Freehold Retail and Residential Investment with Further Development Potential
Shop let to discount retailer with two separately accessed flats above let on AST's
Shop lease expires December 2023
Potential to convert rear upper floors to create further Residential accommodation (subject to lease and consents)
Approximately 4,452 sq ft
Prime trading location with neighbouring occupiers including Boots the Chemist, Holland & Barrett, Tesco Express, Greggs, Costa Coffee, Sports Direct and WHSmith
Freehold Retail and Residential Investment with Further Development Potential
Shop let to discount retailer with two separately accessed flats above let on AST's
Shop lease expires December 2023
Potential to convert rear upper floors to create further Residential accommodation (subject to lease and consents)
Approximately 4,452 sq ft
Prime trading location with neighbouring occupiers including Boots the Chemist, Holland & Barrett, Tesco Express, Greggs, Costa Coffee, Sports Direct and WHSmith
Lot 10
Auction 16th February 2023
Rent £44,400 per Annum (1)
Status Sold
Price £375,000
Sector High Street Retail, Residential
Auction Venue Live Streamed Auction
Property Information
Location
Miles
4 miles south of Torquay, 24 miles south of Exeter
Roads
A380, A385, A3022
Rail
Paignton Railway Station
Air
Exeter International Airport
Situation
Paignton is an attractive and popular coastal town that benefits from significant additional seasonal visitors. The property is prominently located on the north side of the pedestrianised Victoria Street, 150 metres from Paignton Railway Station. Neighbouring occupiers include Boots the Chemist, Holland & Barrett, Tesco Express, Greggs, Costa Coffee, Sports Direct and WHSmith.
Tenure
Freehold.
Location
Miles
4 miles south of Torquay, 24 miles south of Exeter
Roads
A380, A385, A3022
Rail
Paignton Railway Station
Air
Exeter International Airport
Situation
Paignton is an attractive and popular coastal town that benefits from significant additional seasonal visitors. The property is prominently located on the north side of the pedestrianised Victoria Street, 150 metres from Paignton Railway Station. Neighbouring occupiers include Boots the Chemist, Holland & Barrett, Tesco Express, Greggs, Costa Coffee, Sports Direct and WHSmith.
Tenure
Freehold.
Description
The property comprises a shop arranged on the ground and part first/part second floors (rear) with two separately accessed flats arranged on the part first and part second floors (front).
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band D
Description
The property comprises a shop arranged on the ground and part first/part second floors (rear) with two separately accessed flats arranged on the part first and part second floors (front).
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band D
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.
Ground First (rear) Second (rear)
Retail Ancillary Ancillary
154.09 58.48 64.06
(1,659) (629) (690)
FLASH RETAIL LIMITED (t/a Tech Hub)
1 year lease expiring 19/12/2023 (2)
£27,000 (1)
First (front)
2 Rooms, Kitchen and bathroom
48.40
(521)
AN INDIVIDUAL
12 months AST from 20/12/2022 at £600 pcm
£7,200
Second (front)
3 Rooms, Kitchen, living and bathroom
90.02
(969)
AN INDIVIDUAL
12 months AST from 15/01/2023 at £850 pcm
£10,200
Total
413.56
(4,452)
£44,400
(1) Rent inclusive of insurance and any service charge - please see lease (2) The lease is drawn outside the Security of Tenure provisions of the Landlord & Tenant Act 1954
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.
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