1-3 Union Street Newton Abbot Devon TQ12 2JX

1-3 Union Street
Newton Abbot
Devon
TQ12 2JX

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
86
Auction
11th July 2018
Rent
£32,000 per Annum Exclusive
Status
Sold
Price
£317,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of a Major Fund Manager

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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 86
Auction 11th July 2018
Rent £32,000 per Annum Exclusive
Status Sold
Price £317,000
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

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 four selfcontained residential flats, three 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

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	65.00 sq m 73.66 sq m	(700 sq ft) (793 sq ft)	INDIVIDUAL t/a Phone Doctor	6 years from 16/10/2017	£13,500	16/10/2020 (15/10/2023)
1A	Ground	Retail/Ancillary	34.28 sq m	(370 sq ft)	VACANT POSSESSION
3	Ground	Retail/Ancillary	39.01 sq m	(420 sq ft)	INDIVIDUAL t/a Sanders Newsagents	3 years from 01/12/2013	£6,500	Holding Over
3A	Ground	Retail/Ancillary	23.28 sq m	(260 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	Holding Over
3B	First	Residential	2 Bedroom Flat		INDIVIDUAL	125 years from 16/01/2013 (1)	£100	16/01/2038 and 25 yearly (2) (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	2 Bedroom Flat		INDIVIDUAL	125 years from 25/11/2011 (2)	£100	25/11/2036 and 25 yearly (3) (24/11/2136)
Total Commercial Area:			235.23 sq m	(2,543 sq ft)			£32,000

(1) The seller has served a notice on the residential tenants, pursuant to section 5B of the Landlord & Tenant Act 1987.
(2) The lease provides fixed rental increases every 25 years to double the passing rent.