£265,000
Property for saleBank Street, Teignmouth TQ14
Freehold
About this property
Town Centre Ground Floor Retail Investment Opportunity
Prominently Positioned High Street Retail Unit in Established Coastal Town
Occupied by Children’s Hospice South West – 6 Year Lease Renewal Agreed
New Rent Agreed at £21,000 Per Annum (subject to lease)
Attractive Freehold Retail Asset in a Strong Retail Pitch – Upper Parts Sold llh
Town Centre Ground Floor Retail Investment Opportunity. Occupied by Children's Hospice South West - 6 Year Lease Renewal Agreed.
Teignmouth is an attractive and well-established South Devon coastal town situated on the mouth of the River Teign, benefiting from a strong local economy supported by tourism, retailing and residential growth.
Teignmouth continues to benefit from a resilient local retail market supported by a combination of permanent residents, tourism and a growing South Devon catchment. The town enjoys relatively low retail vacancy levels compared with many similar coastal locations and continues to attract a range of independent retailers, cafés and service providers.
Bank Street forms one of the town's principal retailing pitches, linking the town centre shopping area with the seafront and surrounding commercial districts. The immediate area comprises a mix of local retailers, cafés, service businesses and national occupiers, generating consistent year-round footfall supplemented by significant seasonal tourism.
The property occupies a highly visible position within the heart of the town centre and benefits from excellent accessibility together with strong surrounding occupier representation.
The property comprises a ground floor retail investment forming part of a traditional mid-terrace town centre building. The accommodation provides well-presented retail sales space with an attractive aluminium glazed shop frontage and open-plan trading area. Ancillary accommodation includes a kitchenette and WC facilities to the rear.
The premises have been fitted to a good standard in line with their current retail use. The property offers investors the opportunity to acquire an affordable freehold commercial investment within a popular South Devon coastal town.
Accommodation
Retail sales area with ancillary staff facilities.
Retail Area (49' 1'' x 18' 5'' (14.95m x 5.61m) (narrowing to 4.32))
Store (21' 8'' x 14' 6'' (6.60m x 4.41m))
Separated from the retail area by light partition and door. Could be reinstated as retail area.
Kitchenette (6' 7'' x 4' 9'' (2.01m x 1.46m))
WC (6' 7'' x 4' 3'' (2.00m x 1.29m))
Tenure
Freehold, subject to the existing occupational tenancy, and long leasehold flats above.
Tenancy
The property is let to Children's Hospice South West on an expired lease at a passing rent of £20,000. Terms are agreed for a new lease:
Term: 6 Years (with tenant’s option to break at 3rd Anniversary)
Rent: £21,000 per annum
Rent Review: Market Review at 3rd Anniversary
Rent Free: Any unexpired rent-free period will be reimbursed by the seller.
Further tenancy information is available to bona fide interested parties upon request.
EPC
An EPC is available upon request.
VAT
Interested parties should make their own enquiries regarding VAT.
Legal Costs
Each party to bear their own legal costs incurred in any transaction.
Viewing
The tenant's business is entirely unaffected by the sale. Viewing is strictly by prior appointment through the Sole Agents, Bettesworths.
Teignmouth is an attractive and well-established South Devon coastal town situated on the mouth of the River Teign, benefiting from a strong local economy supported by tourism, retailing and residential growth.
Teignmouth continues to benefit from a resilient local retail market supported by a combination of permanent residents, tourism and a growing South Devon catchment. The town enjoys relatively low retail vacancy levels compared with many similar coastal locations and continues to attract a range of independent retailers, cafés and service providers.
Bank Street forms one of the town's principal retailing pitches, linking the town centre shopping area with the seafront and surrounding commercial districts. The immediate area comprises a mix of local retailers, cafés, service businesses and national occupiers, generating consistent year-round footfall supplemented by significant seasonal tourism.
The property occupies a highly visible position within the heart of the town centre and benefits from excellent accessibility together with strong surrounding occupier representation.
The property comprises a ground floor retail investment forming part of a traditional mid-terrace town centre building. The accommodation provides well-presented retail sales space with an attractive aluminium glazed shop frontage and open-plan trading area. Ancillary accommodation includes a kitchenette and WC facilities to the rear.
The premises have been fitted to a good standard in line with their current retail use. The property offers investors the opportunity to acquire an affordable freehold commercial investment within a popular South Devon coastal town.
Accommodation
Retail sales area with ancillary staff facilities.
Retail Area (49' 1'' x 18' 5'' (14.95m x 5.61m) (narrowing to 4.32))
Store (21' 8'' x 14' 6'' (6.60m x 4.41m))
Separated from the retail area by light partition and door. Could be reinstated as retail area.
Kitchenette (6' 7'' x 4' 9'' (2.01m x 1.46m))
WC (6' 7'' x 4' 3'' (2.00m x 1.29m))
Tenure
Freehold, subject to the existing occupational tenancy, and long leasehold flats above.
Tenancy
The property is let to Children's Hospice South West on an expired lease at a passing rent of £20,000. Terms are agreed for a new lease:
Term: 6 Years (with tenant’s option to break at 3rd Anniversary)
Rent: £21,000 per annum
Rent Review: Market Review at 3rd Anniversary
Rent Free: Any unexpired rent-free period will be reimbursed by the seller.
Further tenancy information is available to bona fide interested parties upon request.
EPC
An EPC is available upon request.
VAT
Interested parties should make their own enquiries regarding VAT.
Legal Costs
Each party to bear their own legal costs incurred in any transaction.
Viewing
The tenant's business is entirely unaffected by the sale. Viewing is strictly by prior appointment through the Sole Agents, Bettesworths.
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Monthly repayment
£1,325 per month
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