Home > Auctions > 10 May 2023 10 May 2023 - 9:00am > Lot 45

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

    • Freehold Town Centre Supermarket Investment
    • Investment let at £189,000 pa (8.40% on Guide Price) (£15.73 psf)
    • Let to Co-Operative Group Limited
    • 17 year FRI lease from June 2011 until June 2028
    • Extensive refurbishment by tenant in 2016 at a cost of approximately £1m
    • Substantial building of approximately 12,011 sq ft

    Description

    The property comprises a substantial purpose built detached supermarket with it's main entrance fronting Glanvilles Mill Shopping Centre. The property is also accessed from the town's main public car park which is connected via a footbridge. We understand the property is the only supermarket in the town.


    The property has been fitted out by the tenant to a high standard. The main ground floor retail is open plan, with chiller/freezer facilities, ancillary stores and offices. A small first floor provides staff accommodation and WC's. The property also benefits from a goods entrance and loading at the rear.


    Additional information

    Tenure

    Freehold.

    Accommodation

    Please note the approximate areas have been provided by the Vendor and the property has not been inspected by Savills.


    Ground - 1,035.65 sq m (11,148 sq ft)

    First - 80.17 sq m (863 sq ft)


    Total - 1,115.82 sq m (12,011 sq ft)


    Tenancy

    The property is let to Co-Operative Group Limited, on a Full Repairing and Insuring lease for a term of 17 years from and including 28th June 2011 and expiring on 27th June 2028.


    The current passing rent is £189,000 per annum (£169.38 per sqm / £15.73 per sq ft). The lease benefits from 5 yearly open market rent reviews, the next being on 28th December 2023.


    Rent

    £189,000 pa

    Notes

    VAT is applicable and it is anticipated that the sale will be treated as a Transfer of Going Concern (TOGC).


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        Local information

        Ivybridge is the largest town in the South Hams area of Devon and is the gateway to the southern boundary of the Dartmoor National Park. The town benefits from good road communications being immediately adjacent to the A38 Devon Expressway, providing easy access to Plymouth 19 km (12 miles) to the west and Exeter 53 km(33 miles) to the north-east. In addition, Torquay is approximately 34 km (21 miles) to the north-east. The town is ideally located fortravelling throughout picturesque South Devon. Ivybridge is connected to the national rail network with regular services to Plymouth and Exeter. There is also a direct service to London Paddington with a journey time of approximately 3 hours.

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        EPC rating

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        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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