• Popular retail and tourist location

• Prominent town centre retailing pitch

• Established tenant

• New lease from June 2016

• £265,000, subject to contract

• 9.2% net initial yield

The property is located on the western side of Fleet Street, one of the principal pedestrianised shopping streets in the heart of Torquay town centre. Nearby retailers include Santander, William Hill, Tesco Metro, The Edinburgh Woollen Mill, Subway and Superdrug.

The Fleet Walk Shopping Centre is immediately to the south. Home to over 50 high street names together with a mix of specialist and independent shops, the centre also benefits from 414 car parking spaces. Retailers include Sportsdirect.com, Bonmarche, Starbucks, Greggs and TK Maxx.

Union Street, the prime retailing pitch for the town, is immediately to the north. Occupiers include Primark, H&M, River Island, WHSmith, JD Sports and Carphone Warehouse.

The property comprises a ground floor retail unit. 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 and accessible from Fleet Street, have been sold off on a long lease.

The property is located in the Torquay Harbour conservation area.

A new 999 year long leasehold interest at a peppercorn rent.

The Cornish Bakery Shops Limited (Co. No.02177016) has reported the following figures;

The principal activity of the company is of a high end bakery. The Cornish Bakery opened its first store in Mevagissey and now has 36 stores throughout the United Kingdom. Four new shops were opened during the last financial year which are all trading to expectations and a further five were due to open by Spring 2017 with further openings expected. The company has won several awards including a Design Business Association (DBA) award, as well as a Food and Beverage (FAB) prize for their interiors. For further information, please visit www.thecornishbakery.com.

The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

We are instructed to seek offers in the region of £265,000 (Two Hundred and Sixty Five Thousand Pounds), subject to contract, reflecting a net initial yield of 9.2%, assuming purchaser’s costs of 2.84%.

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

2. The property occupies a prominent retailing pitch;

3. Let on a new lease from June 2016;

4. Let to an established, award-winning tenant;

5. Attractive lot size to an investor;

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