Lot 78 - OUTSTANDING FREEHOLD COMMERCIAL INVESTMENT

Withdrawn After

Currently let at £50,000 per annum

Let on a 20-year FRI lease from 2013 with no break clause

A rare opportunity to acquire this flagship building situated within the historic South Devon town of Newton Abbot. The character former townhouse, with contemporary extension, has traded successfully for many years as an Indian restaurant and takeaway, building an enviable reputation in the process.

The property is considered suitable for continued use as a letting investment while it is considered the property may offer future potential for extension or residential conversion to provide multiple residential units, subject to all necessary consents being obtainable.

Ground Floor

Open plan restaurant premises with bar and customer seating, commercial kitchen and rear hallway leading to outside bin store.

First Floor

Large open landing, three bedrooms, shower/utility room, separate ladies and gents cloakrooms with W.C.s and disabled cloakroom with W.C. (not inspected).

Basement Level

Office (not inspected - no natural light), food storage room, former staff cloakroom (toilet removed), drinks store room, beer cellar, store cupboard and electrics room.

Outside

Patio seating area and bin storage area.

Tenancy

Let on a 20-year fully repairing and insuring commercial lease, from 17th January 2013, at a current rental of £50,000 per annum. There are upward only rent reviews every three years and no break clauses. The tenant has no history of arrears. A copy of the lease will be available for inspection in the legal pack.

Local Planning Authority

Teignbridge District Council. Tel. 0162 6361 101. Website: teignbridge.gov.uk.

Important

All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.

* Price Information

Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).

We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.

Additional Fees

An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.

All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to cliveemson.co.uk/buyers-fees/