Retail property (high street) for sale
Property description & features
- Tenure: Freehold
- 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
- Online Auction on Thursday, 17 October 2024
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).
Online Auction on Thursday, 17 October 2024. For further information, such as legal documents and property information, please visit bidx1.com.
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