Retail Investment for Sale - Property Pilot
Retail Investment for Sale 9 Market Street Tavistock PL19 0DB
Freehold Retail investment
Attractive market town Small shoppers car park close by
Ref: 39320
Let to Devon Air Ambulance
Contact our agent:-
Current total income £21,600 p.a.
Mike Oldrieve
01392 203010 [email protected]
www.vickeryholman.com
£250,000 - 8.4% net initial No VAT
9 Market Street, Tavistock, PL19 0DB
Upper floors - The four flats have been sold off on 125 long leases from 01.01.2005, expiring 31/12/2129 at a rent of £150 per flat per annum. There is a fixed increase to £250 on 01.01.2030. The leases are drawn on effectivley full repairing terms by way of the service charge. The residential being more than 50% of the property, a Section 5 notice will be required. TENANTS COVENANT Devon Air Ambulance Trust are a registered Charity 1077998 with the highest Experian credit score of 100 with profit after tax of £1.7m in December 2015 and net assets of nearly £16m. LOCATION Tavistock an ancient market town within West Devon situated on the River Tavy and has a resident population of around 12,280. Francis Drake The property occupies a prominent location on Market Street opposite one of the Town’s pay & display car parks. Occupiers in the area include Co-operative Food, Fat Face and Boots as well as several independent retailers, pubs and restaurants. DESCRIPTION The Grade II listed property comprises a ground floor retail unit with four flats sold off on long leases on the upper parts. ACCOMMODATION All areas are approximate and measured in accordance with the RICS Code of Measuring Practice on a net internal basis. Sq Ft Sq M Ground Floor Total Net Internal Area ITZA
1,333 750
123.8 69.7
TENURE Freehold subject to the following tenancies detailed below TENANCIES Ground floor - Let to Devon Air Ambulance on effectivley full repairing and insuring terms by way of the service charge from 28/09/2015 for a term of 10 years. There is a tenant break on 28/09/2019 requiring 6 months notice and rent reviews every four years. There is a schedule of condition.
www.vickeryholman.com Exeter Office Balliol House, Southernhay Gardens Exeter, Devon, EX1 1NP Subject to Contract June 2017
SERVICES We understand that mains electricity water and drainage are connected to the property however these services have not been tested by the agents. Interested parties should make their own enquiries. BUSINESS RATES From the Valuation Office Agency website (www.voa.gov.uk) we understand that current rateable value £13,250 effective from 1st April 2010. Therefore making the approximate rates payable £6,519 per annum for 2016/17. LEGAL FEES Each party are to be responsible for their own legal fees. VAT The property is not registerd for VAT and will not be chargeable in respect of this transaction. EPC The property is grade II listed and therfore not applicable. PROPOSAL Offers are sought in excess of £250,000 which reflects a net initial yield of 8.4% allowing for purchasers cost of 2.63%
CONTACT For further information please contact the Agents: Mike Oldrieve 01392 453023 [email protected] Vickery Holman supports the aims and objectives of theCochrane Code for Leasing Business Premises in England and Wales 2007 which recommends that Clare you seek professional advice before entering into a tenancy agreement. Please refer to www.leasingbusinesspremises.co.uk for further 01392 453027 [email protected] information. Vickery Holman for themselves and for the Vendors or Lessors of the property whose Agents they are, give notice that: 1) The particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute part of, an offer of contract; 2) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of them; 3) No person in the employment of Vickery Holman has any authority to make or give any representation of warranty in relation to this property. Subject to contract Revised June 2017
9 Market Street, Tavistock, PL19 0DB
www.vickeryholman.com Exeter Office Balliol House, Southernhay Gardens Exeter, Devon, EX1 1NP Subject to Contract June 2017
Vickery Holman supports the aims and objectives of the Code for Leasing Business Premises in England and Wales 2007 which recommends that you seek professional advice before entering into a tenancy agreement. Please refer to www.leasingbusinesspremises.co.uk for further information. Vickery Holman for themselves and for the Vendors or Lessors of the property whose Agents they are, give notice that: 1) The particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute part of, an offer of contract; 2) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of them; 3) No person in the employment of Vickery Holman has any authority to make or give any representation of warranty in relation to this property. Subject to contract Revised June 2017
Freehold Retail investment
Attractive market town Small shoppers car park close by
Ref: 39320
Let to Devon Air Ambulance
Contact our agent:-
Current total income £21,600 p.a.
