High Street Retail Property for sale

Teign Street, Teignmouth TQ14


Offers over
£89,500
800 ft²

Description

Situation and description

Teignmouth is a popular and historic seaside resort situated on the South Devon coast between the River Exe and River Teign estuaries. Teignmouth is located approximately 16 miles south of Exeter and 7 miles west of Newton Abbot. Road access is principally via the A379 which forms the picturesque coastal route from Exeter to Newton Abbot and onto Torbay. Access to the M5 motorway is available at either junction 30 approximately 12 miles away, or via the A380 dual carriageway linking with the M5 at Exeter. The town enjoys a mainline railway station with regular service to London (Paddington). Teignmouth has a good resident population which is significantly increased in the summer months.

This Grade 11 listed property comprises a spacious double fronted retail premises with workshops and office to the rear leading onto a small courtyard area. The premises have been well maintained with the shop front replaced in 2013, and the externals redecorated in 2018. The Ground Floor is occupied by Brodequin Shoemakers, who specialise in Handcrafting Unique Leather shoes and Bags etc and have been in occupation for approximately 22 years.
Accommodation

Brief details of the existing accommodation with approximate maximum internal dimensions are as follows:-
Ground floor retail unit

Retail Area 5.79m x 4.18m (18'11 x 13'9) max
Approached from Teign Street via an attractive double bow fronted shop front with pair of central part glazed entrance doors. Concrete floor. Lighting and power as fitted. Spot lighting to the window displays.

Leading from the retail area is door to a ……

Rear Workshop / Store 8.62m x 2.22m (28'3 x 7'3) max
Useful workshop and store. Window to rear and door to courtyard. Power and light as fitted.

Lobby
Leading off the front retail unit. Useful storage area. Door at rear leading to …..

Rear Office 4.45m x 2.73m (14'7 x 8'11) max
Window to rear. Power and strip lighting as fitted. Door to rear courtyard and to …..

Toilet
Low level WC suite with wash hand basin.

Second Toilet
Low level WC suite with separate utility area and butlers sink.

Rear Worksop / Store 4.22m x 2.77m (13'10 x 9'1) max
Useful area with windows to courtyard area. Power and light as fitted. Concrete floor.
Externally

At the rear of the property is an enclosed Courtyard area with outside seating area.
Ground floor lease

The property is being sold with the benefit of a lease of the Ground Floor shop let to Ms Scott who Trades as Brodequin Shoemakers for a term of 5 years from the 29th May 2019 at a passing rent of £7,056 per annum with a rent review on the 2nd and 4th anniversary. The lease is drawn on an internal repairing and insuring basis with the tenants to reimburse the landlords for one third of the buildings insurance. The lease is contracted outside of the Landlord and Tenant Act.
Upper floor flats

The 2 flats above have been sold off on long leases as below with each paying a ground rent of £100 per annum.

Flat 1 (First Floor)
Dated the 8th September 2008 for 999 years from 1st January 2008

Flat 2 (Second Floor)
Dated the 4th November 2011 for 999 Years from 1st January 2008
Price and tenure

Offers are sought in excess of £89,500 for the freehold of this well located and well-presented premises with a combined income of £7,256 per annum which would show a gross return for a purchaser of just in excess of 8% before purchase costs.
Energy performance certificate

A commercial EPC has been obtained for the premises which is valid until 2nd June 2030. A full copy is available to download from the web site. The rating is: - D 100
VAT

VAT is not chargeable on the sale price on this occasion.
Legal costs

Each party to bear their own legals costs for this transaction.
Services

We understand that mains water, drainage and electricity are available to the premises.
Viewing

Strictly by prior appointment only with the sole agent, for the attention of Tony Noon Ref (0662)

Categories

High Street Retail Property
Call
Property reference
RP03251_39