Town centre development site of 0.63 acres and 27,412 sq ft of mixed-use buildings comprising 2 x lock-up shops with warehousing (let), former auction rooms and jewellery workshop (both vacant), 2 maisonettes (1 x 3 bedroom, 1 x 2 bedroom), both let. Development potential, part let producing £36,000 pa.

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Description/Location

2 x lock-up shops with warehousing (15,991 sq.ft.) Tenant has 2 years remaining on their lease (outside the Landlord & Tenant Act), currently let at £24,000 pa. Former auction rooms (7613 sq ft), previously let at £9,600 pa, vacant. Former jewellery workshop (1732 sq ft), previously let at £7,800 pa, vacant. 1 x 2 bedroom maisonette (1,038 sq.ft) currently let at £6000 pa 1 x 3-bed maisonette (1,038 sq. ft.) currently let at £6000 pa. Each maisonette has a garden. We estimate the current rental value of the maisonettes is £9600+ pa each. The Auction Rooms have some superficial fire damage. Vehicle access from Castle Lane, archway access between 43 & 47 Market Street, the shops at 53-55 Market Street have been knocked through to the warehouse.

Tenure

Freehold

Joint Agent

Local Authority

Torbay Council 01803 201201www.torbay.gov.uk

Viewing

Please contact Charles Darrow Network Auctions on 01626 330022

Accommodation

Lease Terms: Shops and warehouse (53-55, 59): 10 years from 05/12/2016. £24,000 pa. Maisonette 53a: AST from 24/09/2006 (now periodic). Maisonette 55a: AST from 08/05/1028 (now periodic).

Rent

Current rent £36,000 per annum Potential rent £60,600 per annum

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*Guide Price & Reserves

Generally speaking Guide Prices are provided as an indication of each seller’s minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

The “Important Notes For Auction Buyers” at the front of the catalogue includes a definition of “Guide Price & Reserve Price”. All properties are subject to a purchaser’s administration fee of £2,100 (inc. VAT) unless otherwise stated in the addendum (£600 inc. VAT for lots with guide prices up to £3,000). If the purchaser is liable for any further costs these will be stated within the Special Conditions of the legal pack, that have been produced by the seller’s lawyer, a copy of which can be downloaded from our website.