Island Place, Gould Road, Salcombe, Devon, TQ8 8DU
Guide Price* : £1,260,000
- 6 high-end residential units
- Excellent position within the affluent Devon town of Salcombe
- The unit will be the only supermarket convenience store in the centre of the town
- To be let to Co-Operative Food Group Limited for a term of 15 years from practical completion at an initial rent of £70,000 per annum
- 5 yearly RPI linked rent reviews, compounded annually and subject to a cap and collar of 1.00-3.00%, providing an attractive running yield profile
The property comprises a ground floor convenience retail unit, positioned below a brand new two storey residential development comprising 6 high quality houses.
The unit comprises a dedicated retail sales floor with ancillary accommodation and storage to the rear, with the lease stipulating an area of 4,000 sq ft.
The property is expected to reach practical completion in September 2018.
Salcombe is an extremely affluent and popular coastal town in the South Hams district of Devon, south west England. The town lies on the banks of the Salcombe Estuary and it widely regarded as one of the prettiest towns in South Devon and one of the UK’s most desirable waterside destinations.
The town is accessed via the A381, which in turn links with the A38, providing connectivity to Plymouth and Cornwall in the west and the M5 at Junction 31 at Exeter in the east.
Island Place is a unique high end development benefiting from a prime and prominent position in relation to the town centre and waterfront.
Situated on Gould Road on the north west side of the town centre, the property benefits from heavy pedestrian flow by virtue of immediate proximity to the town’s only short stay and long stay parking provisions; Shadycombe Car Park directly opposite and The Creek Car Park immediately adjacent.
The town has a distinct lack of national multiple food retailers and as a consequence the newly provided store will prove popular to tourists and residents alike, benefitting from a monopoly on the current provision.
Virtual Freehold - 999 year lease
The property is let in its entirety to Co-Operative Group Food Limited for a term of 15 years from practical completion, at an initial annual rent of £70,000 per annum. The rent is subject to 5 yearly RPI linked rent reviews, compounded annually and subject to a cap and collar of 1.00-3.00%.
The tenant has been granted a 6 month rent free period which will be topped up by the Vendor.
The property is let in its entirety to the excellent covenant of Co-Operative Food Group Limited.
In order to bid you will be required to provide proof of identification, proof of address and source of funds before being authorised to bid.
We will also require you to pay our firm a deposit of £125,000 (One Hundred & Twenty Five Thousand Pounds) in order to be authorised to bid and this deposit will be held by LSH in our client account. You will be required to pay the balance of the full 10% deposit (if this amount is different from the amount of the deposit that has already been paid), together within the auctioneer's administration fee of £990 (inclusive of VAT), within two business days of the auction closing date.
Alternatively, your solicitor may provide us with an undertaking that they will pay the 10% deposit and our administration fee in full within two business days of the auction closing date.
The deposits that LSH are holding in our client account for the unsuccessful bidders will be released in full within two business days of the auction closing.
Please see our Online Bidding and Registration Guide for further information.
Registration for bidding will close at 17:30 on Tuesday 19/06/2018, after which we cannot guarantee that authorisation to bid in the auction will be granted.
A Glossary of some common auction terms and an explanation around them to assist you with your purchase can be found here.
VAT is applicable at the prevailing rate
Energy Performance Certificate
The Vendor is to provide an EPC within 4 weeks of practical completion.
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. 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.
Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton December 2023
Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any (“LSH”) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
By setting a proxy bid, the system will automatically bid on your behalf to maintain your position as the highest bidder, up to your proxy bid amount. If you are outbid, you will be notified via email so you can opt to increase your bid if you so choose.
If two of more users place identical bids, the bid that was placed first takes precedence, and this includes proxy bids.
Another bidder placed an automatic proxy bid greater or equal to the bid you have just placed. You will need to bid again to stand a chance of winning.