1 - 3 Union Street Newton Abbot Devon TQ12 1JX

  • 1 - 3 Union Street<br>Newton Abbot<br>Devon<br>TQ12 1JX

1 - 3 Union Street
Newton Abbot
Devon
TQ12 1JX

Freehold Retail and Residential Investment

  • Four retail units with self-contained residential flats on upper floors (one on AST)
  • Close proximity to Market Square Shopping Centre
  • Nearby occupiers include Boots, Iceland, Barclays and Timpson
  • Further residential development potential (subject to consents)
  • Lot
    61
  • Auction
    19th October 2017
  • Rent
    £32,000 per Annum Exclusive
  • Status
    Withdrawn Post
  • Price
     
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Behalf of a Major Fund Manager
Important UpdateInterested?
  • Expand
  • Photos
  • Map

Freehold Retail and Residential Investment

  • Four retail units with self-contained residential flats on upper floors (one on AST)
  • Close proximity to Market Square Shopping Centre
  • Nearby occupiers include Boots, Iceland, Barclays and Timpson
  • Further residential development potential (subject to consents)
  • Lot 61
  • Auction 19th October 2017
  • Rent £32,000 per Annum Exclusive
  • Status Withdrawn Post
  • Price  
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Behalf of a Major Fund Manager

Property Information

Location
Miles
7 miles north of Torquay, 15 miles south of Exeter
Roads
A381, A38
Rail
Newton Abbot
Air
Bristol International Airport
Situation

The property is situated on Union Street, close to its junction with the pedestrianised Courtenay Street, the prime retailing pitch. The Market Square Shopping Centre is located within close proximity and houses occupiers including Iceland, Wilko, Holland & Barrett and Clarks. Other nearby occupiers include Boots, WH Smith, Barclays and Timpson.

Tenure

Freehold.

Location
Miles
7 miles north of Torquay, 15 miles south of Exeter
Roads
A381, A38
Rail
Newton Abbot
Air
Bristol International Airport
Situation

The property is situated on Union Street, close to its junction with the pedestrianised Courtenay Street, the prime retailing pitch. The Market Square Shopping Centre is located within close proximity and houses occupiers including Iceland, Wilko, Holland & Barrett and Clarks. Other nearby occupiers include Boots, WH Smith, Barclays and Timpson.

Tenure

Freehold.

Description

The property comprises four ground floor retail units with unit 1 benefiting from first floor office/ancillary accommodation. The remainder of the first and second floors provides three self-contained residential flats, two of which have been let on long leases

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

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

Description

The property comprises four ground floor retail units with unit 1 benefiting from first floor office/ancillary accommodation. The remainder of the first and second floors provides three self-contained residential flats, two of which have been let on long leases

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

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

Tenancy & Accommodation

Unit Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x Review/
(Reversion)
1 Ground
First		 Retail
Office/Ancillary
57 sq m
71.9 sq m
(613 sq ft)
(773 sq ft)
 INDIVIDUAL t/a
Phone Doctor (1)		 6 years from
October 2017		 £13,500 October 2020
(October 2023)
1A Ground Retail
32.39 sq m
(348 sq ft)
 VACANT
POSSESSION (1)		      
3 Ground Retail
41.59 sq m
(447 sq ft)
 INDIVIDUAL t/a
Sanders Newsagents		 3 years from
01/12/2013		 £6,500 (30/11/2016)
3A Ground Retail
21.3 sq m
(229 sq ft)
 INDIVIDUAL
t/a The Filling Station		 5 years from
25/12/2015		 £6,000 25/12/2018
(24/12/2020)
3D First Residential
Studio Flat
 INDIVIDUAL 6 month AST
from 17/06/2017		 £5,700 (16/12/2017)
3B First Residential
2 Bedroom Flat
 INDIVIDUAL 125 years from
16/01/2013 (2)		 £100 16/01/2038 and
25 yearly (3)
(15/01/2138)
3C Second Residential
2 Bedroom Flat
 INDIVIDUAL 125 years from
22/02/2013 (2)		 £100 22/02/2038 and
25 yearly (3)
(21/02/2138)
3E Second Residential
1 Bedroom Flat
 INDIVIDUAL 125 years from
25/11/2011 (2)		 £100 25/11/2036 and
25 yearly (3)
(24/11/2136)
Total   224.18 sq m (2,410 sq ft)     £32,000  

(1) The tenant of unit 1A is currently in discussions with the vendor regarding taking a new 6 year lease of Unit 1 with a simultaneous surrender of unit 1A, which is due to complete imminently. They are currently occupying Unit 1A on a 6 year lease from 01/02/2012 at £6,500 per annum. Please refer to the legal pack for further information.
(2) The seller has served a notice on the residential tenants, pursuant to section 5B of the Landlord & Tenant Act 1987.
(3) The lease provides fixed rental increases every 25 years to double the passing rent.

Contacts

Seller's Solicitors
Eversheds LLP 1 Callaghan Square
Cardiff
CF10 5BT 029 2046 4347
Rachel White 029 2047 7387RachelWhite@eversheds-sutherland.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
AquillaNatasha Ward+44 (0)20 3159 4314+44 (0)7545 208 759natashaw@aquillaib.co.uk

You may also be interested in

By clicking the Submit button I confirm that I would like to get updates on this Property. Please email me updates when they are published.

If you have a query, please fill in the box below, otherwise click the Submit button.

You have 200 character(s) left.

We will keep you updated about lot xthis property.

In the meantime, if you would like to speak to the Surveyor about this property, please call on .

Are you sure you want to remove this property from your Watch List?

Are you sure you are no longer interested in this property?

Are you sure you want to delete your Account?