FOR SALE BY AUCTION - LOT 4
FREEHOLD RETAIL INVESTMENT
An end terrace period property originally designed as a two storey dwelling but has been adapted and extended over the years to currently provide a large ground floor retail unit with rear stores together with a self-contained four bedroom first floor flat above with separate rear access. Externally it includes loading and a small car park at the rear. The entire property has been let to One Stop Stores Ltd.
Location
Porlock is a small coastal village in Somerset, England, 5 miles west of Minehead and on the edge of Exmoor National Park. It has a population of circa 1,440 with a high proportion being of pensionable age. It offers a modest range of local shops and amenities but does have two convenience stores including the subject property.
Access to the village is via the A39 and country lane network. The County town of Taunton with its mainline railway station and access to the motorway network is approximately thirty miles to the east. The property is located within the heart of the village forming part of the retail centre and fronting the main road through Porlock. Nearby occupiers are of a local nature and include a pharmacy, cafe and gift shop.
Accommodation
Ground Floor Retail - 2,595 sq ft (241.09 sq m)**
Tenancy in place to One Stop Stores Ltd¹ Parent Company Tesco PLC² for a term of 15 years from 24th Nov 2005
Current Rent - £XXX pa
Rent Review - 23rd Nov 2020
First Floor Residential - 4 bedrooms**
Tenancy in place to One Stop Stores Ltd¹ Parent Company Tesco PLC² for a term of 15 years from 24th Nov 2005
¹One Stop Stores is a subsidiary of Tesco Plc and for the year ended 27 February 2016 reported a turnover of £XXXm with a pre-tax profit of £XXXm.
²For the year ended 27 February 2016, Tesco Plc, reported a turnover of £XXXbn with a pre-tax profit of £XXXm. (Source: Experian)
** The property has not been inspected by Telsar Auctions
Terms
EPC: Refer to Legal pack
No VAT
PRICE INFORMATION
*Guide Price: This is an indication of the seller's current minimum acceptable price at Auction. The guide price is given to assist prospective buyers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the Auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the Auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the Auction. *Reserve Price: The seller's minimum acceptable price at Auction and the figure below which the Auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the Auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the Auction.
ADDITIONAL COSTS
*Please note that the following additional fees will apply to the purchase of your property: 1. A successful purchaser will have to pay a buyer's premium of £XXX plus VAT directly to the Auctioneer 2. Other fees as listed within the Special Conditions of Sale that form part of the legal pack which is made available to prospective buyers prior to Auction. Buyers will be will be expected to sign this document as well as the Sales Memorandum at the time of purchase. 3. Stamp Duty will have to be paid in addition to the sale price. Stamp Duty rates are available online 4. Prospective buyers must factor in solicitor fees and any survey fees 5. Insurance - it is the responsibility of the buyer to insure the property purchased from the date of exchange.
Specification
- Gross Income: £XXX pa
- Gross Yield: 6.26%
- 6 week completion
- Strong covenant
- Entirely let to One Stop Stores Ltd
- Located in picturesque village
- Double fronted shop unit
- Reversion Nov 2020