Let to Day Lewis Plc on a new reversionary 10 year lease (2)
12 years unexpired term
Adjacent to Glanvilles Mill Shopping Centre
Nearby occupiers include Co-operative Food, Lloyds Bank and The Post Office
Lot 24
Auction 18th October 2018
Rent £40,632 per Annum Exclusive
Status Sold Prior
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of Trustees
Property Information
Location
Miles
11 miles north-east of Plymouth
32 miles south west of Exeter
Roads
A38 (Devon Expressway)
Rail
Ivybridge Rail
Air
Exeter International Airport
Situation
Ivybridge is a popular town in Devon situated on the southern boundary of Dartmoor National Park. The property is prominently situated on Fore Street, adjacent to the Glanvilles Mill Shopping Centre. Nearby occupiers include Co-operative Food, Lloyds Bank, Salvation Army and The Post Office.
Tenure
Freehold.
Location
Miles
11 miles north-east of Plymouth
32 miles south west of Exeter
Roads
A38 (Devon Expressway)
Rail
Ivybridge Rail
Air
Exeter International Airport
Situation
Ivybridge is a popular town in Devon situated on the southern boundary of Dartmoor National Park. The property is prominently situated on Fore Street, adjacent to the Glanvilles Mill Shopping Centre. Nearby occupiers include Co-operative Food, Lloyds Bank, Salvation Army and The Post Office.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit with selfcontained first floor office accommodation, which has been sub-let.
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 a ground floor retail unit with selfcontained first floor office accommodation, which has been sub-let.
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
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
Ground First
Retail/Ancillary Office/Ancillary
220.27 sq m 81.47 sq m
(2,371 sq ft) (877 sq ft)
DAY LEWIS PLC (1) (2)
A term of years expiring 21/07/2030 on a full repairing and insuring lease (3)
£40,632
22/07/2025 (21/07/2030)
Total
301.74 sq m
(3,248 sq ft)
£40,632
(1) The Day Lewis Group is an award winning family business, consisting of one of the largest independent pharmacy chains in the UK and Europe. Day Lewis employs over 2,500 people, owning and managing over 300 pharmacies in the UK today, with the management rights to the pharmacy concession in Harrods (Source: www.daylewis.co.uk 18/01/2018). (2) The first floor has been sub-let on a licence to NHS Partnership Trust expiring in July 2020 at a rent of £9,900 per annum. (3) Day Lewis Plc are currently occupying the property on a lease assigned from Boots the Chemist Limited by way of an Authorised Guarantee Agreement at a rent of £39,439.86 p.a.x. rising to £40,031.60 p.a.x. in April 2019 and £40,631.92 p.a.x. in April 2020. This lease is due to terminate on 21/07/2020. In addition, Day Lewis Plc have entered into a reversionary lease for a further 10 years at a rent of £40,632 p.a.x. expiring 21/07/2030 (no breaks). Day Lewis Plc will benefit from a 12 month rent free period. The seller has agreed to adjust the completion monies so that the unit will effectively produce £40,632 p.a.x. from completion of the sale.
