Lot 1 - 13-17 Palace Avenue, Paignton, Devon, TQ3 3EF

Unconditional Online Auction Sale
Guide Price* : £115,000 plus

**Town centre retail premises arranged over ground and lower ground floors let at £27,326* per annum rising to £54,652 in March 2023**

Description

The property comprises a retail unit with accommodation arranged over the ground and lower ground floors which is currently let to The Factory Shop Limited. The premises form part of a three storey parade, the upper floors having been developed into apartments and the frontage benefits from a glazed canopy covering the adjoining pavement.

Location

Situated with in the town centre the premises are located in close proximity to Barclays, Lloyds and HSBC Banks and retailers such as Well Pharmacy and Tesco. Palace Avenue is accessed from Totnes Road and the location benefits from close proximity to various bus stops, town centre parking and the railway station. The beach lies less than 0.5 mile to the east.

Tenure

999 years less 3 days beginning on and including 29 March 2017 at a peppercorn rent.

Accommodation

The Vendor has provided the following areas:

Ground Floor: 695 sq. m (7,481 sq. ft)
Basement: 430 sq. m (4,629 sq. ft)

Total: 1,125 sq. ft. (12,110 sq. ft)

Tenancies

*The property is let to The Factory Shop Limited. A deed of variation has recently been agreed to remove an upcoming break option in June and a peppercorn rent will apply until 1 September 2021, with the rent then being reserved at a rate of £27,326 per annum, rising to £54,652 per annum on 1st March 2023, with a rent review on 1st March 2026. There are tenant break options, with 3 month notices on the 31st December 2021, 30th June and 31st December 2022 and 30th June 2023. There is mutual break option on 28th February 2026. A schedule of condition now applies. Please refer to the legal pack for full details. The Tenant confirmed, prior to the deed of variation that had these terms not been agreed, they would have exercised an option to determine the lease inserted by the CVA.

EPC

Energy Asset Rating is C

Buyers Administration Fee

There will be a Buyer's Administration Fee of £3,600 (inc VAT) payable upon exchange of contracts.

Additional Information

1. The information contained within the Particulars are given in good faith, but all descriptions, statements, dimensions ( these may have come from a third party source e.g. the seller, valuation reports or historic sales particulars), references to condition and permissions for the use and occupation or other details are made without responsibility and should not be relied upon as representation of fact.

2. If a video walk through, or any other form of virtual tour, is provided whilst every effort is made to accurately give an overview of the property we cannot give any warranty concerning the nature, and condition of the property and the suitability thereof for any and all activities and use. The video, or tour, is provided to assist only and without responsibility and should not be relied upon as representation of fact, or replace all appropriate due diligence a prudent purchaser would make.

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

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