We are informed that the property is connected to all mains services.

RATES: The Valuation Office Agency website indicate that the property is assessed under the 2010 rating list as follows:

1, Duke Street
Description: Betting Shop premises 
Rateable Value: £32,500

1a Duke Street
Description: Shop/premises
Rateable Value: £25,250

TENANCY:
The entire premises are let to Done Brothers (Cash Betting Ltd) trading as Betfred by way of a 15 year lease from the 9th February 2004 without break.

The lease is on a Contributory Full  Repairing and Decorating basis and the passing rent is £54,000 pax subject to a rent review on the 9th February 2014.  The tenant is to reimburse the landlord a fair proportion of the building insurance, and to pay a fair proportion of the service charge for works and services to the main building and exterior.

Under- letting is permitted of the whole of 1a Duke Street subject to the landlord’s written consent, and to market rent, and subject to contracting out of the security of tenure provisions of the LTA 1954.  1a Duke Steet has been sublet to a local tenant trading as Active Co Sport and we have been advised that the agreed sub rent is £25,000 pax.

TENANT COVENANT
Betfred is the world’s biggest owner operator bookmaker with a retail estate of over £1,350 shops. Betfred recently acquired the Tote for £265,000,000 and the company has been awarded an exclusive seven-year licence to operate pools betting on UK race courses. The company was founded in 1967 and is owned and operated by Fred Done and his family.

MARKET COMMENT
The passing rent equates to £35 psf  ITZA.  We understand that the  sub-let rent equates to £40 psf ITZA. This analysis reflects an allowance of 10% for the hard frontage. There has been growth in retail Zone A rates in the town over the term of the lease with evidence of Zone A rents in Duke Street/ Brook Street achieving £50 - £70 ITZA on market lettings in 2008.

PROPOSAL: We are instructed to seek offers in the region of £800,000 (Eight Hundred Thousand Pounds) for a 999 year long leasehold interest at peppercorn, subject to the benefit of the existing tenancy.

N.B. All figures quoted are exclusive of V.A.T

EPC:  An Energy Performance Certificate is available from the agents upon request.

LEGAL COSTS: Each party to pay their own legal costs incurred in this transaction.

VIEWING & FURTHER INFORMATION
Strictly by prior appointment
Through the Sole Agents
KIVELLS & HUSSEYS OF EXETER.
Tel: 01392 250441
Contact: David Edwards
e.mail commercial@kivellshusseys.com

Whilst every effort has been made to ensure the accuracy of these particulars, they are prepared for guidance only and do not form part of any contract.


More information from this agent

Energy Performance Certificates (EPCs)

To view this property or request more details, contact:

Kivells Husseys, Exeter

The Matford Centre, Matford Park Road, Exeter, Devon, EX2 8FD

01392 989065 Local call rate

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Property reference 2128063. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Kivells Husseys, Exeter. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.