• Popular retail and tourist location

• Prominent town centre retailing pitch

• Retail unit let on a new lease in June 2020

• Self-contained residential maisonette above, let on an assured shorthold tenancy

• Freehold

• £255,000, subject to contract

• 9.1% initial yield overall, 12.1% in respect of commercial / 5.75% in respect of the residential

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, Snappy Snaps, William Hill, Tesco Metro, Barclays and Subway.

The Fleet Walk Shopping Centre is a short distance 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, Poundland, Starbucks, Greggs and TK Maxx.

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

The property comprises a four storey, mid terraced period building with ground and first floor retail accommodation, plus a two-bedroom maisonette on the second and third floors which is separately accessed via Rock Road to the rear of the building.

The property is not listed but is situated within a Conservation Area.

Freehold.

The ground, mezzanine and first floor is let to A&T Animations Limited (t/a Gifts & More) on a full repairing and insuring lease for a term of 10 years from 15th June 2020, expiring on 14th June 2030. There is a tenant’s break option on 15th June 2025, subject to 12 months’ notice.

There is a minor Schedule of Condition in respect of damp on the first floor of the building. At any time during the term the Landlord may enter the Property upon not less than 5 working days’ written notice to carry out damp proofing works as recommended by the Schedule of Condition. Once the works are completed then reference to a Schedule of Condition will be deleted from the lease via a Deed of Variation.

The initial passing rent in year one was £8,000 per annum, rising to £16,000 per annum on 15th June 2021. There is an upwards only rent review on 15th June 2025.

The second and third floor maisonette is let on an Assured Shorthold Tenancy for an initial term of 12 months from 23rd March 2019 at a passing rent of £7,200 per annum. The agreement continues as a period tenancy.

Therefore, an investor will benefit from a total income of £23,200 per annum.

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

We are instructed to seek a figure of £255,000 (Two Hundred and Fifty Five Thousand Pounds), subject to contract, reflecting an initial yield of 9.10%.

Our enquiries indicate that residential values for a two-bedroom masionette in the area is in the order of £150,000 / £150-180 per sq ft. Accordingly, by conservatively assessing the residential element at £125,000 / £108 per sq ft, this represents a gross yield in respect of the residential element of the property of 5.75%, with the asking price reflecting an initial yield in respect of the commercial element of 12.1%.

Please note that a purchaser will be re-charged the costs of the measured survey (£425 + VAT) and searches (£806.30) which are provided in the data room.

Please note that a purchaser will be charged a Transaction Fee of 1.00% plus VAT of the final agreed sale price.

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