Newly built retail park with 40 car parking spaces
Let to Co-Op, Teignview Veterinary Practice, a martial arts academy and a fish & chip take-away restaurant
All leases benefit from 5 yearly CPI Linked rental increases
Co-Op Let until 2037 (no breaks)
Total Site area of approx. 0.34 Ha (0.84 Acres)
Located in a busy residential suburb with many residential developments recently completed and currently being built
Lot 11
Auction 15th February 2024
Rent £153,500 per Annum Exclusive
Status Sold
Price £1,960,000
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
7 miles north of Torquay, 15 miles south of Exeter
Roads
A381, A38
Rail
Newton Abbot Railway Station
Air
Bristol International Airport, Exeter Airport
Situation
Newton Abbot is a historic market town in Devon, approximately 7 miles north of Torquay and 15 miles south of Exeter. The property is extremely well situated on the north side of Ashburton Road (A383) in a sprawling and expanding residential area just 1 mile west of Newton Abbott town centre. The retail park is conveniently located to service the wider residential area which has seen several significant housing developments in recent years.
Tenure
Freehold.
Location
Miles
7 miles north of Torquay, 15 miles south of Exeter
Roads
A381, A38
Rail
Newton Abbot Railway Station
Air
Bristol International Airport, Exeter Airport
Situation
Newton Abbot is a historic market town in Devon, approximately 7 miles north of Torquay and 15 miles south of Exeter. The property is extremely well situated on the north side of Ashburton Road (A383) in a sprawling and expanding residential area just 1 mile west of Newton Abbott town centre. The retail park is conveniently located to service the wider residential area which has seen several significant housing developments in recent years.
Tenure
Freehold.
Description
The property comprises a newly built retail park currently arranged to provide a supermarket, martial arts academy, veterinary practice and fish & chip take-away restaurant together with 40 car parking spaces on a site area of 0.34 Ha (0.84 Acres).
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a newly built retail park currently arranged to provide a supermarket, martial arts academy, veterinary practice and fish & chip take-away restaurant together with 40 car parking spaces on a site area of 0.34 Ha (0.84 Acres).
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Approx. Gross Internal Floor Area sq m
Approx. Gross Internal Floor Area (sq. ft.)
Tenant
Term
Rent p.a.x.
Rent Review
Ground
Retail
424.56
(4,750)
CO-OPERATIVE GROUP FOOD LTD (1)
15 years from 10/01/2022
£111,000
5 yearly (2)
Ground
Leisure
92.90
(1,000)
FIGHTWORX ACADEMY NEWTON ABBOT LTD t/a FWX
10 years from 28/10/2022 (4)
£15,000
5 yearly (3)
Ground
Retail
92.90
(1,000)
INDIVIDUAL t/a Emerald Fish & Chips
15 years from 18/11/2022
£15,000
5 yearly (3)
Ground
Veterinary Practice
92.90
(1,000)
TEIGN VIEW VETERINARY PRACTICE LTD t/a Bay Vet Group (6)
20 years from 18/01/2022 (5)
£12,500
5 yearly (3)
Total
703.26
(7,750)
£153,500
(1) For the year ending 31/12/2022 Co-Operative Group Food Ltd reported a Turnover of £8,040,600,000 (www.mutuals.fca.org.uk) and is part of Co-operative Group Limited, a British consumer co-operative with a family of retail businesses including food retail, wholesale, e-pharmacy, insurance and legal services, and funeral care. The Co-operative Group has over 65,000 employees across the UK and over 2,500 food and convenience stores (www.co-operative.coop). (2) CPI linked rent reviews to a minimum of 1% and a maximum of 3% compounded annually. (3) CPI linked rent reviews to a minimum of 1% and a maximum of 4% compounded annually. (4) The lease provides for a tenant option to determine the lease on the fifth anniversary of the term. (5) The lease provides for a tenant option to determine the lease on the tenth anniversary of the term. (6) Founded in 2000, the Bay Vet Group provide veterinary services from 5 practices in the local area including Torquay, Teignmouth, Paignton and Dawlish with 15 registered vets practicing from these premises.
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.
