Torquay
Business rates & charges may apply
- SIZE
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- SECTOR
Commercial property for sale
Key features
- Opportunity to Purchase a Fully Occupied Small Business Estate
- Arranged as 4 Units (Let to 3 Established Tenants)
- Gross Rental Income £82,300 Per Annum (9.97% Initial Yield)
- Overall Accommodation Areas of Approx. 2,200m2 (23,680 sq ft) on a Site of 0.9 Acres (0.34 Hectares)
- Family Sale - Available for the First Time in Three Generations
Description
Longpark is a well-known landmark location, situated off the old Newton Road in Torquay, adjacent to Lidl Supermarket. The investment comprises three attached warehouse, storage/commercial units on a private site, with ample private parking in a convenient, accessible and well transport linked location.
Part of the property incorporates Brunel's 1847 Atmospheric Railway Engine House, with campanile chimney. The property has a Grade II Listing.
Longpark is situated on Newton Road adjacent to the A3022 Riviera Way, connecting with the A380 (South Devon Expressway) which gives continuous Dual Carriageway access to Newton Abbot, Exeter and the motorway network beyond.
This section of Newton Road is a well-known and established commercial ribbon, featuring occupiers such as Lidl Supermarket, Torbay Hospital, various car dealerships and Torquay Fire Station. The retail parks of Wren Park, Lowes Bridge and The Willows are close by.
UNIT 1
Gross Internal Area: 1,330m2 (14,311 sq ft).
A large warehouse and distribution/food preparation unit, long term occupied by Frank H Mann, Fruit & Vegetable Wholesalers. The unit has a loading dock and 3 roller shutter doors.
UNIT 2
Gross Internal Area: 210m2 (2,250 sq ft).
A self-contained storage and distribution unit with roller shutter access to the front.
UNIT 3 & 4
Ground Floor Area: 236m2 (2,544 sq ft).
First Floor Area: 191m2 (2,062 sq ft).
Second Floor Area: 234m2 (2,526 sq ft).
The property is a mix of showroom, storage, packing and distribution space.
TENANCIES
Unit 1
• Tenant - Frank H. Mann (Torquay) Ltd.
• Lease Date - 13th January 2025 (Renewal).
• Lease Length - 5 years from January 2025.
• Rent Review - Third Anniversary.
• Repairs - Effective FRI by Service Chargeback.
• Rent - £49,000 per annum.
Unit 2
• Tenant - TQ Direct Ltd (Richard Abbots).
• Lease Date - September 2024 (Renewal).
• Lease Length - 3 years.
• Rent Review - N/A.
• Repairs - Effective FRI by Service Chargeback.
• Rent - £10,800 per annum.
Unit 3
• Tenant - Refresh Ecommerce Ltd.
• Lease Date - November 2022 (Renewal).
• Lease Length - November 2027.
• Rent Review - Passed (2 years).
• Repairs - Effective FRI by Service Chargeback.
• Rent - £15,960 per annum.
Unit 4
• Tenant - Refresh Ecommerce Ltd.
• Lease Date - October 2022.
• Lease Length - October 2027.
• Rent Review - Passed (2 years).
• Repairs - Effective FRI by Service Chargeback.
• Rent £6,540 per annum.
Total Rents Reserved: £82,300 per annum.
TENURE
The property is being sold Freehold, as a Going Concern Investment, subject to the Occupational Leases.
VAT
The property is not elected for VAT and therefore VAT isn't chargeable on sale price.
UTILITIES
We are informed that each unit has its own separate power and water supplies.
LEGAL COSTS
Each party are to be responsible for their own legal incurred in any transaction.
EPC RATINGS
Unit 1 - C. (Expiring September 2034)
Unit 2 - C. (Expiring August 2034).
Unit 3 -4 - D. (Expiring September 2032).
Note: Grade II Listed Buildings have certain EPC compliance exemptions.
VIEWING
Viewing is strictly by prior appointment with the Sole Agents, Bettesworths. Tel. .
Interested parties are requested to be respectful and not to disturb the tenants' ongoing businesses.
Energy Performance Certificates
Energy Performance CertificateBrochures
Torquay
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Torre Station0.9 miles
- Torquay Station1.7 miles
- Paignton Station3.5 miles
Notes
Disclaimer - Property reference 12705664. 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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