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New
Prime freehold mixed use ground rent investment opportunity
Recently completed high specification development in a prime Salcombe location
The property comprises 6 high end residential units over a ground floor commercial convenience store unit, let to the Co-Op
Each of the 7 units has been granted a 999 year lease subject to an initial ground rent of £250 per annum
Current total ground rent income of £1,750 per annum, benefiting from 10 yearly RPI index linked review provisions
Clean Management Company structure removing all landlord responsibility in respect of building management
DESCRIPTION
Island Place is a unique high end development benefiting from a prime and prominent position in relation Salcombe town centre and waterfront.

The property comprises a ground floor convenience retail unit, positioned below a brand new two storey residential development comprising 6 high quality houses. The exclusive
development has been designed and constructed in line with the coastal setting, using local materials to provide superior specification accommodation in an unrivalled position.

Situated on Gould Road on the north west side of the town centre, in immediate proximity of the waterfront and subsequent amenities. The property benefits from heavy pedestrian flow by virtue of immediate proximity to the towns only short stay and long stay parking provisions; Shadycombe Car Park directly opposite and The Creek Car Park immediately adjacent.

LOCATION
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, known for its exceptional coastal views and position within an Area of Outstanding National Beauty (AONB).

The town’s extensive waterfront and naturally sheltered harbour formed by the estuary have made the location hugely successful as a maritime haven, with a thriving economy centred around pleasure sailing and yachting. The town is a major tourism destination, with a peak season population extending to nearly 25,000 and approximately 39% of all households being classified as second or holiday homes.

The local economy caters for affluent clientele, with a range of boutique retailers, art galleries, nautical associated businesses and an abundance of places to eat and drink. 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.

TENURE
Freehold

TENANCY
Each of the 6 residential units and the commercial unit have been granted a 999 year interest from 1 January 2018, each paying an initial ground rent of £250 per annum and providing a total initial ground rent of £1,750 per annum. The rent is to be reviewed on 1 January 2028 and every 10 years thereafter, in line with RPI.

The Freehold interest has granted an Overriding Lease (999 years) of the property in its entirety to the long leasehold tenants' Management Company.

The Overriding Lease imposes an obligation on the Management Company to carry out all of the Landlord’s obligations contained in the individual long leasehold interests e.g. with regard to building insurance, repair and maintenance.

Under the Overriding Lease the Management Company is required to pay an annual rent to the Freeholder. This is expressed to be the aggregate of the yearly sums reserved in the residential and commercial leases.

VAT
The property is elected for VAT

VENDOR'S SOLICITOR
Meade King Solicitors
Catherine Ainley

caa@meadeking.co.uk
Island Place, Gould Road, Salcombe, TQ8 8FN
Prime freehold mixed use ground rent investment opportunity
Type: Mixed Use, Other Property Types & Opportunities
Location: Island Place Gould Road, Salcombe, TQ8 8FN
Images: 1
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New
Freehold mixed use investment
Current income of £55,280 per annum (with one flat vacant) - Potential income of £60,000 per annum
WAULT of 10.5 years to expiry (5.5 to break) on the commercial element
Guide price of £450,000 reflects Net Initial Yield of 11.75%

DESCRIPTION
The property comprises a mixed use commercial/residential investment opportunity and forms two mid-terraced units on the High Street. At ground floor level the property comprises a cafe and an indoor market, with the entrance to the basement nightclub at ground floor level between the two units.

The cafe comprises a seating area providing approximately 40 covers, with a kitchen and preparation room.

The indoor market comprises a large "L" shaped sales area and includes a cloakroom.

The basement nightclub provides cloakrooms as well as two bars and two dancefloors. There is also a small kitchen and some storage.

The residential accomodation to the upper parts comprises two large flats, with two and three bedrooms respectively, as well as a bedsit.

LOCATION
The property is located in Ilfracombe, a popular seaside tourist destination on the North Devon coast, approximately 10 miles to the north of Barnstaple and adjacent to Exmoor National Park. The resort is recognised as the largest tourist resort in the region having a population of approximately 11,000 inhabitants which is boosted during the summer months with an influx of tourists. Recent inward investment includes a Lidl’s supermarket, Tesco’s supermarket and plans are afoot to develop a large water sports centre at Larkstone Cove.

The property is situated on the main retail/leisure pitch on Ilfracombe High Street, approximately 20 metres to the east of its junction with Oxford Grove. Nearby retailers include Boots, an electrical store and an Indian Takeaway

TENURE
Freehold

TENANCY
The property is let on a mix of Leases and Assured Shorthold Tenancy Agreements. Please see the tenancy schedule for more information.

