20 - 22 Fore Street Tiverton Devon EX16 6LH

20 - 22 Fore Street
Tiverton
Devon
EX16 6LH

Freehold Retail Investment

Let on a new 10 year lease to The Works Stores Limited (subject to option)
Located on Tiverton’s prime pedestrianized retail thoroughfare
Nearby occupiers include Boots the Chemist, The Edinburgh Woollen Mill, NatWest Bank and The Carphone Warehouse
VAT-free investment
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
60
Auction
19th May 2016
Rent
£35,000 per Annum Exclusive
Status
Sold
Price
£430,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Receivers CBRE

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Freehold Retail Investment

Let on a new 10 year lease to The Works Stores Limited (subject to option)
Located on Tiverton’s prime pedestrianized retail thoroughfare
Nearby occupiers include Boots the Chemist, The Edinburgh Woollen Mill, NatWest Bank and The Carphone Warehouse
VAT-free investment
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 60
Auction 19th May 2016
Rent £35,000 per Annum Exclusive
Status Sold
Price £430,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Receivers CBRE

Property Information

Location

Miles: 15 miles north of Exeter; 20 miles south-west of Taunton
Roads: A396, A361, M5 (Junction 27)
Rail: Tiverton Parkway Railway Station
Air: Exeter Airport

Situation

The property is situated in a prime retail position on the pedestrianised Fore Street. Nearby occupiers include Boots the Chemist, The Edinburgh Woollen Mill, NatWest Bank and The Carphone Warehouse. The property benefits from a public car park to the rear of the building.

Tenure

Freehold.

Location

Miles: 15 miles north of Exeter; 20 miles south-west of Taunton
Roads: A396, A361, M5 (Junction 27)
Rail: Tiverton Parkway Railway Station
Air: Exeter Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor retail unit with storage and
staff facilities on the first floor.

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 not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is not 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	Review (Reversion)
Ground	Retail/Ancillary	199.80 sq m	(2,151 sq ft)	THE WORKS STORES LIMITED (1)	10 years from 2016 on a full repairing and insuring lease (2)	£35,000 (3)	5th anniversary (2026)
First	Ancillary	214.20 sq m	(2,305 sq ft)	THE WORKS STORES LIMITED (1)		£35,000 (3)	5th anniversary (2026)
Totals		414.00 sq m	(4,456 sq ft)			£35,000

(1) The Works currently have over 330 stores nationwide selling discount books, gifts, toys and stationary. For the year ending 26th April 2015, The Works Stores Limited reported a turnover of £141,684,000, pre-tax profits of £6,733,000 and a total net worth of £16,756,000. (Source: Experian Group 19/04/2016).
(2) The lease has been agreed, it is in the solicitor’s hands and due to complete imminently. The lease will provide for a tenant’s option to determine on the fifth anniversary of the term, subject to 6 months’ prior written notice.
(3) The tenant will benefit from a 12 month rent free period. The seller has agreed to adjust the completion monies so that the property will produce £35,000 p.a.x. from completion of the sale.