Location & Description
A substantial Grade II listed building in the heart of Newton Abbot retail core between Poundland and Cancer Research. We understand that Specsavers have traded at this location for many years.
The upper floors have been converted to residential and sold on long ground rent leases .
Accommodation
Not inspected measurements taken from VOA website:
Lock up shop 163.45m² (1759sq ft)
Rear delivery/pedestrian access from Hopkins Lane.
Lease Details
Commercial
Shop – Tenant Specsavers Optical Superstores Ltd 10 year lease from 29/09/17 subject to a tenant only break clause as at 29/09/22 which was not exercised.
Rent – £32,250
Residential – Accessed from Hopkins Lane to the rear.
Two long leasehold flats over shop both sold on 99 year leases from 27/07/88 (63 years left) with opportunity to negotiate extended lease terms.
Each flat has the right to park 1 car in the rear yard area.
Ground rent – £50.00 per annum per flat (no review)
Total Rent £32,350
Specsavers Optical Superstores Ltd
The published consolidated profit and loss accounts for the year ending 28th February 2023 show a turnover of £3426,710,000 with a profit after taxation of £246,321,000.
Rateable Value
Ground Floor Shop – Current rateable value (1April 2023 to present) £27,250
EPC C
Price
£375,000 reflecting an initial yield of over 8.6% before costs of purchase.
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.
Viewing
Strictly by prior appointment contact Waycotts
