53 High Street Wells Somerset BA5 2AE

53 High Street
Wells
Somerset
BA5 2AE

Freehold Retail Investment (with potential development opportunity)

Entirely let to Coffee #1 Limited until November 2024
2019 tenant break option not exercised, with important rent review in November 2019
Upper parts not currently used by tenant - potential development/change of use opportunity to residential to create 2 x two bedroom flats from existing space, plus large rear flat roof space (subject to lease and consents)
Attractive and historic cathedral city
Nearby occupiers include Greggs, WHSmith, Seasalt, Boots the Chemist, Waterstones, Caffè Nero, Costa Coffee, FatFace and various banks
VAT-free investment

Lot
3
Auction
23rd May 2019
Rent
£58,000 per Annum Exclusive
Status
Sold
Price
£770,000
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN

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Freehold Retail Investment (with potential development opportunity)

Entirely let to Coffee #1 Limited until November 2024
2019 tenant break option not exercised, with important rent review in November 2019
Upper parts not currently used by tenant - potential development/change of use opportunity to residential to create 2 x two bedroom flats from existing space, plus large rear flat roof space (subject to lease and consents)
Attractive and historic cathedral city
Nearby occupiers include Greggs, WHSmith, Seasalt, Boots the Chemist, Waterstones, Caffè Nero, Costa Coffee, FatFace and various banks
VAT-free investment

Lot 3
Auction 23rd May 2019
Rent £58,000 per Annum Exclusive
Status Sold
Price £770,000
Sector
High Street Retail
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN

Property Information

Location

Miles: 19 miles south-west of Bath; 20 miles south of Bristol
Roads: A4, A39, A46, A361, M4
Rail: Castle Cary
Air: Bristol Airport

Situation

Wells is a popular and historic cathedral city located immediately south of the Mendip Hills, an area of outstanding natural beauty and home to the Cheddar Gorge - a popular tourist destination. The property is well located on the southern side of High Street, at its junction with Mill Street in the heart of Wells city centre. Nearby occupiers include Greggs, WHSmith, Seasalt, Boots the Chemist, Waterstones, Caffè Nero, Costa Coffee, FatFace and various banks.

Tenure

Freehold.

Location

Miles: 19 miles south-west of Bath; 20 miles south of Bristol
Roads: A4, A39, A46, A361, M4
Rail: Castle Cary
Air: Bristol Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor coffee shop with ancillary storage space to the rear as well as first and second floor ancillary accommodation. The first and second floors are not currently used by the tenant, who has expressed interest in surrendering this accommodation to the landlord. Plans were drawn up by the tenant to create 2 x two bedroom flats, copies of which are in the legal pack. The rear flat roof area also provides scope for additional development, subject to the necessary consents being obtained.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion Available

EPC

Band D. See legal pack at acuitus.co.uk

Description

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion Available

EPC

Band D. See legal pack at acuitus.co.uk

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x.	Review
Ground First Second	Coffee Shop/Ancillary Ancillary (not currently used) Ancillary (not currently used)	178.26 sq m 66.08 sq m 70.17 sq m	(1,918 sq ft) (711 sq ft) (755 sq ft)	COFFEE #1 LIMITED (1)	15 years from 05/11/2009 until 04/11/2024 (2) on a full repairing and insuring lease	£58,000	04/11/2019
Total		314.51 sq m	(3,384 sq ft)			£58,000

(1) For the year ending 30th September 2017, Coffee #1 Limited reported a turnover of £27,164,756, pre-tax profits of £1,555,510 and a total net worth of £6,012,636 (Source: Experian Group 10/04/2019). Coffee #1 opened its first café in 2001 and operates from over 90 cafés across the UK (www.coffee1.co.uk). Caffè Nero holds a majority share in Coffee #1 Limited.
(2) The tenant did not exercise their November 2019 break option.