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Lot 3

Freehold Commercial Investment – Gross Yield 10%
In same ownership for approx. 28 years
6 week completion

SITUATION

Occupying a prominent trading position in this busy and historic market town in the heart of Somerset, with nearby multiples including Boots, The Post Office, The Co-operative Supermarket, and a host of established local traders.
The property serves this densely populated residential area which is enhanced throughout the year with a regular tourist trade and the summer music festival held at Worthy Farm.
Glastonbury is located on the main A361 some 6 miles south west of Wells, 25 miles south-west of Bath, 27 miles south of Bristol and 14 miles east of the M5 (Junction 23).

PROPERTY

A mid terraced ex-Woolworth building comprising a Large Ground Floor Retail Unit with internal and separate front access to Ancillary Office/Staff area on first floor level.
The property benefits from a gated rear yard accessed via Butt Close which also leads to a Public Car Park.

ACCOMMODATION

Ground Floor Retail Unit
Gross Frontage 40'2"
Internal Width 37'5" widening to 39'5"
Shop Depth 87'0"
Built Depth 109'0"
Sales Area Approx. 3,300 sq ft
Store Area Approx. 825 sq ft
External Store Area Approx. 575 sq ft

First Floor Office/Staff
Area Approx. 770 sq ft
2 WCs ________________

Total Area Approx. 5,470 sq ft

VAT is NOT applicable to this Lot

freehold

tenancy

The entire property is let on a full repairing and insuring lease to Archstone Limited (t/a Earthfare) as an Eco-friendly Grocer & Health Food Supermarket for a term of 20 years from 12th August 2009 (by way of a reversionary lease) at a current rent of £30,000 per annum exclusive.

Rent Review August 2024

Note 1: The lessee has expressed a wish to install solar panels and extend their lease until 2037, but no further terms have been agreed.

Note 2: There is a £14,000 Rent Deposit held.

Note 3: The lessee has been in occupation since 2009.

*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.

45 High Street, Glastonbury, Somerset BA6 9DS