• Popular retail and tourist location

• Prominent town centre retailing pitch

• Let to Subway Realty Limited

• 4.5 years unexpired lease term

• No VAT payable

• £300,000, subject to contract

• 8.0% net initial yield

The property is located on Wellington Street, one of the principal shopping streets in the heart of Teignmouth town centre. The train station is located less than 0.3 km (0.2 miles) to the north and Teignmouth Town Beach is a couple of minutes’ walk to the south. Nearby retailers include Holland & Barrett, William Hill, Greggs, Lloyds Bank, Costa, WHSmith and Boots Chemist.

The property comprises a retail unit arranged over ground floor. Internally, the retail floor area is predominately open plan with ancillary areas and has been fitted out by the tenant to their usual corporate style.

The upper floors, which are self-contained, have been sold off on long leases and in which the seller has no interest.

We understand that the property is Grade II Listed and lies within the Teignmouth Conservation Area.

A 999 year long leasehold interest from 24th November 2006 at a peppercorn rent.

Subway Realty Limited (Co. No. 04174473) has reported the following figures:

Subway Realty Limited is a wholly owned subsidiary of Subway International Holdings BV and operates as part of the group’s European division. Subway Realty Limited enters into leases with landlords and subleases these to franchisees. It has become one of the leading UK franchises.

The Subway brand began in 1965 in the USA and has since expanded to become the world’s largest submarine sandwich chain with over 44,000 stores in over 110 countries. Across the UK and Ireland there are over 2,500 stores. For further information please visit www.subway.com.

The sub-tenant and franchisee, Mr Chris White and Mr Kevin Tilling, have advised that they own and operate a group of Subway sandwich shops in six further locations throughout the South West of the UK and have been trading since 2005.

The property has not been registered for VAT. Therefore, no VAT will be payable on the purchase price.

1. An opportunity to acquire a town centre retail investment;

2. The property occupies a prominent retailing pitch;

3. Let to Subway Realty Limited, a secure and highly established tenant;

4. Approximately 4.5 years unexpired lease term;

5. The tenant’s 2018 break option has not been exercised, demonstrating their commitment to the property;

6. VAT free investment;

7. Attractive lot size to an investor;

8. A purchase at the asking price reflects an attractive net initial yield.

30/08/2018