Lot 28 Click here for addendum
6 week completion
Situation
Occupying a prominent trading position within the heart of the prime town centre retail pitch, overlooking the Fleet Walk Shopping Centre, close to branches of The Edinburgh Wooden Mill, Lloyds Bank, Santander, Tesco Metro, TK Maxx, Sports Direct and many others.
Torquay is a popular coastal resort, dubbed the ‘English Riviera', situated on the south coast of Devon approximately 18 miles south of Exeter and 28 miles east of Plymouth.
Property
A substantial partly Grade II Listed double building comprising a Ground Floor & Mezzanine Dessert Parlour Restaurant with a separate front access to 4 Self-Contained Flats planned on the first & second floors all with Gas CH.
Accommodation
Ground Floor Restaurant
Gross Frontage 52'11"
Internal Width 48'6"
Restaurant Depth 44'3"
Built Depth 58'11"
Restaurant Area Approx 1,925 sq ft
Store Area Approx 575 sq ft
Disabled WC
Mezzanine Restaurant
Area Approx. 1,300 sq ft
Male & Female WC's
First Floor Flat A
2 Bedrooms, Living Room, Kitchen, Bathroom/WC
(GIA approx. 545 sq.ft)
First Floor Flat B
1 Bedroom with Kitchenette, Bathroom/WC
(GIA approx. 445 sq.ft)
Second Floor Flat C
1 Bedroom, Living Room, Kitchen, Shower/WC
(GIA approx. 440 sq.ft)
Second Floor Flat D
1 Bedroom, Living Room, Kitchen, Shower/WC
(GIA approx. 440 sq.ft)
VAT is applicable to this Lot
Freehold
Tenancy
The entire property is let on a full repairing and insuring lease to C. Solecki, C. Henley & L. Poulier as a Dessert Parlour for a term of 5 years from 1st February 2018 at a rent of £35,000 per annum exclusive.
Note 1: We are informed that the tenant sub-lets the 4 flats on individual ASTs at rents totalling £26,260 p.a.
Note 2: The tenant has spent a substantial amount fitting out the ground floor and is due to complete the mezzanine fit-out by the end of August. There is a 9 month rent free period to assist with the works which expires on 31st October. The Landlord has agreed to top up the rent shortfall on completion.
