• Popular retail and tourist location

• Prominent town centre retailing pitch

• Let to Snappy Snaps Franchises Ltd, part of The Timpson Group

• 5.5 years unexpired lease term

• Re-based rent

• £190,000, subject to contract

• 8.8% 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 The Edinburgh Woollen Mill, Santander, William Hill (adjacent), Tesco Metro, 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 retail unit arranged over ground floor and basement. 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.

Snappy Snaps Franchises Limited (Co. No. 02632020) has reported the following figures:

Snapps Snaps was founded in 1983 and has become one of the leading UK franchises. It is the UK’s fourth largest photo service chain predominantly based in the South of England with 120 franchise stores.

In 2013 it became part of The Timpson Group, the UK’s leading retail service provider employing over 3,400 staff. For the year ending 1st October 2016, Timpson Group PLC reported a Turnover of £205,165,000, Pre-Tax Profits of £20,182,000 and Shareholders’ Funds of £53,440,000. For further information please visit www.timpson.co.uk.

On completion the Buyer will become a shareholder and director of a Management Company and following the disposal of all four shop units comprised in the Seller’s title and the upper parts of the Property on long leases, the Seller will transfer the freehold reversion to such Management Company for the sum of £10.00.

We are instructed to seek offers in the region of £190,000 (One Hundred and Ninety Thousand Pounds), subject to contract, reflecting a net initial yield of 8.8%, assuming purchaser’s costs of 1.27%.