Retail premises for sale

Wellington Street, Teignmouth TQ14

Situation and description


This offers a chance to acquire a well located Ground Floor Investment property in Wellington Street in the heart of Teignmouth Town Centre. Teignmouth is a popular coastal town with a strong all year round resident population, significantly increased during the summer season. The property is well located with a number of local, regional and national businesses close by. The main line railway station and the beach are both a short walk from the property as is the Lidl supermarket and pay and display car park.

Teignmouth is located approximately 12 miles south of Exeter, 8 miles north of Torquay, and 5 miles east of Newton Abbot. Road access to Teignmouth is principally via the A379 which forms the picturesque coastal route from Exeter to Newton Abbot and onto Torbay. Access to the M5 motorway is available at junction 30 approximately 12 miles away via the A380 dual carriageway, with Exeter offering a wider range of facilities and amenities. This is an opportunity to acquire a well located town centre Investment premises in this sought after coastal town.
Accommodation

Brief details of the accommodation with approximate maximum internal dimensions are as follows:-

Salon / Retail Area 6.72m x 6.45m (22’0” x 21’2”) max
Irregular shape with dual frontage offering windows to the front and side plus glazed entrance door and glazed panel adjoining. Carpeted. Ceiling tracking with spot lights as fitted.

Kitchen 3.37m x 1.76m (11’1” x 5’9”) max
Irregular shaped room. Stainless steel sink with single drainer. Cupboards under. Space for fridge. Laminate floor. Door to …

Toilet
WC suite with pedestal wash basin.
Energy performance certificate

A commercial EPC has been obtained for the premises. A full version is available to download from the web site. The rating is: C 53
Services

We understand that mains Electricity, water and drainage are available to the premises.
Tenancy

The premises are let on a 6 year effective Fri lease by way of service charge to Mr Kevin and Mrs Sylvia Jago from the 15th July 2024 (Expires on 14th July 2030) at a rent of £14,000 per annum payable quarterly in advance with a rent review on the third anniversary. There is also a tenant only beak clause at the end of the third year. The tenant reimburses the landlord for the buildings insurance premium. A service charge is payable by the tenants.

The lease is contracted outside of the security of tenure provisions of the Landlord and Tenant Act.
Price and tenure

Offers are sought in the region of £184,500 plus VAT for the remainder of the long leasehold interest commencing on the 2nd June 2014 and expiring on the 1st June 3113 (1,099 years) of this well located retail premises offering an investor a return of around 7.6% before purchaser costs.
VAT

We understand that VAT is payable on the rent and sale price on this occasion.
Rates

Rateable Value: - £12,250 (2026 Valuation List)

We understand that qualifying business could benefit from a rate reduction of up to 100% under the Small Business Rate Relief Scheme. To see if you or the premises qualify for this discount please contact Teignbridge District Council .
Legal costs

Each party to bear their own legal costs involved in this transaction.
Anti money laundering regulations compliance

A successful purchaser will be required to provide proof of identity and address, plus proof and source of funds to satisfy the Anti Money Laundering requirements when Heads of Term are agreed.
Viewing

Strictly by prior appointment only with the sole agent, for the attention of Tony Noon . Ref (0954)