Auction
Favourite icon active Favourite icon inactive

50 Fore Street, Tiverton, EX16 6LD

  • Auction
  • Lot 3
  • United Kingdom
  • Retail
  • Commercial

Guide Price £395,000

Bidder Security £6,000 *fully refundable if unsuccessful bidder
Auction Date 17 October
Bidding Opens 10:00 (GMT+1)
Bidding Closes 11:08 (GMT+1)

Property Viewings

Please contact us to discuss viewings for this property.
Phone
+44 (0) 20 7703 4401
Email
info@uk.bidx1.com

Property Summary

  • Freehold retail investment 
  • Let to Edinburgh Woollen Mill until 2033 (1)
  • Close to other multiple retailers
  • Prime town centre location
  • Future alternative use potential (subject to consents)
  • Guide price reflects a gross initial yield of 10.13%
  • Producing £40,000 per annum
  • BLOCK VIEWING ARRANGED FOR WEDNESDAY 9TH OCTOBER BETWEEN 12:00-1:00PM

Contact Us

Simon Bailey
Simon Bailey
Property Agent, here to help.
John Loveday
John Loveday
Joint Agent, here to help.
Kat McDonagh
Vendor's Solicitor

Contact Us

Simon Bailey
Simon Bailey
Property Agent, here to help.
John Loveday
John Loveday
Joint Agent, here to help.
Kat McDonagh
Vendor's Solicitor

Downloads

Property description

A mid-terraced building of traditonal construction arranged over ground, first and second floors. The building was recently refurbished and is arranged as retail and ancillary accommodation at ground floor level and additional ancillary accommodation at first and second floor levels. The upper floors may offer future alternative use potential, subject to obtaining the necessary consents. The second floor is currently derelict & is subject to a schedule of condition. Externally there is a small parking area to the rear.

Location

Tiverton is an historic market town and the administritive centre for Mid Devon lying approximately 14 miles north of Exeter, 21 miles south west of Taunton and 68 miles south west of Bristol. The town can be accessed via the A396 and A361, which links with the M5 motorway at junction 27 approximately 6 miles to the east. Tiverton Parkway railway station provides regional rail services as well as regular direct services to London Paddington, Exeter and Bristol. Additionally numerous bus routes serve the area. There are plans for future development to build additonal homes in both Tiverton and the neighbouring town of Sampford Peverall, which will significantly expand the town's catchment population.

Fore Street is the principal shopping thoroughfare in the town centre with the property lying on its north side near the junction with Bampton Street. Other notable nearby occupiers include WH Smith, Argos, Superdrug, Boots, Boots Opticians, Greggs and Barclays Bank.

Tenancy

Following administration during the Covid 19 pandemic, the new company was formed and has since taken over a number of the previous stores operated by Edinburgh Woollen Mill. The company now trades from approximately 200 stores across the UK. The tenant relocated to this building from a smaller building in the town.

For the year ending 25/02/2023 the tenant reported a turnover of £27.42 million, a pre-tax profit of £100,000 and shareholders' funds of £163,000 (source: Companies House).

Planning

Mid Devon District Council (01884 255255) - www.middevon.gov.uk

Tenure

Freehold

Additional Details

FloorAccommodationSizeTenancyRent (£pa)

Ground

First

Second

Retail/ancillary

Ancillary

Ancillary

249.25 sq m (2,683 sq ft)

107.88 sq m (1,161 sq ft)

75.28 sq m (810 sq ft)

Let to Edinburgh Woollen Mill Properties Ltd for a term of 10 years from 20/11/2023 on FRI terms (1) (2)£40,000
Total 432.41 sq m (4,654 sq ft) £40,000

1) There is a tenant's break clause on 24/12/2028

2) The second floor is subject to a schedule of condition

VAT

Please refer to Legal Documents

Energy Performance Indicator

Rating 56 Band C

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