Home > Auctions > 10 May 2023 10 May 2023 - 9:00am > Lot 44

10 May 2023: Wednesday 10 May 2023 - 9:00am
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    Key features

    • Investment let at £30,475 p.a. (10.5% GIY on guide)
    • No 40 let at £15,000 p.a. on a 15 year lease from 2015 (Reversion 2030)
    • No 42 let at £15,000 p.a. on a 10 year lease from 2018 (Reversion 2028)
    • 2 x freehold retail units forming part of a busy shopping parade
    • An approx. total of 231.2 sqm (2,488 sq ft) of commercial space
    • We have been advised that circa £55,000 was spent in in 2020/21 on external works and decoration

    Description

    The property is a 3 storey and basement building forming part of a busy and established shopping parade comprising of 2 retail units over ground and basement floor and 6 flats located on the 1st and 2nd floor (sold off on long lease). There is also a rear yard that provides access to both commercial unit and has a number of parking spaces.

    Nearby occupiers include Dominos, Oxfam, Post Office, Boots, Wetherspoon's, Starbucks, Coop as well as a wide range of independent retailers.

    Additional information

    Tenure

    Freehold

    Uppers parts forming 6 flats have been sold off on a long lease (125 years from 25 December 1986 - an approx.88 years unexpired )

    Ground rent £375 p.a. is received from 5 of the flats

    There is also an annual rent being received of £100 p.a. for a electrical substation

    Accommodation

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


    40 Mutley Plain

    Ground - an approx. 81.8 sqm (880 sq ft)

    Basement - an approx. 22.4 sqm (241 sq ft)


    42 Mutley Plain

    Ground - an approx. 83.5 sqm (898 sq ft)

    Basement - an approx. 43.5 sqm (468 sq ft)


    Total - An approx. 231.2 sqm (2,488 sq ft)


    Upper floors not measured


    Tenancy

    40 Mutley Plain

    • Let to a private individual (TA The Little Kitchen)
    • Let on a 15 year lease from the 12/02/2015
    • Rent reviews every 3 years
    • Investment let at £15,000 p.a.


    42 Mutley Plain

    • Let to South West Vape Distribution Limited
    • Let on a 10 year lease from 18/05/2018
    • Rent review on the 18/05/2023
    • Break notice on 5th anniversary has not been served by the tenant
    • Investment let at £15,000 p.a.

    Rent

    £30,475 p.a.

    Notes

    Joint Agent


    Gavin Sagar

    Email: gavins@sccplymouth.co.uk

    Mob: 07970743202


    Please note, the site areas provided are approximate. The photos and yellow line drawings are for illustrative purposes only and may not reflect the exact boundary of the site. The property has not been internally inspected by Savills, prospective purchasers must rely upon their own enquiries in this regard.


    VAT may be applicable on the sale, however the sale may be able to be treated as a TOGC (Please refer to the legal pack).

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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.

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        Local information

        The property is located on the Western side of Mutley Plain and is located close to the junction with Seaton Avenue.

        Plymouth Station is located an approx. 0.6miles

        Transport

        Plymouth Station - National rail services

        Legal documents

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        EPC rating

        The EPC rating for this property is C

        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.

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