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Lot 20

Leasehold Commercial Investment – Gross Yield 15.3%
6 Week Completion

Situation

Occupying a prime position in the city's pedestrianised retail thoroughfare, adjacent to Coffee Number 1, opposite Superdrug and Boots Opticians and amongst other multiple retailers as Marks & Spencer, Barclays, Specsavers, Clarks, Coral, Caffé Nero and many others as well as being close to the Drake Circus Shopping Centre. In addition, there is a Public Car Park to the rear of the property.
Plymouth is a vibrant waterfront city and major regional commercial centre which benefits from good road links via the A38 which links Cornwall to the west and Exeter and the M5 to the east.

Property

A mid terrace building comprising a Ground Floor Shop with internal access to Ancillary Accommodation on the first floor. The property benefits from the use of a rear service area for loading.

Accommodation

Ground Floor Shop
Gross Frontage 20'0''
Internal Width 17'10''
Shop Depth 58'6''
Built Depth 77'8''
Sales/Store Area Approx. 1,175 sq ft
First Floor Ancillary
Area Approx. 685 sq ft
3 WCs

Total Area Approx. 1,860 sq ft

VAT is applicable to this Lot

Tenure

Leasehold for a term of 125 years from 20th August 1986 at a current ground rent of £2,000 p.a. calculated at 8% of rack rent from the occupational lessee - refer to lease.

Tenancy

The entire property is let on a full repairing and insuring lease to Sportswift Limited t/a Card Factory (having over 1,000 branches) for a term of 5 years from 29th November 2018 at a current rent of £25,000 per annum exclusive.

Enquire about this lot:

JOINT AUCTIONEER:
Day and Bell Surveyors
Tel: 020 8445 3611 Ref: Alex Mason
alex.mason@dayandbell.co.uk

*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.

29 Cornwall Street, Plymouth, Devon PL1 1NW