Online Auction

Island Place, Gould Road, Salcombe, Devon, TQ8 8DU

  • Unconditional Online Auction Sale
  • Reserve not to exceed : £1,260,000
  • Rare opportunity to purchase a prime ground floor convenience retail unit within an exclusive residential development
  • Excellent position within the affluent Devon town of Salcombe
  • The unit will be the only supermarket convenience store in the centre of the town
  • To be let to Co-Operative Food Group Limited for a term of 15 years from practical completion at an initial rent of £70,000 per annum
  • 5 yearly RPI linked rent reviews, compounded annually and subject to a cap and collar of 1.00-3.00%, providing an attractive running yield profile

Details

Location

Salcombe is an extremely affluent and popular coastal town in the South Hams district of Devon, south west England. The town lies on the banks of the Salcombe Estuary and it widely regarded as one of the prettiest towns in South Devon and one of the UK’s most desirable waterside destinations.

The town is accessed via the A381, which in turn links with the A38, providing connectivity to Plymouth and Cornwall in the west and the M5 at Junction 31 at Exeter in the east.

Island Place is a unique high end development benefiting from a prime and prominent position in relation to the town centre and waterfront.

Situated on Gould Road on the north west side of the town centre, the property benefits from heavy pedestrian flow by virtue of immediate proximity to the town’s only short stay and long stay parking provisions; Shadycombe Car Park directly opposite and The Creek Car Park immediately adjacent.

The town has a distinct lack of national multiple food retailers and as a consequence the newly provided store will prove popular to tourists and residents alike, benefitting from a monopoly on the current provision.

Description

The property comprises a ground floor convenience retail unit, positioned below a brand new two storey residential development comprising 6 high quality houses.

The unit comprises a dedicated retail sales floor with ancillary accommodation and storage to the rear, with the lease stipulating an area of 4,000 sq ft.

The property is expected to reach practical completion in September 2018.

Tenure

Virtual Freehold - 999 year lease

Tenancy

The property is let in its entirety to Co-Operative Group Food Limited for a term of 15 years from practical completion, at an initial annual rent of £70,000 per annum. The rent is subject to 5 yearly RPI linked rent reviews, compounded annually and subject to a cap and collar of 1.00-3.00%.

The tenant has been granted a 6 month rent free period which will be topped up by the Vendor.

Tenant Information

The property is let in its entirety to the excellent covenant of Co-Operative Food Group Limited.

Bidder Registration

In order to bid you will be required to provide proof of identification, proof of address and source of funds before being authorised to bid.

We will also require you to pay our firm a deposit of £125,000 (One Hundred & Twenty Five Thousand Pounds) in order to be authorised to bid and this deposit will be held by LSH in our client account. You will be required to pay the balance of the full 10% deposit (if this amount is different from the amount of the deposit that has already been paid), together within the auctioneer's administration fee of £990 (inclusive of VAT), within two business days of the auction closing date.

Alternatively, your solicitor may provide us with an undertaking that they will pay the 10% deposit and our administration fee in full within two business days of the auction closing date.

The deposits that LSH are holding in our client account for the unsuccessful bidders will be released in full within two business days of the auction closing.

Please see our Online Bidding and Registration Guide for further information.

Registration for bidding will close at 17:30 on Tuesday 19/06/2018, after which we cannot guarantee that authorisation to bid in the auction will be granted.

Glossary

A Glossary of some common auction terms and an explanation around them to assist you with your purchase can be found here.

VAT

VAT is applicable at the prevailing rate

Energy Performance Certificate

The Vendor is to provide an EPC within 4 weeks of practical completion.


Contact

*Reserve Not to exceed

The reserve is the minimum amount the seller will currently accept. This figure does not represent a valuation nor does it reflect the likely sale price. It is subject to change, upwards or downwards.

Administration Fee

The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT. Other additional costs/fees may apply - Click here.

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The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT. Other additional costs/fees may apply - Click here.


Related Documents


Agreement Documents