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Lot 37

Gross Yield 11.7%
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 around £22,000 p.a.

Note 2: The tenant has spent a substantial amount fitting out the ground & mezzanine floors.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

7 Braddons Hill Road West, Torquay, Devon TQ1 1BG