66/70 Union Street Torquay Devon TQ2 5PS

66/70 Union Street
Torquay
Devon
TQ2 5PS

Freehold Retail Investment

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
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On Behalf of Receivers CBRE

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Freehold Retail Investment

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

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

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.