Lot 05 85 High Street, Barnstaple, EX31 1SS

Property Enquiries

Mat Harris

mat.harris@bidx1.com
+44 (0) 7732 681 152

Viewing/ Registration Enquiries

BidX1 Support Team

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

Vendor Solicitor

Ruth Boulton

rlb@debenhamsottaway.co.uk
01923 289 917
Description
Map
Viewings

Property Summary
  • Barnstaple is a strong retail centre that benefits from minimal competition.
  • Located in the 100% prime retail pitch.
  • Prominent corner building.
  • Let to the excellent covenant of Blacks Outdoor Retail Ltd.
  • New 10 year lease from January 2020 at £33,500 per annum.
  • The building was refurbished in 2019.
  • Quoting £375,000, which reflects a net initial yield of 8.00% after purchaser’s costs.
Tenure

Freehold

Location

Barnstaple is an historic market town and the administrative and commercial centre for North Devon. It is located approximately 45 miles from Exeter and 50 miles from Taunton.
The town benefits from good road communications with the A361 North Devon Link Road linking it with Tiverton and the M5 at Junction 27, approximately 34 miles to the east. In addition, the A377 links Barnstaple with Exeter and Junction 31 of the M5 motorway, 50 miles to the south. The A39 coastal road from Barnstaple connects with various towns in north Devon and Cornwall, such as Bideford, Bude, Ilfracombe and Lynton.
Barnstaple has a railway station with regular services to London Paddington, via Exeter.

The property is situated in the pedestrianised section of High Street, in the heart of the 100% prime pitch. It is situated between Marks & Spencer and the main entrance to Green Lanes Shopping Centre.Nearby occupiers include Superdrug, JD Sports, Primark, WH Smith & H. Samuel

Description

The property is Grade II Listed and of traditional construction, with a rendered elevation and a pitched slate roof. It was refurbished by the current owner in 2019 prior to the recent letting.
The building provides well configured retail accommodation on the ground floor with ancillary floorspace in the basement. The first and second floors have a self-contained ground floor entrance and are sold off for residential use.

Tenancy

The ground floor and basement are let to Blacks Outdoor Retail Ltd for 10 years on effective FRI terms from 27 January 2020. There is a tenant’s break option on 26 January 2025 which is subject to 6 months notice and a penalty payment of £16,750. The passing rent is £33,500 per annum, which is subject to an upwards only rent review in January 2025, which is capped at £38,835 per annum.

The first and second floors are sold off on a recently granted 130 year lease at a peppercorn rent. The roof is included in the demise of the upper floors and is the responsibility of the long leaseholder.

Planning

Torridge District Council Tel: 01237 428700 www.torridge.gov.uk

VAT
Please refer to Legal Documents
Property Table

The property comprises the following approximate net internal floor areas:

Ground floor Sales1,199 sq.ft
Ground floor ITZA696 units
Basement Ancillary481 sq.ft
Total1,680 sq.ft

 

Covenant

In the past 3 years, Blacks Outdoor Retail Limited have reported the following financial figures in their annual accounts:

 02/02/201903/02/201828/01/2017
Turnover£155,913,000£157,561,000£137,793,000
Pre-Tax Profit(£1,812,000)£3,513,000£914,000
Shareholder Funds(£31,284,000)(£30,679,000)£34,491,000)

 

The company is a subsidiary of JD Sports Fashion PLC which has 2,420 stores worldwide and for the year ending February 2019 reported a Revenue of £4,718 million and Pre-Tax Profits of £340 million. JD Sports has a market capitalisation of £6,540 million. The ultimate
parent company is Pentland Group Plc, a global business owning brands including Speedo, Berghaus, Mitre, Canterbury of New Zealand, Ellesse and Boxfresh.

Demographic & Economic Profile
Barnstaple has a resident population of approximately 53,500 persons (Source: 2011 Census) and a primary catchment population of 180,000 persons. The catchment population is affluent and is significantly boosted by tourism.

Visit Devon estimated that in 2016 there were 6.3 million visitors to the county spending £0.56 billion in the local economy.

Retailing in Barnstaple
Barnstaple is ranked 20th in the PMA Competition Indicator reflecting the lack of competition and its dominance in the region. The nearest competing retail centres of Taunton and Exeter are both at least a 1 hour drive time away.

Barnstaple’s central shopping area comprises an estimated 710,000 sq ft of retail floorspace, which is below the PMA Market Town average, which suggests an under provision of shopping.

High Street forms the town’s prime retail pitch, with further retailing provided in Green Lanes Shopping Centre.

The prime section of the High Street and Green Lanes Shopping Centre have both maintained a low vacancy rate in recent years.

Major retailers represented in Barnstaple include Boots, Primark, River Island, TK Max, WH Smith M&S

Joules, White Stuff and JD Sports have all opened stores in Barnstaple recently and Primark has extended their store.


*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 the case of a joint agent this administration fee will be £2,000 (exclusive of VAT). 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. To participate in the sale BidX1 must hold a minimum amount from all bidders. This participation amount is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £4,500 comprises £3,500 relating to your bidder security (partial deposit payment) and an administration fee of £1,000 inc. VAT payable directly to BidX1. A higher participation amount may be payable depending on the reserve price of the Lot.
  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.


Contact Mat about this property