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    Key features

    • High Yielding Retail Investment
    • Let to Hays Travel Limited
    • Producing £23,500 per annum
    • Three Years Term Certain
    • 2021 Break Option Not Exercised
    • Vacant Upper Parts with Separate Access
    • Development Potential (subject to planning)
    • Popular Pedestrianised Street
    • Guide Price Reflects 15.67% Gross Yield

    Description

    The property comprises a high yielding retail investment on a popular pedestrianised street.

    Arranged across ground and three upper floors, the ground floor (755 sq ft / 70.16 sq m) is let to Hays Travel Limited on a lease expiring 14/12/2026 and paying a rent of £23,500 per annum. The upper parts, totalling 1,932 sq ft (179.55 sq m) are vacant and accessed separately from the rear of the property.

    We understand the ground floor was occupied prior to the Hays Travel acquisition of Thomas Cook. This, alongside the unexercised break in 2021 speaks to the tenants longstanding commitment to the location.

    Union Street is the principal, pedestrianised, retail amenity within the popular tourist destination of Torquay. The property enjoys high footfall by virtue of its prominent position on Union Street, which is also anchored by Union Square Shopping Centre and its large multi-storey car park.

    Additional information

    Tenure

    Freehold

    Tenancy

    The ground floor is let to Hays Travel Limited on a lease expiring 14/12/2026 paying a rent of £23,500 per annum. The lease included a break clause in 2021 which was not exercised.


    The upper parts are offered with full vacant possession.

    Planning

    Whilst there are no extant planning consents, the vacant upper parts (which include separate access) offer evident potential for conversion to alternative uses, including residential (subject to obtaining the requisite consents).

    Rent

    £23,500 per annum
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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.

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      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

      • Union Square Shopping Centre - 0.1 miles
      • Torquay Beach - 0.6 miles
      • Torquay Station - 0.9 miles

      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