PLANNING AUTHORITY
North Devon Council - www.northdevon.gov.uk (01271 388 288)

Address Tenant Floor Use Sq M Sq F Lease Terms Rent £ pa Rent Review
11-12 High Street Private Individual Basement Nightclub 216.8 2,334 5 year lease expiring 28/02/2023 £16,000 Fixed uplifts to £17,000 in year 2 and £18,000 from years 3-5
11-12 High Street Private Individual Ground Cafe 98.7 1,062 15 year lease expiring 06/01/2029 £13,000 5 yearly upward only reviews
11-12 High Street Private Individual Ground Market 293.1 3,155 20 year lease expiring 28/02/2036 (subject to a break clause in 2022) £16,000 5 yearly upward only reviews, subject to a cap of 4%
11-12 High Street Private Individual First Flat N/A N/A Assured Shorthold Tenancy £5,160 N/A
11-12 High Street Private Individual First Bedsit N/A N/A Assured Shorthold Tenancy £3,120 N/A
11-12 High Street Private Individual Second Flat N/A N/A Vacant N/A N/A
11-12, High Street, Ilfracombe, EX34 9DF
Freehold mixed use investment. Current income of £55,280 per annum (with one flat vacant)
Type: Residential, Retail, Mixed use, Leisure, Flat, Restaurant/Cafes, Pubs/Bars/Clubs, Other Property Types & Opportunities, Licensed & Leisure
Location: 11-12 High Street, Ilfracombe, EX34 9DF
Images: 2
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New
**Unsold, please refer to Auctioneer**

A significantly fire damaged farm house having under gone partial repair, substantial derelict barn and further outbuildings

Situated on the outskirts of Lydney this is a substantial detached Grade II Listed farm house and barn set in circa 0.5 acres. The property has been neglected for some time and has sustained significant fire damage. In addition to the main barn there is a third more recent barn within the curtilage.

Tenure

Freehold

The Farmhouse

The farmhouse has sustained considerable fire damage with most of the features detailed in the listing lost. The principle accommodation is arranged over the ground and first floors with further loft rooms and substantial basement/undercroft. The property is essentially one room thick with all rooms off a corridor/hallway. The footprint of the main part of the building is circa 21m x 7m with additional wings to the front of 7m x 6m and to the side of 3m x 7m.

The Barns

The main barn has suffered significant damage and has partially collapsed. The dimensions of the main footprint of the building are approximately 20m x 6m with additions to the side and rear. Although single storey there is sufficient height within the a -frame roof truss to offer two stories and the property offers significant residential development potential subject to the necessary consents. The third barn is smaller and block built and is approximately 8m x 3m. The land around it is particularly overgrown but there may be a further derelict structure/footings.

Measurements

Due to limited access all measurements quoted have been scaled from plans and are approximately only and should not be relied upon.

Situation

The property is located approximately quarter of a mile from Lydney town centre which offers a wide range of shops as well as train station and hospital. Chepstow is approximately 9 miles away whilst Bristol is within easy commuting distance now that the Severn Crossing tolls have been removed. Please note Nass Lane is split by the bypass with no direct access from it. The property is approached from the town centre. If using a Sat Nav it may try and take you to the section of Nass Lane on the other side of the bypass.

Agents Note

The adjoining field is subject to an outline planning application for a major mixed use development. Whilst the development will surround Crump Farm, based on the current plans the immediate adjoining land has been zoned as an ecology area and deliberately left clear of development to minimise the impact on the farm.

Viewings

The grounds of the property may be viewed at any reasonable time with a copy of the auction catalogue. Please note the barn is unsafe and there will be no internal viewings. The farmhouse is available to view by appointment.

For Sale by Auction

On Monday 11th February at 7.00 pm
Please note the auctioneers have made their best endeavours to disclose all additional fees. Interested parties should refer to the special conditions of sale contained in the Legal Pack for any late amendments or additions to these fees as well as the auction day addendum sheet prior to bidding.

Legal Pack

A full auction legal pack can be downloaded from www.auctionhousebristol.co.uk once available. For further information on the other lots in this auction please visit the website.

Do you need finance?

