Comprises a dominant convenience store with large 3 bed self-contained flat above with garden
Convenience store includes post office
Entirely let to Bestway Retail Limited with a guarantee from Bestway Wholesale Limited
Lease expires May 2035 (no breaks)
Fixed rental increases at reviews in 2025 and 2030
Large garden to the rear (with potential development opportunity, subject to lease and consents)
Lot 11
Auction 12th February 2020
Rent £36,205 per Annum Exclusive
Status Sold
Price £580,000
Sector High Street Retail
Auction Venue The Montcalm Hotel 2 Wallenberg Place Marble Arch London W1H 7TN
Property Information
Location
Miles
19 miles north-west of Exeter
22 miles south-east of Barnstaple
31 miles west of Taunton
Roads
A38, A361, A377, M5
Rail
Air
Exeter Airport
Situation
The property is located in Witheridge, a village in North Devon almost equidistant between Dartmoor and Exmoor and about 10 miles west of Tiverton. The property is located on the south side of West Street, opposite The Square in the centre of Witheridge. The surrounding area is predominantly residential, with limited local competition.
Tenure
Freehold.
Location
Miles
19 miles north-west of Exeter
22 miles south-east of Barnstaple
31 miles west of Taunton
Roads
A38, A361, A377, M5
Rail
Air
Exeter Airport
Situation
The property is located in Witheridge, a village in North Devon almost equidistant between Dartmoor and Exmoor and about 10 miles west of Tiverton. The property is located on the south side of West Street, opposite The Square in the centre of Witheridge. The surrounding area is predominantly residential, with limited local competition.
Tenure
Freehold.
Description
The property, which is Grade II listed, comprises a three storey building arranged as a ground floor and basement convenience store, with an internal post office. The property benefits from a self-contained, large three double bedroom flat on the first floor, accessed from the front, and a large garden to the rear.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion Available
EPC
Band E. Please see legal pack at acuitus.co.uk
Description
The property, which is Grade II listed, comprises a three storey building arranged as a ground floor and basement convenience store, with an internal post office. The property benefits from a self-contained, large three double bedroom flat on the first floor, accessed from the front, and a large garden to the rear.
BESTWAY RETAIL LIMITED with a guarantee from BESTWAY WHOLESALE LIMITED (1)
20 years from 01/06/2015 until 31/05/2035 on a full repairing and insuring lease
£36,205 (2)
Fixed rental increases to £40,963 on 01/06/2025 and £46,346 on 01/06/2030
Total
220.90 sq m
(2,377 sq ft)
£36,205
(1) Bestway Retail operates the UK's largest franchised off-licence and convenience chain and consists of over 800 stores trading under the Bargain Booze, Bargain Booze Select Convenience, Wine Rack and Central Convenience brands (source: bestwaywholesale.co.uk 13/01/2020). For the year ending 30th June 2018, Bestway Wholesale Limited reported a turnover of £1,611,577,000, pre-tax profits of £10,307,000 and a total net worth of £93,814,000 (source: Experian Group 13/01/2020). The lease is guaranteed by Bestway Wholesale Limited until Bestway Retail Limited posts two consecutive years net profit at Companies House exceeding ?10 million. (2) The current rent passing under the terms of the lease is £32,000 p.a.x. which will rise to £?36,205 p.a.x. on 01/06/2020. The Vendor has agreed to adjust the completion monies so that the property will effectively produce £36,205 p.a.x. from completion of the sale until the next review.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
