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Newton Abbot

£330,000

Business rates & charges may apply

Bettesworths, Devon
SIZE

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SECTOR

Commercial property for sale

Key features

  • Town Centre Commercial Investment Property
  • Entirely Let to Ladbrokes Betting & Gaming Ltd
  • Renewed Lease for 15 Years from September 2024
  • Rent £24,450 Per Annum
  • Secure Income/Strong Covenant Strength Investment

Description

Town Centre Commercial Investment Property. Entirely Let to Ladbrokes Betting & Gaming Ltd.

The property is located on Queen Street in central Newton Abbot, South Devon. Queen Street is an edge of prime town centre high street position. The property is in close proximity to the prime pedestrianised Courtenay Street area of the town centre.  

Queen Street is a thriving retail area, recently subject to major infrastructure and road improvements. The surrounding areas a healthy mix of national multiple and independent operators and occupiers.   

Ladbrokes have been in occupation of the property for many years and have recently committed to a new 15 year lease (details below).

GROUND FLOOR

RETAIL AREA

170m2 (1,830 sq ft).
With first and second floor ancillary office and plant areas.

TENURE

The whole property is to be sold freehold, subject to the commercial occupational lease.

The property is let to Ladbrokes Betting & Gaming Ltd under a renewed 15 year lease from September 2024.

Rent £24,450 per annum, exclusive.

The tenant has Full Repairing and Insuring liabilities.

There are Upwards Only Market Rent Review at each fifth anniversary.

The tenant has the option to determine the lease at each fifth anniversary by given not less than 6 months prior written notice.

CONVENANT

Ladbrokes Betting & Gaming Ltd is a subsidiary of Entain PLC.

For the year ending 31st December 2022, the company reported 2,454 shops.

Operating Revenue was £1.033 billion.

Profits of £54 million.

Net Assets of £1.195 billion.

EPC AWAITED

LEGAL COSTS

Each party are to bear their own legal costs incurred in any transaction.

VIEWING

Viewing is strictly by prior appointment with the Sole Agents, Bettesworths.

The asset is occupied and a trading business, so interested parties are requested to be sensitive to the tenant's ongoing operations.

Brochures

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Newton Abbot Station0.4 miles
  • Torre Station4.8 miles
  • Teignmouth Station5.2 miles

About Bettesworths, Devon

Fleet Street, Torquay, TQ1 1BB

Bettesworths is an independent family business, owned and run by the third generation Chartered Surveyor Directors, Matt & Paul.

We have an experienced team, highly skilled and expert in delivering a broad range of services to clients looking for the very best results.

Our breadth of experience across all property sectors, the depth of our day to day involvement and our technical knowledge gives Bettesworths an unrivalled platform from which to provide advice to meet our clients’ needs.

Our clients range from private individual property owners and occupiers to PLC institutions. We ensure each and every one is best supported with a service with which to meet the challenges and changes in the market and their own circumstances.

We offer free initial consultations without obligation, so please contact a member of our team to discuss your requirements.

Notes

These notes are private, only you can see them.

Disclaimer - Property reference 12570813. 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, Devon. 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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