Commercial property for sale in 52-56 Fore Street, Tiverton, Devon EX16

The property comprises two purpose built retail units dating from the 1970s. The units provide open plan retail space, the majority of which is occupied by WHSmith. New Look occupy the remainder of the ground floor whilst the self-contained first and second floors are currently vacant - previously sub-let to a restaurant occupier and offer future development potential.

To the rear there is parking/loading facilities.

Freehold investment for sale

Prime trading position

Let to WHSmith Retail Holdings Ltd (part sub-let to New Look Limited)

Rent: £43,600 p.a.

Rear parking/loading

Tiverton is an attractive market town situated approximately 15 miles north of Exeter and 68 miles south west of Bristol. The town has a population of about 22,000 and is close to Junction 27 of the M5 motorway and Tiverton Parkway Station.

The property is in the heart of the town centre in a prime retail position on pedestianised Fore Street. Other retailers Banburys department store, Card Factory, Tui Holidays, Greggs and Superdrug.

Following a public consultation in 2016, Mid Devon District Council intends to prepare (a second) draft masterplan spd and delivery plan by the end of 2023 to identify potential schemes to support the regeneration and future development of Tiverton town and to enhance economic activity and footfall. Potential schemes include Phoenix Lane, the bus station, and the multi-storey car park, with other opportunities at the pannier market and Market Walk. Investment in these schemes will improve the vitality of the town centre.

The property comprises two purpose built retail units dating from the 1970s. The units provide open plan retail space, the majority of which is occupied by WHSmith. New Look occupy the remainder of the ground floor whilst the self-contained first and second floors are currently vacant - previously sub-let to a restaurant occupier and offer future development potential.

To the rear there is parking/loading facilities.

VAT will be applied at the standard rate where applicable.

Both parties to bear their own legal costs in the transaction.

An EPC is available for this property. The rating is C/74.

The entire property is let on an over-riding lease (by renewal) to WHSmith Retail Holdings Limited for a term of 5 years from 1st November 2023 at a re-based rent of £43,600 per annum, on full repairing and insuring terms. There is a tenants option to break at the end of the third year.

54 Fore Street is sub-let to New Look who are currently occupying under a Tenancy at Will and are in negotiations to take a new sublease from WHSmith.

52 Fore Street was formerly occupied as a restaurant but is currently vacant.

WHSmith Retail Holdings Ltd, company no. 00471941 employ approx 9,500 people and operate from more than 600 High Street stores and 800 travel stores. In the year to 31st August 2022 they reported turnover of £191m and net assets of £848m. Their parent company is WHSmith Plc.

New Look Retailers Ltd company no. 01618428 employ approx. 9,300 people and operate from 418 stores New Look Retailers Limited is a private Ltd company and has been in Voluntary Arrangement for circa 5 years. They reported a turnover of £818m and net assets of £16.31m in the year to 26th March 2022.

Guide price: £450,000