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Lot 3

Freehold Town Centre Retail Investment let to Iceland – Gross Yield 10%
6 week completion

SITUATION

Located close to the junction with Summerland Road and Blenheim Road in the town’s main shopping location and amongst such multiples as Poundland, WHSmith, NatWest, Greggs, Superdrug, Holland & Barrett, The Works, Boots and a host of local traders.
Minehead is a popular seaside town located approx. 20 miles north-west of Taunton, enjoying good road access to the M5 (Junction 23) via the A39.

PROPERTY

A mid terraced building comprising a Ground Floor Retail Unit with Ancillary Accommodation on first and second floor levels.
In addition, the property includes a Front Forecourt and benefits from rear access via Summerland Road to a Loading Area.

VAT is applicable to this Lot

FREEHOLD

ACCOMMODATION

Ground Floor Retail Unit
Gross Frontage	50'0"
Internal Width	46'10"
Built Depth	85'0"
Area	Approx. 4325 sq ft¹
First Floor Ancillary
Area	Approx. 2,963 sq ft¹
Second Floor Ancillary
Area	Approx. 330 sq ft¹

Total Area	Approx. 7,618 sq ft

¹Area taken from VOA

TENANCY

The entire property is let on a full repairing and insuring lease to Iceland Foods Limited (having approx. 970 branches) (T/O for Y/E 28/03/2025 £4.118 bn, Pre-Tax Loss £900,000 and Shareholders’ Funds £707m) for a term of 5 years from 28th January 2025 (renewal of a previous lease – in occupation for at least 14 years) at a current rent of £55,000 per annum exclusive.

Tenant’s Break January 2028

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

8 The Avenue, Minehead, Somerset TA24 5AZ