Location & Description
Located in a busy secondary trading location in the historical market town of Newton Abbot. Nearby traders include Sports Direct, Cancer Research, Specsavers, Poundland, Santander, Betfred, Warrens bakery, Nationwide, and JD Wetherspoons. A Grade II listed, mid terraced property with a self contained ground floor shop unit occupied by Consol Tanning Ltd together with 4 self contained residential flats all accessed by the rear.
Accommodation
Not inspected measurements taken from VOA website:
Ground Floor Retail Shop 103.55m² (1114sq ft)
Lease Details
Commercial
Shop – The lease has been assigned from Consol Southwest Ltd to Consol Tanning Ltd. 10 year lease from 07/09/18
(4 plus years unexpired) subject to a 5 yearly upward only rent review and a tenant only 5 year break clause as at 07/09/2023. Neither the rent review nor the break was exercised.
Rent – £20,000
Residential
Four long leasehold flats over shop all sold on 125 year leases from 01/05/22 each having a ground rent of £100.00 per annum rising to £200.00 per annum in May 2027.
Total Rent £20,400
Consol Tanning Ltd
The abridged balance sheet statement of the financial position as at 31st December 2022 states the company having fixed assess of £4,432,316 and shareholders funds of £2,692,707
Rateable Value
Ground Floor shop – Current rateable value (1April 2023 to present) £18,000.
Price
£240,000 reflecting an initial yield of over 8.5% before costs of purchase.
EPC
Property Management
The property management and service charge administration is currently being undertaken by Waycotts. Further details upon request.
Services
We have not carried out any tests on the services and are therefore unable to comment on their condition or adequacy.
VAT
We understand from our clients the building has not been elected to VAT.
Viewings
Strictly by prior appointment with sole agents Waycotts.
