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Lot 5 - 51 High Street, Weston-Super-Mare, Avon, BS23 1HD

Guide Price* £200,000 +

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Property Type
Retail Property (high street)
Tenure
Freehold
Type
Commercial
Bidder Security Deposit
£3,500*

Property Summary

  • By order of the Trustees
  • Freehold retail unit with ancillary accommodation.
  • Arranged over ground and two upper floors.
  • Prominent High Street location
  • Close to amenities and transport links
  • Investment producing £20,000 per annum (Rent increase to £21,000 in December 2024).

Freehold ground floor retail unit with ancillary accommodation above let to Scrivens Opticians. - Investment producing £20,000 per annum with stepped rental increases.

Description

A three-storey terraced building arranged as ground floor sales with offices, stores and staff ancillary accommodation to the two upper floors.

Location

Weston-Super-Mare is a coastal town in North Somerset located approximately 20 miles southwest of Bristol. The town benefits from excellent road links to junction 21 of the M5 motorway to the southeast giving access to the Midlands and the South West. Public transport facilities include Weston-Super-Mare railway station which provides access to Cardiff Central, Bristol Temple Meads and London Paddington. The property is situated in a prominent position of the pedestrianised High Street in the town centre. Surrounding occupiers include WHSmith, Costa Coffee, Caffe Nero, Boots, HSBC and a Morrisons Daily.

Tenancy

The property is let to Scrivens Limited on a FR&I lease for a term of 10 years form 1/7/2015 expiring 30/6/2025, subsequently extended via a Deed of Variation to expire on 12 December 2029.

The Deed of Variation revised the terms on the following basis: 7 years from 13/12/2022 at a stepped rent of £19,000 p.a. in Year 1; £20,0000 p.a. in Year 2 and £21,000 p.a. thereafter, subject to a tenant break option and upward only rent review on 12/12/2025. The Deed of Variation is drawn on FR&I terms and subject to a Schedule of Condition.

The tenant has been in occupation since July 2015 and recently agreed the lease extension through a Deed of Variation showing their commitment to the unit.

Total current rent reserved £20,000 per annum.

Covenant Information:
Scrivens Limited (00377588)
Turnover - £47,834,646
Pre tax profit - £4,152,319
Shareholders’ Funds - £11,964,479

Local Authority –Weston-Super-Mare Town Council - 01934 632 567 – www.wsm-tc.gov.uk

Tenancy Schedule

(approximate dimensions)

Floor Accommodation Size (sq.m) Size (sq.ft)
Second floor Stores 26.3 283
First floor Staff Ancillary Accommodation 35.1 378
Ground floor Sales Area, Offices 67.5 727
Total 128.9 1,388

EPC Rating

C

VAT

VAT is not applicable to this lot

Disclaimer*

* Guide Prices are provided as an indication of each seller's minimum expectation (also known as the 'Reserve Price'). 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 Price (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 Price.

The Guide Price for the Lot does not include the Buyers Administration Fee of £1,500 (inclusive of VAT). In addition, the Guide Price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.

To participate in the sale, SW Property Auctions must hold a minimum amount from all bidders. This participation amount and administration fee is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £5,000 comprises £3,500 relating to your bidder security (partial deposit payment) and the buyers administration fee of £1,500 (inc. VAT).

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Ben Bushill
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