To be entirely Let to Pretty by Nature Ltd, with guarantee from Eastgate Fashion Ltd
Agreement for lease signed 12th April 2024 for a new 10 year term (subject to options)
Prime position in town centre
Affluent Somerset Town
Nearby occupiers include Marks and Spencer, JD Sports, Waterstones, TK Maxx, River Island and Jack Wills
Lot 27
Auction 9th May 2024
Rent £40,000 per Annum Exclusive
Status Sold
Price £320,000
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of a Major Investment Fund Manager
Property Information
Location
Miles
26 miles north-east of Exeter, 24 miles south of Weston-Super-Mare
Roads
A38, A3027, M5 (Junction 25)
Rail
Taunton Railway Station
Air
Exeter Airport
Situation
Taunton is a popular county town in Somerset. The property is situated within the town centre, occupying a prime position on Fore Street (A3027) at its junction with Hammet Street and North Street with a frontage onto the Parade monument. Nearby occupiers include Marks and Spencer, JD Sports, Waterstones, TK Maxx, River Island, Jack Wills and a range of national and local retailers.
Tenure
Freehold.
Location
Miles
26 miles north-east of Exeter, 24 miles south of Weston-Super-Mare
Roads
A38, A3027, M5 (Junction 25)
Rail
Taunton Railway Station
Air
Exeter Airport
Situation
Taunton is a popular county town in Somerset. The property is situated within the town centre, occupying a prime position on Fore Street (A3027) at its junction with Hammet Street and North Street with a frontage onto the Parade monument. Nearby occupiers include Marks and Spencer, JD Sports, Waterstones, TK Maxx, River Island, Jack Wills and a range of national and local retailers.
Tenure
Freehold.
Description
The property comprises ground floor retail accommodation with first floor ancillary accommodation plus a rear yard.
There is future potential to extend the first floor (subject to necessary consents).
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
D
Description
The property comprises ground floor retail accommodation with first floor ancillary accommodation plus a rear yard.
There is future potential to extend the first floor (subject to necessary consents).
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
D
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
Ground First
Retail Ancillary
197.02 45.65
(2,120) (491)
PRETTY BY NATURE LTD with a guarantee from Eastgate Fashion Ltd t/a Made in Italy (1)
Agreement for Lease signed as at 12 April 2024 for a term of 10 years (2)(3)(4)
£40,000
5th Anniversary of the term
Total
242.67
(2,611) (5)
£40,000
(1) Pretty by Nature Ltd is a south coast fashion retailer with stores in Chichester, Lymington, Dorchester, Weymouth and Bridport. (2) An agreement for lease has been completed on 12/04/2024 with Pretty by Nature Ltd, with guarantee from Eastgate Fashion Ltd, which will trade under the Made in Italy branding. It is anticipated the lease will complete on the 15th May 2024 following completion of lessor repair works. The lease will be on FRI terms subject to a Schedule of Condition. (3) The current rent reserved under the terms of the lease is £40,000 per annum exclusive, with a rent of £26,250 p.a.x. in the first two years of the lease reflecting 8 months rent free spread evenly across the first two years. The Seller will ‘top-up’ the rent from completion of the sale until the third anniversary of the term, therefore the property will effectively produce £40,000 p.a.x. from completion of the sale. (4) The lease provides for a tenant option to determine the lease at the end of the 3rd year and after 5 and a half years. (5) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk).
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.
