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Arbery Arcade, Market Place, Wantage, OX12 8AB

Auction
United Kingdom
Shopping Centre
Commercial

*GUIDE PRICE £650,000

Bidding deposit £9,000 *fully refundable if unsuccessful bidder

Extension period added...

Auction Date 15 September
Closing Time 10:00:00 (GMT+1)

Available viewing

Please contact us to enquire about arranging a viewing.
Phone
+44 (0) 20 7703 4401
Email
info@uk.bidx1.com

Property Summary

  • Freehold multi-let retail arcade investment
  • Town centre location in an affluent market town
  • Comprises 12 retail units plus two flats (sold off on long leases)
  • Asset management opportunities
  • Adjacent to national retailers
  • Excellent footfall providing a link between the Council car park and Market Square
  • Fully let currently producing £62,740 per annum

Contact Us

Simon Bailey
Simon Bailey
Property Agent, here to help.

Contact Us

Simon Bailey
Simon Bailey
Property Agent, here to help.

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Property description

Arbery Arcade provides a mix of single storey and two storey buildings arranged as a retail arcade comprising twelve retail units and two flats, which have both been sold off on long leases (refer to the legal pack). The retail element totals approximately 234.33 sq m (2,522 sq ft) and is accessed via a part covered walkway running from Market Place through to Church Street and the Council car park. The arcade includes an outside seating area that is currently let to Costa Coffee, albeit is currently producing no income (refer to the legal pack). The occupiers of the arcade are generally boutique, independent retailers who have continued to honour all rent payments throughout the Covid 19 pandemic resulting in no income being lost during this period. The arcade boats 100% occupancy for over four years.

(The main image above shows the entrance to the Arcade. The sale does not include the Victoria Cross Gallery building shown in the photograph)

Location

Wantage is an historic market town situated about 15 miles south west of Oxford, 14 miles north west of Newbury and 20 miles east of Swindon. The A417 provides direct access to the A34 trunk road about 6 miles to the east and the A420 trunk road about 8 miles to the north west whilst the A338 provides direct access to the M4 motorway at junction 14 about 11 miles to the south. The town is served by numerous bus services serving nearby towns and villages including Abingdon, Didcot, Faringdon and Oxford and Didcot Parkway railway station lies about 8 miles to the east providing national and regional rail services to destinations including London Paddington, Reading, Oxford, Bristol and Cardiff.

Arbery Arcade lies on the south side of Market Place, which is the main shopping thoughfare in the town. It is an established retail arcade and can be accessed via an entrance way between Costa Coffee and Greggs as well as having a secondary entrance from Church Street to the rear making Arbery Arcade the main pedestrian access from the Council car park to the town centre. Other notable nearby occupiers include Barclays, Fat Face, Waitrose, Nationwide, Coral and Card Factory.

Planning

Vale of White Horse District Council (01235 422600) www.whitehorsedc.gov.uk

Tenure

Freehold

Additional Detail

Unit

Use

Size

Tenancy

Rent (£pcm)

Rent (£pa)

1

Retail (Children’s clothing)

19.97 sq m (215 sq ft)

12 months license from May 2017

£425.00

£5,100

2

Retail (Beauty shop)

20.40 sq m (220 sq ft)

12 months license from January 2022

£450.00

£5,400

3

Retail (Vinyl record shop)

20.40 sq m (220 sq ft)

12 months license from March 2017

£425.00

£5,100

4a

Retail (Home décor)

19.50 sq m (210 sq ft)

12 months license from August 2019

£450.00

£5,400

4b

Retail (Glassware shop)

17.50 sq m (188 sq ft)

12 months license from September 2018

£395.00

£4,740

4c

Retail (Jewellery shop)

17.00 sq m (183 sq ft)

12 months license from June 2018

£375.00

£4,500

5

Retail (Gift Hampers shop)

17.50 sq m (188 sq ft)

12 months license from August 2022

£450.00

£5,400

6

Retail (Gift shop)

13.80 sq m (149 sq ft)

12 months license from August 2020

£350.00

£4,200

7

Retail (Gift shop)

18.70 sq m (201 sq ft)

12 months license from July 2019

£400.00

£4,800

8

Retail (Lighting shop)

18.05 sq m (194 sq ft)

12 months license from June 2017

£400.00

£4,800

9

Retail (Antique shop)

26.58 sq m (286 sq ft)

12 months license from June 2018

£600.00

£7,200

11

Retail (Barbers)

24.90 sq m (268 sq ft)

12 months license from February 2016

£500.00

£6,000

External

Outside seating area

21.21 sq m (228 sq ft)

Lease commencing January 2010 (co-terminus with the Costa Coffee lease next door – refer to legal pack)

Nil

Nil

Flat 5

Residential

Not inspected

 

-

£50

Flat 6

Residential

Not inspected

 

-

£50

TOTAL

 

255.54 sq m (2,750 sq ft)

 

£5,220

£62,740

(1) All floor areas have been provided by the vendor

(2) All retail units are let on a 12 month licenses, subject to two months’ notice thereafter

(3) No rent concessions have been provided during the Covid 19 pandemic and consequently no income has been lost during this period

(4) The annual rent increases have not been applied for up to five years (refer to legal pack)

VAT

VAT Not Applicable.

Energy Performance Indicator

Please refer to Legal Documents


*Terms & 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 £1,295 (inclusive of VAT) for all properties up to £49,999, and £1,500 (inclusive of VAT)for all properties £50,000 and above charged by BidX1. In the case of a joint agent this administration fee will be £2,400 (inclusive 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 and administration fee is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £4,795 comprises £3,500 relating to your bidder security (partial deposit payment) and an administration fee 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. All lots sold “Subject to Vendor Confirmation” will be subject to the acceptance and confirmation by the Vendor. The highest bid will be presented to Vendor, the vendor will have to either accept, decline or make a counter offer the highest bid within the confirmation period. Should the Vendor decide to make a counteroffer, then a private link will be sent to the Highest Bidder advising the offer the Vendor is willing to accept. The Highest Bidder will have to either accept or reject the Vendor’s counteroffer. The Vendor reserves the ultimate right, apart from the auctioneer, to accept and to decline to sell to the highest or any bidder, without giving any reasons.
  8. 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.
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