Property Information
Address:
3A Somerset Place, Teignmouth, Devon
, TQ14 8EP
, Devon
, United Kingdom
Price: Property no longer available.
Size: 634 sq ft59 sqm
Primary Category: Investment
All Categories:
Investment,
Property Ref/Movehut: MH647968
Property Ref/Agent: 19260
*Please use the agent ref when calling the agent directly.
Property description
The property comprises of a shop. The shop is open plan with a large room to the rear, small kitchen and toilet. Above the shop is a self contained 5 bedroom /1 bathroom flat arranged over 3 floors which has been recently sold on a 125 year lease at a ground rent of £150 per annum.
Location
Located on Somerset Place close to its junction with Bank Street which is the main retail High Street in Teignmouth.
The town is situated approximately 12 miles from Exeter and has a population of circa 14,749 at the last census.
The town is popular with a number of national retailers including Costa, Cardfactory, M&Co and Boots the Chemist. Teignmouth also has a thriving independent retail scene with numerous and well established local traders occupying space in the town.
Accommodation
All areas are approximate and taken from the Valuation Office website. Interested parties should undertake their own enquiries.
Planning
The property benefits from 'E' Use Class.
Rent / Price
£50,000
Terms
The ground floor shop is
let to The Children's Society on an effective full repairing and insuring lease for a term of 10 years from 1st September 2020. There is a tenants only Break Clause on 1st September 2025 and a rent review on the 5th anniversary of the lease.
The rent commencement date is 1st September 2021 and the vendor shall 'top up' the rent on completion of the sale. The rent is is £5,000 per annum exclusive.
The flat has been recently sold on a 125 year lease at a ground rent of £150 per annum exclusive.
Business Rates
From the Valuation Office Agency website () we understand that the current Rateable Value is £6,100 therefore making the approximate Rates Payable £3,043.90 per annum for 2020/21.
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.
EPC
E (108)
Legal Fees
Each party to be responsible for their own legal fees in relation to this transaction.
VAT
All figures quoted are exclusive of VAT if applicable.
Retail investment in popular coastal town
Let to The Children's Society
NIY 10.12% assuming purchasers costs of 1.8%
Producing £5,150 per annum
Reversionary prospects to increase rent
Situated just off Bank Street
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