Comprising ground floor shop and two one bed flats on the upper two floors
Grade II Listed
Shop let on a new 5 year lease with fixed rental increase (1) (subject to option to determine)
Highly Affluent Somerset Cathedral City (with Waitrose Supermarket within 250 metres)
Prominent City Centre Location
Nearby occupiers include The Works, BHF, Superdrug, Fat Face, Holland & Barrett and Boots
VAT Free Investment
Lot 2
Auction 15th February 2024
Rent £31,600 per Annum Exclusive
Status Sold
Price £320,000
Sector High Street Retail, Residential
Auction Venue Live Streamed Auction
Property Information
Location
Miles
17 miles south-west of Bath, 17 miles south of Bristol
Roads
A39, A361, A37, M5, M4
Rail
Castle Cary Railway Station
Air
Bristol Airport
Situation
Wells is an affluent and historic Cathedral City, boasting a moated Bishop's Palace, a Cathedral School, an attractive Market Place and is a popular tourist destination. The High Street hosts a vibrant mix of national retailers plus a variety of independent, restaurants and pubs as well as a twice weekly market and a choice of supermarkets including Waitrose.
The property is well located in the heart of Wells city centre on the northern side of High Street close to its junction with Broad Street. The property benefits from close proximity to Union Street & South Street Car Parks both within 100 metres and the Cathedral at Market Place. Nearby occupiers include The Works, BHF, Superdrug, Fat Face, Holland & Barrett and Boots.
Tenure
Freehold.
Location
Miles
17 miles south-west of Bath, 17 miles south of Bristol
Roads
A39, A361, A37, M5, M4
Rail
Castle Cary Railway Station
Air
Bristol Airport
Situation
Wells is an affluent and historic Cathedral City, boasting a moated Bishop's Palace, a Cathedral School, an attractive Market Place and is a popular tourist destination. The High Street hosts a vibrant mix of national retailers plus a variety of independent, restaurants and pubs as well as a twice weekly market and a choice of supermarkets including Waitrose.
The property is well located in the heart of Wells city centre on the northern side of High Street close to its junction with Broad Street. The property benefits from close proximity to Union Street & South Street Car Parks both within 100 metres and the Cathedral at Market Place. Nearby occupiers include The Works, BHF, Superdrug, Fat Face, Holland & Barrett and Boots.
Tenure
Freehold.
Description
The property, an attractive Grade II listed 3 storey building, comprises a ground floor shop together with two one bedroom flats on the upper two floors.
VAT
VAT is not 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, an attractive Grade II listed 3 storey building, comprises a ground floor shop together with two one bedroom flats on the upper two floors.
VAT
VAT is not 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 sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
Ground
Retail
75.81
(816)
INDIVIDUALS t/a Fig Tree Deli
5 years from 10/08/2023 (1) (2)
£16,000
3rd Anniversary of the term (1)
First
One bed flat
57.00
(613)
INDIVIDUAL
12 month AST from 16/09/2023
£7,800 (3)
Second
One bed flat
63.00
(678)
INDIVIDUAL
12 month AST from 28/11/2023
£7,800 (3)
Total Approximate Floor Area
195.81
(2,107)
£31,600
(1) The lease provides for a fixed rental increase to £17,500 p.a.x. on the 10/08/2026. The lease provides for a tenant only option to determine the lease on 09/10/2026 upon serving 9 months written notice. (2) A rent deposit of £4,000 is held by the Seller. (3) The AST rents have been annualised.
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.
