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    Key features

    • To be offered on Tuesday 26 November
    • On behalf of the Joint LPA Receivers
    • High Yielding, Multi-Let, Retail Investment
    • Comprising Two Retail Units
    • Let to Specsavers and Chinese Restaurant
    • WAULT of 7.71 Years to Expiry
    • Total Combined Rent of £145,000 per annum
    • Established High Footfall Street
    • Asset Management Potential
    • Investment Let at £145,000 p.a. (18.1% GIY on Guide Price)

    Description

    The property comprises a high yielding retail investment opportunity situated on a popular high footfall street.

    Arranged as two retail units across ground and first floors, the property is fully let let to Specsavers and a chinese restaurant producing a total aggregate rent of £145,000 per annum.

    16-18 Market Street is let to Specsavers Optical Superstores Limited on a 10 year lease expiring 24/08/2026 and producing £80,000 per annum.

    14 Market Street is let to Heshuo Limited; a chinese restaurant group with several locations in the region, on a new 15 year lease with no breaks producing £65,000 per annum.

    The property benefits from a large prominent frontage to Market Street, with a return frontage to Fox Street. The area benefits from high footfall being parallel to the pedestrianised New Street, and is characterised by a number of national retailers including TSB, Caffe Nero, and a large Sainsburys immediately adjacent to the property.

    Additional information

    Tenure

    Long Leasehold - Approx 112 Years Unexpired at Peppercorn Rent - Please Consult the Legal Pack

    Accommodation

    14 Market Street


    • Ground Floor - 5,975 sq ft (555.10 sq m)
    • First Floor - 3,884 sq ft (360.79 sq m)


    16-18 Market Street


    • Ground Floor - 5,666 sq ft (526.39 sq m)
    • First Floor - 1,689 sq ft (156.89 sq m)

    Tenancy

    Please see the tenancy schedule and legal pack for full information.


    Specsavers Optical Superstores Limited


    • D&B Rating: 5A2
    • Turnover (2024): £3.74bn
    • Pre-Tax Profit (2024): £323m

    Rent

    £145,000 per annum

    Notes

    We understand the property is elected for VAT. It is anticipated the sale will be treated as a Transfer of a Going Concern (TOGC).

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      Accommodation / Tenancy Schedule

      Local information

      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.

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