In most cases there is a lender for nearly every property. We work with several independent brokers and lenders who are specialists in funding properties that are sold at auction. Bristol Mortgage Advice Bureau and Together Finance will be available for appointments either in or offices or a location of your choosing in the run up to the auction as well as being there on the night to deal with any last minute enquiries

Local Authority

Forest of Dean District Council

Solicitors

Priority Law Limited, Priority House, 22 Church Street, Wilmslow, Cheshire, SK9 1AU, Tel: 0161 207 7600

Additional Fees

Administration Charge - 0.3% inc VAT of the purchase price, subject to a minimum of £900 inc VAT, payable on exchange of contracts.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
Crump Farm House & Barn, Naas Lane, Lydney, GL15 4ES
A significantly fire damaged farm house having under gone partial repair, substantial derelict barn and further outbuildings
Type: House, Land, Mixed use, Farm, Offices, Residential, Commercial Land, Other Property Types & Opportunities
Location: Crump Farm House & Barn Naas Lane, Lydney, GL15 4ES
Images: 11
Brochures: 1
View Property
** UNSOLD, PLEASE REFER TO AUCTIONEER **

4 Castle Street comprises a substantial Victorian building, subdivided into an impressive 'mixed use' investment property. It is a Grade II listed building with planning consents for its current use. The lower ground floor is let to Himalayan Spice at a rent of £550 pcm. The upper ground floor is flat 1, an impressive 3 bedroom flat currently providing a rent of £500 pcm. The first floor is flat 2, a further grand 3 bedroom flat currently vacant but with potential for a yield of at least £550 pcm.The second floor comprises of flat A and B, both one bedroom flats. Flat A is let to a long term tenant at £325 pcm and flat B is currently vacant and should produce a yield of at least £375 pcm. There is a garage, parking and gardens at the rear of the property and these are currently shared between the restaurant and flats 1 and 2. Currently 4 Castle Street produces a rental yield of £16,500 pa but fully let should return a yield in excess of £27,000 pa gross.

Tenure
Freehold

LOWER GROUND FLOOR
Himalayan Spice restaurant (not inspected by Auctioneers).

UPPER GROUND FLOOR

FLAT 1 External steps to main entrance with door to:
LOBBY With steps and door to:
HALL 18' 4" x 5' 2" (5.61m x 1.60m)
BEDROOM 18' 6" x 13' 2" (5.64m x 4.02m)
BEDROOM 13' 10" x 9' 3" (4.22m x 2.82m)
BEDROOM 17' 10" x 11' 2" (5.46m x 3.41m)
KITCHEN / DINING ROOM 16' 4" x 11' 8" (4.99m x 3.56m) With modern fitted kitchen units and wall mounted gas boiler.
REAR PORCH With door to garden.
LIVING ROOM 14' 2" x 11' 9" (4.33m x 3.59m)
BATHROOM / WET ROOM 13' 10" x 7' 1" (4.22m x 2.17m) With modern bathroom fitments and wet room area.

FIRST FLOOR

FLAT 2 Access via an external staircase to rear. Entrance to:
KITCHEN / DINING ROOM 14' 9" x 11' 10" (4.51m x 3.61m) With modern fitted kitchen units and connecting door to:
HALL 21' 0" x 14' 2" (6.41m x 4.32m) (maximum) With fitted linen cupboard, staircase and doors to:
BEDROOM 11' 3" x 10' 9" (3.44m x 3.29m) Incorporating cupboard with fitted gas boiler.
BATHROOM 12' 9" x 5' 8" (3.90m x 1.74m) With modern fitted bathroom suite.
LIVING ROOM 18' 3" x 12' 10" (5.57m x 3.92m)
BEDROOM 14' 2" x 9' 7" (4.33m x 2.93m)
BEDROOM 14' 2" x 10' 10" (4.33m x 3.32m)
UPPER LANDING There is a staircase from the hallway leading to a landing area with fitted shelving and two Velux style windows.

SECOND FLOOR
An external staircase leads to the second floor entrance which leads to a hallway with doors to flats A and B.

FLAT A

HALL
TOILET
BEDROOM 12' 4" x 11' 8" (3.78m x 3.58m) Incorporating bath and wash basin.
LIVING ROOM 18' 2" x 12' 2" (5.56m x 3.73m) Incorporating kitchenette

FLAT B

Door to hallway
KITCHEN / LIVING ROOM 20' 7" x 7' 4" (6.29m x 2.26m)
BATHROOM 7' 3" x 6' 3" (2.22m x 1.92m)
BEDROOM 11' 6" x 9' 0" (3.51m x 2.76m)

VIEWINGS
There will be regular viewing sessions in the lead up to the auction. Please telephone joint auctioneers Richard Trowbridge T: 01579 550049 or Auction House Devon and Cornwall T: 01392 455928 to arrange a viewing.

SOLICITORS
Mark Grassam, Fore Street, East Looe, Looe, Cornwall, PL13 1DN T: 01503 262119 Attn: Michael McCartney E: michael@markgrassamsolicitors.com

FULL DETAILS

Photographs, room dimensions, floor plans and area measurements (when available) are included within our full details online at www.auctionhouse.co.uk. All published information is to aid identification of the property and is not to scale.

