1 March 2023: Wednesday 01 March 2023 - 9:00am
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Floorplan
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    Key features

    • Of interest to investors
    • Freehold Retail and Ground Rent Investment
    • Investment Let at £6,510 pa (14.47% on Guide Price)
    • Comprises a large ground floor and basement electrical repair shop together with separate shop let to another tenant
    • Attractive North Devon Seaside town

    Description

    The property comprises a three storey building arranged as two ground floor and basement retail units. The upper parts have been sold off on long leases.

    Additional information

    Tenure

    Freehold.

    Accommodation

    Please note the approximate floor areas have been taken from the VOA and the property has not been inspected by Savills.


    10 High Street

    Ground - 72.60 sq m (781 sq ft)

    Basement - 74.30 sq m (800 sq ft)


    10a High Street

    Ground - 13.40 sq m (144 sq ft)


    Total - 160.30 sq m (1,725 sq ft)


    Tenancy

    10 High Street - Let to tenant trading as an electrical repairs shop at a current rent of £4,000 pa (holding over)


    10a High Street - Let to a tenant trading as Pokémon Sales for 3 years expiring 31.01.2024 at a current rent of £2,500 pa


    Upper parts - 2 flats let on 999 year leases at a ground rent of £5 each pa


    Total - £6,510 pa


    Rent

    £6,510 pa

    Notes

    The seller has served notice pursuant to section 5B of the Landlord & Tenant Act 1987 on the residential tenants to which no responses have been received.


    Please note the seller was previously approached by the long leaseholder of the upper parts requesting to split one flat into two which may grant a premium to the freeholder. The purchaser will rely on their own enquiries in this regard.

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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

      Savills are not holding any viewings for this property. For further information please download the legal pack or email the relevant Savills Contact directly.

      Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Local information

      Ilfracombe is an attractive town and seaside destination on the North Devonshire coastline. The property is located in a prominent position on the North side of High Street, approximately 300 metres from Wildersmouth Beach. Nearby occupiers include Superdrug, Costa Coffee and a number of independent shops, cafes and restaurants.

      Transport

      Roads: A39, A361


      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

      Addendums