Retail Property (high street) for sale

Palace Avenue, Paignton, Devon, TQ3 3EF

Guide Price* £300,000

Property Description

Full description

Tenure: Leasehold

TO BE OFFERED BY ONLINE AUCTION ON 14/04/2021 12:45

As an auction property the details are subject to change. Please check our website for any updates or addendum entries.

Description
The property comprises a retail unit with accommodation arranged over the ground and lower ground floors which is currently let to The Factory Shop Limited. The premises form part of a three storey parade, the upper floors having been developed into apartments and the frontage benefits from a glazed canopy covering the adjoining pavement.

Location
Location
Situated with in the town centre the premises are located in close proximity to Barclays, Lloyds and HSBC Banks and retailers such as Well Pharmacy and Tesco. Palace Avenue is accessed from Totnes Road and the location benefits from close proximity to various bus stops, town centre parking and the railway station. The beach lies less than 0.5 mile to the east.

Accommodation
The Vendor has provided the following areas:

Ground Floor: 695 sq. m (7,481 sq. ft)
Basement: 430 sq. m (4,629 sq. ft)

Total: 1,125 sq. ft. (12,110 sq. ft)

Tenure
999 years less 3 days beginning on and including 29 March 2017 at a peppercorn rent.

Tenancies
*The property is let to The Factory Shop Limited. A deed of variation has recently been agreed to remove an upcoming break option in June and a peppercorn rent will apply until 1 September 2021, with the rent then being reserved at a rate of £27,326 per annum, rising to £54,652 per annum on 1st March 2023, with a rent review on 1st March 2026. There are tenant break options, with 3 month notices on the 31st December 2021, 30th June and 31st December 2022 and 30th June 2023. There is mutual break option on 28th February 2026. A schedule of condition now applies. Please refer to the legal pack for full details. The Tenant confirmed, prior to the deed of variation that had these terms not been agreed, they would have exercised an option to determine the lease inserted by the CVA.




EPC
Energy Asset Rating is C

Buyers Administration Fee
There will be a Buyer's Administration Fee of £3,600 (inc VAT) payable upon exchange of contracts.

Additional Information
1. The information contained within the Particulars are given in good faith, but all descriptions, statements, dimensions ( these may have come from a third party source e.g. the seller, valuation reports or historic sales particulars), references to condition and permissions for the use and occupation or other details are made without responsibility and should not be relied upon as representation of fact.

2. If a video walk through, or any other form of virtual tour, is provided whilst every effort is made to accurately give an overview of the property we cannot give any warranty concerning the nature, and condition of the property and the suitability thereof for any and all activities and use. The video, or tour, is provided to assist only and without responsibility and should not be relied upon as representation of fact, or replace all appropriate due diligence a prudent purchaser would make.


More information from this agent

Nearest stations

  • Paignton (0.2 mi)
  • Torquay (2.1 mi)
  • Torre (2.8 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Landwood Group, Manchester

11 Peter Street, Manchester, M2 5QR

0161 468 0012 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

  • Paignton (0.2 mi)
  • Torquay (2.1 mi)
  • Torre (2.8 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Landwood Group, Manchester

11 Peter Street, Manchester, M2 5QR

0161 468 0012 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 134552. 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 Landwood Group, Manchester. 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.

* Average speeds are based on the download speeds of at least 50% of customers at peak time (8pm to 10pm) from packages available on comparethemarket.com. Speed can be affected by a range of technical and environmental factors. The speed you receive where you live may be lower than that listed above. You can check the estimated speed to your property prior to purchasing. Fibre/cable services at your postcode are subject to availability. You can confirm availability on the provider's website. Providers may increase charges. You should have the right to exit your contract without penalty if this happens. The information is provided and maintained by Decision Technologies Limited.

*Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.

Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”

Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call Landwood Group, Manchester on 0161 710 2010.


Map data OpenStreetMap contributors.