Entirely let to Boots UK Limited by way of a lease renewal
Re-based rent from £220,000 p.a.x
Tenant in occupation since at least 1990
Opposite Union Square Shopping Centre on Torquay’s prime retail thoroughfare
Nearby occupiers include Primark, New Look, Costa, River Island, Holland & Barrett and H&M
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 20
Auction 23rd March 2016
Rent £145,000 per Annum Exclusive
Status Sold
Price £1,730,000
Sector High Street Retail
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
On Behalf of Receivers CBRE
Property Information
Location
Miles
22 miles south of Exeter, 32 miles east of Plymouth, 85 miles south-west of Bristol
Roads
A380, A38, A385, M5
Rail
Torquay Railway Station
Air
Exeter International Airport
Situation
The property is prominently situated in the heart of the town centre on the south side of Union Street, Torquay’s prime retailing thoroughfare. The property is opposite Union Square Shopping Centre, with nearby occupiers including Primark, New Look, Costa, River Island, Holland & Barrett and H&M.
Tenure
Freehold.
Location
Miles
22 miles south of Exeter, 32 miles east of Plymouth, 85 miles south-west of Bristol
Roads
A380, A38, A385, M5
Rail
Torquay Railway Station
Air
Exeter International Airport
Situation
The property is prominently situated in the heart of the town centre on the south side of Union Street, Torquay’s prime retailing thoroughfare. The property is opposite Union Square Shopping Centre, with nearby occupiers including Primark, New Look, Costa, River Island, Holland & Barrett and H&M.
Tenure
Freehold.
Description
The property comprises a large ground floor retail unit with ancillary accommodation in the basement and on the first floor. The property benefits from rear access via Lower Union Lane.
Six week completion
Note
This property is being marketed for sale on behalf of Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a large ground floor retail unit with ancillary accommodation in the basement and on the first floor. The property benefits from rear access via Lower Union Lane.
Six week completion
Note
This property is being marketed for sale on behalf of Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reversion
Ground Basement First
Retail/Ancillary Ancillary Ancillary
658.70 sq m 332.50 sq m 113.10 sq m
(7,090 sq ft) (3,579 sq ft) (1,217 sq ft)
BOOTS UK LIMITED (1)
5 years from 22/05/2015 on a full repairing and insuring lease (2)
£145,000
21/05/2020
Totals
1,104.30 sq m
(11,886 sq ft)
£145,000
(1) For the year ending 31st March 2014, Boots UK Limited reported a turnover of £6,340,000,000, pre-tax profits of £507,000,000 and a total net worth of £456,000,000. (Source: www.riskdisk.com 23/02/2016) (2) The tenant is currently holding over by way of a lease for a term of 25 years from 22/05/1990 until 21/05/2015 at a rent of £220,000 p.a.x. A lease renewal as per the tenancy schedule has been agreed and is in solicitor’s hands due to complete.
Contacts
Seller's Solicitors
DLA Piper UK LLP Princes Exchange, Princes Square Leeds LS1 4BY
