A freehold shop of approximately 1,860 ft², arranged as a ground retail unit of approx. 882 ft² with two floors of ancillary accommodation above. The shop is situated in Torquay Town Centre, in a prime retail position directly opposite Shoezone and Superdrug, who have recently relocated in the town, and also in close proximity to Primark.
Whilst the property is offered for sale with vacant possession, we would anticipate a potential rent in the region of £17,500-£20,000pa once let although the upper floors also offer potential for residential conversion, subject to obtaining the necessary consents.
FOR SALE BY AUCTION -
This property is due to feature in our online auction on 23 May 2024 at 6.00pm. Bidding is via proxy, telephone or online remote bidding.
SUMMARY -
3 STOREY SHOP IN TORQUAY TOWN CENTRE
VIEWINGS -
Strictly by appointment with Maggs & Allen.
DESCRIPTION -
A freehold shop of approximately 1,860 ft², arranged as a ground retail unit of approx. 882 ft² with two floors of ancillary accommodation above. The shop is situated in Torquay town centre, in a prime retail position directly opposite Shoezone and Superdrug, who have recently relocated in the town, and also in close proximity to Primark. Whilst the property is offered for sale with vacant possession, we would anticipate a potential rent in the region of £17,500-£20,000pa once let although the upper floors also offer potential for residential conversion, subject to obtaining the necessary consents.
LOCATION -
Situated in a central location on Union Street in Torquay. The shop was previously occupied by a Jewellers. Neighbouring occupiers include 3 Mobile, WHSmith, Waterstones and Costa Coffee.
ACCOMMODATION -
Please refer to floorplan for approximate room measurements and internal layout.
FIRST & SECOND FLOOR -
Provides ancillary storage, staff facilities and male and female toilet facilities.
GROUND FLOOR -
Retail area of approximately 882 ft² with access to upper floors.
NOTES -
Please note, the particulars, floor plan and photographs have been provided by the joint agents Bettesworths. All interested parties should inspect themselves prior to bidding.
COMPLETION -
Completion for this lot will be 6 weeks from exchange of contracts or sooner by mutual agreement.
ENERGY PERFORMANCE CERTIFICATE (EPC) -
Rating: C (valid to November 2033).
BUSINESS RATES -
The rateable value with effect from April 2023 is £25,500.
AUCTION OR BRIDGING FINANCE REQUIRED? -
Do you need a mortgage or loan quickly? Maggs & Allen have specialist Independent Brokers who can arrange residential and commercial finance on all types of property. Contact the Auction Team today to be put through to our mortgage and loan experts on 0117 9734940 or email admin@maggsandallen.co.uk
TENURE -
Offered for sale on a freehold basis, and with vacant possession.
BUYER'S PREMIUM -
Please be advised that all purchasers are subject to a £1,250 plus VAT (£1,500 inc VAT) buyer’s premium payable upon exchange of contracts.
*GUIDE PRICE -
Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to Reserve Price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
RESERVE PRICE -
The seller's minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
PROXY, TELEPHONE & ONLINE REMOTE BIDDING -
The auction will be held online via live video stream with buyers able to bid via telephone, online or by submitting a proxy bid. You will need to complete our remote bidding form, which is available to download from our website. The completed form, ID (driving licence or passport and a recent utility bill stating the home address of the purchaser) and a bank transfer for the Preliminary Deposit must be received no later than 24 hours before the date of the auction.
PRELIMINARY DEPOSITS -
The Preliminary Deposit required for each lot you wish to bid for will be calculated based upon the Guide Price as follows:
£1,000 - £150,000: £5,000
£151,000 and above: £10,000
If you bid is successful, the balance of the deposit monies and Buyer’s Premium (1,500 inc VAT) must be transferred to our client account within 24 houra of the auction sale. If you are unsuccessful at the auction, your Preliminary Deposit will be returned to you within 5 working days.
RENTAL ESTIMATES -
All rental estimates are provided in good faith. They should be verified by your own professional advisors prior to a commitment to purchase.
