Retail Property (high street) for sale

Torquay

£300,000

Property Description

Key features

  • Prime High Street Retail Investment in Central Torquay
  • Trading as Streamers Cards and Gifts (since 2013)
  • Tenant in Lease Until August 2024
  • Rent 25,000 Per Annum Exclusive
  • Scope for Long Term Rental Increase

Full description

The property occupies a prime trading pitch on Union Street in central Torquay, directly opposite the entrance of Union Square Shopping Centre (anchored by Wilkinson, Iceland, The Entertainer and Greggs). Other notable nearby occupiers include New Look, Specsavers, Superdrug, Game, Boots, Pandora and Ann Summers.

The property is arranged over ground, lower ground and first floor levels.


GROUND FLOOR RETAIL  
139m2 (1,500 sq ft)

FIRST FLOOR ANCILLARY  
85m2 (915 sq ft)

BASEMENT ANCILLARY  
115m2 (1,240 sq ft) (Rear Loading)

REAR LOADING YARD/CAR PARK 

TENURE  
The property is available for sale freehold, subject to the existing commercial lease. The property is occupied by Terence Waller and Wendy Waller, trading as Streamers Cards and Gifts. The property is occupied by the tenant under a lease for a terms of 5 years from August 2013. The tenant has further committed to the property by signing and completing a reversionary lease to run from August 2018 until August 2024. The passing rent is £25,000 per annum exclusive. The reversionary rent will commence at £25,000pax, with a rent review in August 2022. The lease carries effective Full Repairing and Insuring liabilities by way of an annual maintenance charge. The base charge was £2,500 per annum at grant of the lease in 2013, reviewed annually by reference the Retail Prices Index. The maintenance charge for the last year was £2,729. The tenant has the option to break the lease in August 2022, by giving not less than 9 months prior notice A...

RENT  
The passing rent is £25,000 per annum.

PRICE  
The property is offered for sale freehold, subject to the commercial lease at a price of £300,000. This shows an initial yield of approximately 8.35%, before purchaser's costs.

VAT  
The property is elected for VAT. The sale will be treated as a transfer of a Going Concern Investment, this will exempt the price from VAT. For more information please contact the Agents.

LEGAL COSTS  
Each party is to bear their own legal costs incurred in any transaction.

VIEWING  
Viewing is highly recommended and can be arranged by prior appointment with the Sole Agents, Bettesworths.

EPC RATING E 

More information from this agent

Energy Performance Certificates (EPCs)

Nearest stations

  • Torquay (0.7 mi)
  • Torre (0.8 mi)
  • Paignton (2.7 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Bettesworths, Torquay

29 - 30 Fleet Street, Torquay, TQ1 1BB

01803 367002 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Torquay (0.7 mi)
  • Torre (0.8 mi)
  • Paignton (2.7 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Bettesworths, Torquay

29 - 30 Fleet Street, Torquay, TQ1 1BB

01803 367002 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference 8437354. 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 Bettesworths, Torquay. 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.

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