Lot 4 Click here for addendum
Freehold Commercial/Residential Investment – Gross Yield 10.8%
6 Week Completion
Situation
Occupying a prime position in the town's pedestrianised retail thoroughfare, adjacent to Costa, opposite EE and Waterstones and amongst other multiple retailers as Card Factory, Superdrug, WHSmith, Tui, Peacocks, Boots and many others.
Newton Abbot is a popular and attractive market town located between the A38 and the A380 some 13 miles south of the M5 (Junction 31) and 6 miles north-west of Torquay.
Property
A mid terrace building comprising a Ground Floor Shop with internal access to Ancillary Accommodation on part first floor and 2 Self-Contained Flats planned on part first, second and third floors. The property benefits from a pedestrian right of way over part of the adjoining rear service area for access from East Street.
VAT is applicable to this Lot
FREEHOLD
Accommodation
Ground Floor Shop
Gross Frontage 20'1''
Internal Width 17'5''
widening at rear to 18'2''
Shop Depth 67'11''
Built Depth 81'2''
Area Approx. 1,145 sq ft
2 WCs
First Floor Ancillary
Area Approx. 495 sq ft
First Floor Flat
1 Bedroom, Living Room/Kitchen, Bathroom, sep. WC
(GIA Approx. 460 sq ft)
Second & Third Floor Flat
2 Bedrooms, Living Room, Kitchen, Bathroom/WC
(GIA Approx. 865 sq ft)
Tenancy
The entire property is let on a full repairing and insuring lease to Newton Abbot V.E. Limited (a subsidiary of Vision Express) (Vision Express have over 550 branches) for a term of 5 years from 6th March 2018 (renewal of a previous lease - in occupation since 2006) at a current rent of £37,800 per annum exclusive (previously let at £45,000 p.a. prior to the lease renewal in 2018).
Note 1: The first floor flat is used by the tenant for storage. The second floor flat is unoccupied.
VIRTUAL TOUR
Click here to view the virtual tour of the first floor flat.
Click here to view the virtual tour of the second & third floor flat.
