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Substantial Town centre Retail Premises located adjacent to the recently opened Merlin Cinema

For sale: £295,000.00|2,573 Sq Ft|Retail, Restaurant/Cafes

Property details

FOR SALE£295,000.00
SIZE2,573 Sq Ft
ADDRESS98 Union Street, Torquay, TQ2 5PY
TYPERetail, Restaurant/Cafes
TENUREFor Sale Freehold
POSTED ON16th May 2022

Description

An opportunity to acquire the freehold of this Town Centre premises adjacent to the recently opened Merlin Multi Screen Cinema, and offering a Ground Floor Retail area plus 2 floors over with vacant possession, plus the well fitted Lower Ground Floor Restaurant which is currently let and income producing. The premiss have recently been refurbished and are now ready for occupation, or possibly for development to a residential use on the upper floors, subject to the usual consents.

SITUATION AND DESCRIPTION
The premises are located in a prominent and central position in the busy Union Street area of Torquay, with excellent access to the Retail heart of the town and other significant buildings such as the Library and Town Hall. The premises are located close to a number of large Car Parks offering the ability to obtain short term parking or parking permits if required, and adjacent to premises recently acquired by Merlin Cinemas for a new multi-screen cinema. The Fleet Walk shopping centre, picturesque Harbour area and bustling Marina are also within a convenient distance, as is Torquay’s principal beach and Tore Abbey Sands. This offers an excellent opportunity to locate to a very central location for a minimal annual outlay.

Torquay is the principal commercial centre and is the largest of the three towns forming the conurbation of Torbay, which has a resident population in excess of 130,000. At its northerly point Abbey Road connects with the A380 which directly links to the Penn Inn Roundabout at Newton Abbot, where a dual carriageway links to the M5 motorway network at Exeter (20 miles distant). Exeter Airport is within reasonable travelling time of Torquay, with regular services to many parts of the UK and Continent. Mainline train services to London - Paddington are available from Torquay.

ACCOMMODATION
Brief details of the accommodation with approximate maximum internal dimensions are as follows:-

GROUND FLOOR RETAIL PREMISES

Retail Area No 1 5.03m x 4.50m plus 4.84m x 4.38m
(16’6” x 14’9” plus 15’10” x 14’4”) max
Full height glazed display window with door to one side offering an excellent display area. Suspended ceiling with integrated LED lighting. Carpeted. Door to upper floors

Retail Area No 2 4.61m x 4.49m (15’1” x 14’9”) max
Suspended ceiling with integrated LED lighting. Carpeted.

Kitchen 2.13m x 1.18m (6’11” x 3’10”) max
Stainless steel sink and single drainer with cupboards below. Space for fridge. Shelving as fitted.

Toilet
Low level WC suite with wash basin and electric water heater over.

FIRST FLOOR
Door from the shop leading up to a landing with doors to

Office / Store No 1 6.03m x 3.99m (19’9” x 13’1”) max
2 large bay windows making this a light and airy room. Shelving as fitted. Suspended ceiling with LED lighting. Carpeted.

Store No 2 4.12m x 3.73m (13’6” x 12’3”) max
Glazed panel to front Office. Part glazed doors front and landing. Suspended ceiling with LED lighting. Electric wall heater. Carpeted.

Office / Store No 3 5.98m x 3.63m (19’7” x 11’10”) max
2 large windows to the rear. Electric panel heater. LED lighting and power as fitted. Shelving to 2 walls.

SECOND FLOOR
Stairs from landing to ……

Store No 4 4.34m x 2.72m (14’3” x 8’10”) max
Window to front. Strip lighting and power as fitted.

Store No 5 4.33m x 3.0m (14’2” x 9’10”) max
Window to front. Strip lighting and power as fitted

Store No 5 2.61m x 1.91m (8’7” x 6’3”) max
Window to front. Strip lighting and power as fitted

Kitchen
(Locked, not inspected)

Toilet
Low level WC suite with wash hand basin with electric water heater over. Window.

LOWER GROUND FLOOR CAFE / RESTAURANT
Café / Salon Area 11.57m x 5.51m (37’11” x 18’0”) max
Stairs from Union Street down to lobby and café area. Light and bright area currently with tables and chairs for at least 36 people. Wall lights. Power as fitted. Understairs storage cupboard with wall mounted meter cupboard. Counter with shelving below. Wash hand basin. Mirrored wall behind serving area with shelving.

Kitchen 3.51m x 2.54m (11’6” x 8’3”) max
Stainless steel sink with single drainer and wash hand basin. Fully fitted commercial kitchen. Secondary stainless-steel sink. Strip lighting. To the rear of the salon area are the following …..

Gents Toilet
Low level WC suite with wash hand basin.

Ladies Toilet
Low level WC suite with wash hand basin.

EXTERNALLY
The premises are accessed from Union Street via a self-contained access door, with a fire access to the rear.

TENANCIES
GROUND FLOOR AND UPPERS
This area is now vacant and available for either for an owner occupier to trade, or for an investor to let. The premiss would suit a use complimentary to the new Cinema which has just opened next door. The passing rent prior to the lease coming to an end was £21,000 per annum.

LOWER GROUND FLOOR
The premises are occupied as a Restaurant / Takeaway on a 6 year lease with rent review and tenant break at 3 years from the 1st December 2020 at a headline rent of £5,200 pax . The lease is contracted outside of the Landlord and Tenant Act. A 3 months rent deposit is held.

PRICE
Offers are sought in the region of £295,000 for the freehold subject to and with the benefit of the tenancy of the lower ground floor as at completion. The premises are therefore suitable for an owner occupier who wishes to trade from the ground and upper floors and benefit from the income for the restaurant below, or an investor who will re-let the ground and uppers or possibly seek to develop the upper floors, subject to the usual consents.

SERVICES
We understand that mains water, drainage, gas and electricity are available to the premises.

LEGAL COSTS
Each party to be responsible for their own legals costs in this transaction.

ENERGY PERFORMANCE CERTIFICATE
A commercial EPC summary is attached to these particulars. A full copy is available to download from the web site. The rating is: - E 115

RATES
Rateable Value - Ground and Uppers - £15,500 (2017 Valuation list)
Rateable Value - Lower Ground - £ 4,950 (2017 Valuation list)

For further details of the Rates payable, please contact the Business rates Department at Torbay Council (0803 201201)

VIEWING
Strictly by prior appointment only with the Landlords sole agents, for the attention of Tony Noon (07831 273148) Ref (0594)

Location

marker
Location: 98 Union Street, Torquay, TQ2 5PY

Torquay (0.7 miles)

Torre (0.8 miles)

Paignton (2.7 miles)

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