Central Stores, 4 Abbey Place, Tavistock, United Kingdom, PL19 0AA

The property is an attractive mid-19th century, Grade II Listed building, arranged on basement, ground and first floors, with a retail frontage to Abbey Place and four staff parking spaces at the rear.

The convenience store has a retail sales area of 2,409 square feet (GIA), plus ancillary areas on ground and basement levels. The retail area has a modern, air conditioned fit-out with a Post Office sales counter at the rear of the shop.

An additional ground floor office, currently fitted as a recording studio, is situated at the rear of the property. The first floor comprises two flats, each with one bedroom, which share access from the side of the property.

Tavistock is an ancient stannary and a thriving market town, located 15 miles north of Plymouth in west Devon. The town has a population of 13,028 (2011 census) which is boosted by year round tourism.

The convenience store is situated in the town centre, on the busy A386 trunk route that links the A30 with Plymouth. The town hall, Tavistock Musuem and Tavistock Pannier Market are all situated opposite and the town centre shopping area is within 100 metres.

We are instructed to seek offers of £715,000 (seven hundred & 15 thousand pounds) for the freehold interest, subject to contract and exclusive of VAT. The property has not been elected for VAT.

The property is held freehold.

The convenience store is let to Bestway Retail Limited for a term of 20 years from 17 October 2016, without breaks, and on full repairing and insuring terms. The current rent is £30,000 per annum, subject to five yearly, upwards only, rent reviews based on the open market rent.

The office is let to the Trustees of West Devon Cassette Talking Newspaper for a term of 10 years from 10 May 2016, on internal repairing and insuring terms. The current rent is £3,500 per annum, subject an upwards only rent review after the fifth year, based on the open market rent. This lease is outside the security of tenure provisions of the Landlord and Tenant Act 1954.

The two flats are let to individuals on assured shorthold tenancies, one is a rental of £6,600 per annum. The other flat is rented at £7,500 pa. An additional £1,560 per annum is received in respect of two parking spaces, although no formal agreements are in place.

The property has a total income of £49,160 per annum with a Gross Yield of 7%.

Bestway Retail Limited is a subsidiary of Bestway (Holdings) Limited. Bestway has an 18% market share in the grocery wholesale sector and directly operates 195 convenience store stores, alongside 2,682 franchised stores, all operating under the Central Convenience, Select Convenience, Best-One, Bargain Booze, Wine Rack, Costcutter, Mace, Supershop, Kwiksave, and Simply Fresh brands.