60 Queen Street Newton Abbot, Devon, TQ12 2EW

Location & Description

Located in a busy trading location in the historical market town of Newton Abbot. Nearby traders include Sports Direct, Cancer Research, Specsavers, Poundland, Santander, Betfred, Warrens bakery, Nationwide, and JD Wetherspoons.  A Grade II listed, mid terraced property with a self contained ground floor shop unit occupied by Consol Tanning Ltd together with 4 self contained residential flats all accessed by the rear.

Accommodation

Not inspected measurements taken from VOA website:

Ground Floor Retail Shop   103.55m²  (1114sq ft)

Lease Details

Commercial

Shop – The lease has been assigned from Consol Southwest Ltd to Consol Tanning Ltd. 10 year lease from 07/09/18 (4 plus years unexpired) subject to a 5 yearly upward only rent review and a tenant only 5 year break clause as at 07/09/2023. Neither the rent review nor the break was exercised.

Rent – £20,000

Residential

Four long leasehold flats over shop, all sold on 125 year leases from 01/05/22, each having a ground rent of £100.00 per annum rising  to £200.00 per annum in May 2027.

Total Rent £20,400

Consol Tanning Ltd

The abridged balance sheet statement of the financial position as at 31st December 2022 states the company having fixed assess of £4,432,316 and shareholders funds of £2,692,707

Rateable Value

Ground Floor shop – Current rateable value (1 April 2023 to present) £18,000.

Price

£195,000 reflecting an initial yield of over 10.46%, before costs of purchase.

Property Management

The property management and service charge administration is currently being undertaken by Waycotts. Further details upon request.

Services

We have not carried out any tests on the services and are therefore unable to comment on their condition or adequacy.

VAT

We understand from our clients the building has not been elected to VAT.

Viewing

Strictly by prior appointment contact:

Nick Wheeldon MRICS