The property comprises a retail unit with accommodation arranged over the ground and lower ground floors which is currently let to The Factory Shop Limited. The premises form part of a three storey parade, the upper floors having been developed into apartments and the frontage benefits from a glazed canopy covering the adjoining pavement.
Situated with in the town centre the premises are located in close proximity to Barclays, Lloyds and HSBC Banks and retailers such as Well Pharmacy and Tesco. Palace Avenue is accessed from Totnes Road and the location benefits from close proximity to various bus stops, town centre parking and the railway station. The beach lies less than 0.5 mile to the east.
999 years less 3 days beginning on and including 29 March 2017 at a peppercorn rent.
The Vendor has provided the following areas:
Ground Floor: 695 sq. m (7,481 sq. ft)
Basement: 430 sq. m (4,629 sq. ft)
Total: 1,125 sq. ft. (12,110 sq. ft)
The property is let to The Factory Shop Limited at a rent of £60,340.20* per annum expiring on 29th April 2030. Please note that the terms of the lease are to be read in conjunction with a CVA arrangement (See Legal Pack) which reduced the rent payable to that currently passing, gave the tenant a surrender option on 26th June 2021 and a capped dilapidations liability. * The CVA states that the rent reduction will end on 26th June 2021 and the full rent stated in the lease is £100,567 per annum.
Energy Asset Rating is C
There will be a Buyer's Administration Fee of £3,600 (inc VAT) payable upon exchange of contracts.
1. The information contained within the Particulars are given in good faith, but all descriptions, statements, dimensions ( these may have come from a third party source e.g. the seller, valuation reports or historic sales particulars), references to condition and permissions for the use and occupation or other details are made without responsibility and should not be relied upon as representation of fact.
2. If a video walk through, or any other form of virtual tour, is provided whilst every effort is made to accurately give an overview of the property we cannot give any warranty concerning the nature, and condition of the property and the suitability thereof for any and all activities and use. The video, or tour, is provided to assist only and without responsibility and should not be relied upon as representation of fact, or replace all appropriate due diligence a prudent purchaser would make.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
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