Auction
Favourite icon active Favourite icon inactive

14 Glanvilles Mill, Ivybridge, PL21 9PS

  • Auction
  • Lot 12
  • United Kingdom
  • Retail
  • Commercial

Guide Price £1,500,000 - £1,525,000

Property Summary

  • By order of the Joint LPA receivers
  • Freehold supermarket investment
  • Let to Co-operative Group Ltd until 2028
  • Forms part of the Glanvilles Mill Shopping Centre
  • Current rent £189,000 per annum

Contact Us

Mat Harris
Mat Harris
Property Agent, here to help.

Contact Us

Mat Harris
Mat Harris
Property Agent, here to help.

Downloads

Property description

The property comprises a detached purpose built supermarket of steel frame with rendered brick and block work elevations estimated to have been built in the 1990's and arranged as ground floor sales and ancillary accommodation, but with part first floor providing ancillary staff rooms. 

The store front incorporates single height glazed sliding doors with a recessed entrance way under a canopy.  At the rear there is a secure service yard and unloading area, accessed by metal palisade gates from the shopping centre service road that leads out to the junction with Fore Street, close by. The yard includes a raised metal platform housing the tenant’s cooling plant.

The site area is 0.14 hectares (0.35 acres).

Location

The property is located in the historic, former mill town of Ivybridge situated on the River Erme. It is largest town in the South Hams area of Devon and a recognised “gateway” into to the southern district of the Dartmoor National Park. Ivybridge is also a popular commuting town, being adjacent to the Devon Expressway and within commuting distance for both Exeter and Plymouth. Ivybridge is located approximately 12.5 miles east of Plymouth, 25 miles west of Torquay and 32 miles south west of Exeter.

The property is situated adjacent to the River Erme in the town centre. The property forms part of the Glanvilles Mill Shopping Centre, which has its main entrance from Fore Street, the main retail thoroughfare of the town.

Tenure

Freehold

Additional Details

AddressFloorUseSq MSq FtTenantLease TermRentReview
14 Glanvilles MillGroundRetail1,035.6511,148Co-operative Group Ltd (1) (2)17 years from 28/06/2011£189,00028/06/2023
 FirstAncillary80.17863    
Total  1,115.8212,011  £189,000 

The floor areas have been provided by the Seller.

(1) The Co-operative Group Limited is a large national food retailer, with related group businesses involved in funeral, insurance and legal services. The Co-op group trades from c. 2,500 stores around the country.  For the year ending 2022, the tenant reported group revenue of £11.5bn (up from £11.2bn in 2021) and profit before tax of £247m (up from £57m in 2021). Source: Co-op Annual Report.

(2) The Landlord pays a service charge of 28.39% of the total costs incurred as part of the wider Glanvilles Shopping Centre that is recovered in full from the tenant.  We understand the service charge for the September quarter was £7,481.57.  Further informaton is available in the legal documentation.

VAT

VAT is applicable to this sale, please refer to the legal documents for further details.

Helpful links

*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 £2,400 (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 acceptance and confirmation by the Vendor. The highest bid will be presented to the Vendor, the Vendor will have to either accept, decline or make a counteroffer, within the confirmation period. Should the Vendor decide to make a counteroffer, then a private link will be sent to the Highest Bidder advising of the offer the Vendor is willing to accept. The Highest Bidder will be obliged to 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.
days hours minutes second seconds Bidding Closed