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Commercial property for sale
Duke Street, Tavistock
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.
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
Rateable Value: £25,250
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.
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.
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
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.