• Freehold retail investment

• Located in a central retailing pitch

• Let to Lush Retail Limited & British Heart Foundation

• New lettings

• Secure income

• Offers in excess of £850,000, subject to contract

• 9.0% net initial yield

The property occupies a central retailing pitch on North Street, close to its junction with Fore Street, in the heart of the town centre. Nearby occupiers include Mountain Warehouse, Greggs, Fat Face, Nando’s, Topshop, Next and River Island.

The Orchard Shopping Centre is a short distance to the south of the subject property. Comprising 140,000 sq ft, the centre has nearly 60 stores including a variety of shops and eateries. Occupiers include Superdrug, Vision Express, Ernest Jones, Game, Jack Wills, Anytime Fitness, Starbucks and Bill’s.

Work is underway for a multi-million pound development at Taunton Railway Station which is situated 0.8 km (0.5 miles) to the north of the property. Planned improvements to the station include a new multi-storey car park, a new ticket office and entrance, improved bus and taxi interchange and easier access to the town centre.

2 North Street comprises a ground floor retail unit with ancillary accommodation on first floor. The unit has been fitted out by the tenant in their usual corporate style.

3-4 North Street comprises a newly refurbished ground floor retail unit with ancillary accommodation on first and second floors. The accommodation at second floor level extends over both 2 North Street and 3-4 North Street. The unit has been fitted out by the tenant in their usual corporate style.

According to the Valuation Office website the rateable value for the property is as follows:

The business rate multiplier is 49.1 pence for rateable values below £51,000 and 50.4 pence per pound for rateable values of £51,000 or more.

Freehold.

For the year ending 31st March 2019, British Heart Foundation (Co. No. 699547) has reported the following figures:

The British Heart Foundation is a registered charity whose vision is a world free from the fear of heart and circulatory disease. The charity raises money to research cures and treatments. For further information visit www.bhf.org.uk.

For the year ending 30th June 2018, Lush Retail Limited (Co. No 03084750) has reported the following figures:

Established in Poole, Dorset in 1994 Lush is a manufacturer and retailer of beauty products with an emphasis on ethically sourced ingredients. The ultimate parent undertaking is Lush Cosmetics Limited which reported in its most recent financial results the company is present in 49 countries with manufacturing facilities in 6 countries. For further information visit www.uk.lush.com.

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

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

2. Let to the secure covenants of British Heart Foundation and Lush Retail Limited;

3. New lettings;

4. Lush has been in occupation since 2006 and extended their lease in 2019, demonstrating their commitment to the property;

5. The property occupies a strong retailing pitch in the heart of the town centre;

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

7. Attractive lot size for an investor.

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