Mike Oldrieve
01392 203010 [email protected]
www.vickeryholman.com
£250,000 - 8.4% net initial No VAT
9 Market Street, Tavistock, PL19 0DB
Upper floors - The four flats have been sold off on 125 long leases from 01.01.2005, expiring 31/12/2129 at a rent of £150 per flat per annum. There is a fixed increase to £250 on 01.01.2030. The leases are drawn on effectivley full repairing terms by way of the service charge. The residential being more than 50% of the property, a Section 5 notice will be required. TENANTS COVENANT Devon Air Ambulance Trust are a registered Charity 1077998 with the highest Experian credit score of 100 with profit after tax of £1.7m in December 2015 and net assets of nearly £16m. LOCATION Tavistock an ancient market town within West Devon situated on the River Tavy and has a resident population of around 12,280. Francis Drake The property occupies a prominent location on Market Street opposite one of the Town’s pay & display car parks. Occupiers in the area include Co-operative Food, Fat Face and Boots as well as several independent retailers, pubs and restaurants. DESCRIPTION The Grade II listed property comprises a ground floor retail unit with four flats sold off on long leases on the upper parts. ACCOMMODATION All areas are approximate and measured in accordance with the RICS Code of Measuring Practice on a net internal basis. Sq Ft Sq M Ground Floor Total Net Internal Area ITZA
1,333 750
123.8 69.7
TENURE Freehold subject to the following tenancies detailed below TENANCIES Ground floor - Let to Devon Air Ambulance on effectivley full repairing and insuring terms by way of the service charge from 28/09/2015 for a term of 10 years. There is a tenant break on 28/09/2019 requiring 6 months notice and rent reviews every four years. There is a schedule of condition.
www.vickeryholman.com Exeter Office Balliol House, Southernhay Gardens Exeter, Devon, EX1 1NP Subject to Contract June 2017
SERVICES We understand that mains electricity water and drainage are connected to the property however these services have not been tested by the agents. Interested parties should make their own enquiries. BUSINESS RATES From the Valuation Office Agency website (www.voa.gov.uk) we understand that current rateable value £13,250 effective from 1st April 2010. Therefore making the approximate rates payable £6,519 per annum for 2016/17. LEGAL FEES Each party are to be responsible for their own legal fees. VAT The property is not registerd for VAT and will not be chargeable in respect of this transaction. EPC The property is grade II listed and therfore not applicable. PROPOSAL Offers are sought in excess of £250,000 which reflects a net initial yield of 8.4% allowing for purchasers cost of 2.63%
CONTACT For further information please contact the Agents: Mike Oldrieve 01392 453023 [email protected] Vickery Holman supports the aims and objectives of theCochrane Code for Leasing Business Premises in England and Wales 2007 which recommends that Clare you seek professional advice before entering into a tenancy agreement. Please refer to www.leasingbusinesspremises.co.uk for further 01392 453027 [email protected] information. Vickery Holman for themselves and for the Vendors or Lessors of the property whose Agents they are, give notice that: 1) The particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute part of, an offer of contract; 2) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of them; 3) No person in the employment of Vickery Holman has any authority to make or give any representation of warranty in relation to this property. Subject to contract Revised June 2017
9 Market Street, Tavistock, PL19 0DB
www.vickeryholman.com Exeter Office Balliol House, Southernhay Gardens Exeter, Devon, EX1 1NP Subject to Contract June 2017
Vickery Holman supports the aims and objectives of the Code for Leasing Business Premises in England and Wales 2007 which recommends that you seek professional advice before entering into a tenancy agreement. Please refer to www.leasingbusinesspremises.co.uk for further information. Vickery Holman for themselves and for the Vendors or Lessors of the property whose Agents they are, give notice that: 1) The particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute part of, an offer of contract; 2) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of them; 3) No person in the employment of Vickery Holman has any authority to make or give any representation of warranty in relation to this property. Subject to contract Revised June 2017