Energy Efficiency Rating (EPC)
Current Rating N/A

Local Authority
Cornwall County Council

Additional Fees

Administration Charge - £600 inc VAT payable on exchange of contracts.
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
4, Castle Street, Liskeard, PL14 3AU
4 Castle Street comprises a substantial Victorian building, subdivided into an impressive 'mixed use' investment property.
Type: Mixed use, Flat, Restaurant/Cafes, Other Property Types & Opportunities, Residential
Location: 4 Castle Street, PL14 3AU
Images: 18
Brochures: 1
View Property
** UNSOLD - REFER TO AUCTIONEER **

A unique opportunity to acquire the last remaining clifftop site in Canford Cliffs, one of the most sought after residential areas in the UK. Currently occupied by a four bedroom bungalow and private pool house on a site of approximately 1.49 acres with spectacular views out to Old Harry Rocks and the Isle of Wight. Potential for redevelopment either to a large family residence, three houses or a block of flats subject to the neccesary consents. Vacant.

Tenure
Freehold.

Location
Located on a private road which runs off Ravine Road
A range of shops, bars and restaurants can be found nearby along Haven Road, whilst Bournemouth town centre is approximately 3 miles away and provides a variety of leisure and shopping facilities
The popular and well known leisure areas of Sandbanks and Poole are also close by and offer a range of water sports and leisure facilities
Parkstone, Bournemouth

Description
A detached 1960s chalet bungalow and swimming pool complex
Presented in dated decorative order
Private gated driveway with ample parking for numerous cars
Separate detached swimming pool complex
Extensive grounds and rear garden with uninterrupted sea views
Total site area of approximately 1.49 acres
Extensive scope for redevelopment to either flats, houses or a large single family dwelling subject to the usual consents
Benefits from a lift
Double size garage
Benefits from two extensive greenhouses
Cliff top gazebo

Accommodation
Ground Floor – Entrance Hall, Sitting Room, Dining Room, Kitchen, Study/Sitting Room, Bedroom 3 (Double), Utility Room, Cloakroom 1, Store Waiting Room, Dental Surgery with Reception Room, Waiting Room, Cloakroom 2, Sauna

First Floor – Bedroom 1 (Double) with Dressing Room and En-Suite, Bedroom 2 (Double), Family Bathroom, Living Space above the Surgery

Viewing
Please refer to our website savills.co.uk/auctions

Ready to bid?
See our buyers guide to find out what to do next.
2, Meriden Close, Poole, BH13 7JT
A unique opportunity to acquire the last remaining clifftop site in Canford Cliffs.
Type: House, Residential Land, Mixed Use, Residential, Other Property Types & Opportunities
Location: 2 Meriden Close, Poole, BH13 7JT
Size: 1.49 Acres
Images: 7
Brochures: 1
View Property
** UNSOLD, PLEASE REFER TO AUCTIONEER **

A former agricultural barn with approx. 4.47 acres and permission for a change of use for a three bedroom residential dwelling. It is set in a rural location adjacent to The Dairy, Higher Southcombe and Higher Southcombe itself. The popular village of Northlew lies just across the valley to the North East.

Tenure

Freehold

PLANNING PERMISSION

West Devon Borough Council application no:0481/18/FUL Change of use and conversion of agricultural building to form a single dwelling and associated works including partial demolition of existing building. There are a full range of planning documents and associated plans can be accessed on the West Devon Borough Council planning website.

VIEWINGS

There will be regular viewing sessions in the lead up to the auction date. Please telephone Auction House Devon & Cornwall T: 01392 455928 to arrange a viewing. Viewers are advised to drive to Northlew Square where there is ample parking. Adjacent to the Primary School, a footpath provides a gentle walk to the property.There is vehicular access to this property via a private country lane, but as this is a little narrow, we are keen to avoid causing traffic issues for the neighbouring properties

SOLICITORS

Langleys Solicitors LLP, Olympic House, Doddington Road, Lincoln, LN6 3SE T: 01522 888555 Attn: James Spittlehouse E: james.spittlehouse@langleys.com

FULL DETAILS

Photographs, room dimensions, floor plans and area measurements (when available) are included within our full details online at www.auctionhouse.co.uk. All published information is to aid identification of the property and is not to scale.

Energy Efficiency Rating (EPC)

Current Rating n/a

Local Authority

West Devon Borough Council

Additional Fees

Administration Charge - £600 inc VAT payable on exchange of contracts.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
The Barn, Higher Southcombe, Northlew, Okehampton, EX20 3PD
A former agricultural barn with approx. 4.47 acres
Type: Residential, Farm, Other, Commercial Land, Other Property Types & Opportunities
Location: The Barn, Higher Southcombe, Northlew , Okehampton, EX20 3PD
Size: 4.47 Acres
Images: 10
Brochures: 1
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