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Lot

95

67-69 New George Street, Plymouth, PL1 1RJ

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Property Enquiries

Simon Bailey

simon.bailey@bidx1.com
+44 (0) 20 3929 8403

Viewings/Registration Enquiries

BidX1 Support Team

info@uk.bidx1.com
+44 (0) 20 7703 4401

Vendor Solicitor

Kuddus Ali

ka@kuddussolicitors.com
020 7 247 5476

Description

Map

Viewings


Property Summary
  • Long leasehold town centre retail investment
  • Pedestrianised high street location
  • Asset management opportunities with significant opportunities to enhance income
  • Currently producing £75,000 per annum gross (part vacant)
  • Six week completion available
Tenure

Long leasehold for a term of 125 years from from 07/12/1993 with a ground rent payable based on 6.5% of rents received (currently £4,875 per annum)

Location

Plymouth is a major commercial centre and Port and lies on the South Devon coast on the east bank of the River Tamar about 30 miles west of Torquay. It is accessed via the A38, which provides direct access to Cornwall to the west and Exeter and the M5 motorway about 43 miles to the north east. Plymouth railway station provides regional rail services as well as direct services to Penzance and London Paddington

New George Street is one the principal pedestrianised shopping thoroughfares in the town centre with the property being situated on the south side near its junction with Courtenay Street. Nearby occupiers include WH Smith, Poundland, Superdrug, Boots and Santander.

Description

A mid terraced building of traditional construction beneath a pitched roof. The building is arranged as three ground floor retail units with additional retail, office and ancillary accommodation over first and second floors. The upper floors may offer alternative use potential, subject to obtaining the necessary consents. To the rear is Courtenay Street Car Park (30 spaces), which is accessed via a passageway between Nos 65 and 67 New George Street.

Tenancy

Please refer to legal documents

VAT
Please refer to the legal documents.
Property Table
UnitAccommodationTenantTenancyRent £pa
67 New George Street

Ground floor retail 332.70 sq m (3,581 sq ft)

First floor retail 486.10 sq m (5,232 sq ft)

Second floor ancillary 246.60 sq m (2,654 sq ft)

VACANT (1)  
69 New George Street

Ground floor retail 2227.22 sq m (2,446 sq ft)

Ground floor ancillary (18.21 sq m (196 sq ft)

Brewsters Ltd5 years from 23/03/2017 (2)£37,000
69A New George Street

Ground floor retail 233.17 sq m (2,510 sq ft)

Mezzanine retail 20.40 sq m (220 sq ft)

First floor ancillary 294.75 sq m (3,173 sq ft)

Memory Matters CIC10 years from 30/09/2016 (3)£38,000
TOTAL   £75,000

(1) Previously let to Waterstones until March 2019 at £247,500pa
(2) There is a tenant's break clause on 22/03/2020
(3) There is a tenant's break clause on 30/09/2021

EPC

Refer to the legal pack

*Terms and Conditions

Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.

  1. The reserve price is the minimum price at which the property can be sold at auction.
  2. Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted "subject to contract". Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
  3. Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
  4. The guide price for the Lot does not include the administration fee of £1,000 (inclusive of VAT) charged by BidX1. In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
  5. A minimum participation fee of £4,500 must be paid by all bidders who wish to partake in the auction. A participation fee of £4,500 is comprised of the £1,000 (inclusive of VAT) administration fee payable directly to BidX1 and £3,500 relating to your bidder security (partial deposit payment). A higher participation fee may be payable depending on the reserve price of the Lot. However, even in those circumstances, the administration fee shall remain at £1,000 (inclusive of VAT). The participation fee is fully refundable if you do not make the successful bid in relation to a Lot at auction. If you make a successful bid in relation to a Lot at auction your participation fee is non-refundable.
  6. Please note that Lots may be sold or withdrawn prior to auction.
  7. No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the seller in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the seller. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the seller. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller.