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Lot 8

Town Centre Investment let to Superdug Stores Plc - Gross Yield 16.7%
In same family ownership for approx. 53 years
6 Week Completion

Situation

Occupying a prominent town centre trading position, adjacent to Morrisons Daily/Post Office and amongst such multiples as Nationwide, Ladbrokes, Premier Express and a host of independent retailers.
Ilfracombe is a popular seaside resort on the North Devon Coast, 10 miles north of Barnstaple and benefitting from good road access via the A361 which links with the M5 (Junction 27).

Property

A mid terraced building comprising a Large Ground Floor Shop with Basement, First and Second Floor Ancillary Accommodation.

Accommodation¹

Ground Floor Shop
Gross Frontage	23'2"
Area	Approx. 3,050 sq ft
Basement Ancillary
Area	Approx. 2,317 sq ft
First Floor Ancillary
Area	Approx. 1,218 sq ft
Second Floor Ancillary
Area	Approx. 270 sq ft

Total Area	Approx. 6,855 sq ft
¹Not inspected by Barnett Ross. Areas taken from VOA.

VAT is applicable to this Lot

Tenure

Leasehold for a term of 999 years from 29th September 1972 (thus having approx. 945 years unexpired) at a fixed ground rent of £900 p.a.

Tenancy

The entire property is let on a full repairing and insuring lease to Superdrug Stores PLC t/a Superdrug (having approx. 789 branches) (T/O for Y/E 27/12/2025 £1.7 billion, Pre-Tax Profit £144 million and Shareholders' Funds £471 million) for a term of 30 years years from 24th June 2000 (in occupation for over 26 years) at a current rent of £25,000 per annum exclusive.

Rent Review June 2025 (Outstanding)

Tenant's Break June 2028

Note: The tenant also operates a Pharmacy in the premises.

*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.

25 High Street, Ilfracombe, Devon EX34 9DA