Retail/Shop for sale Paignton TQ4 5DD,3678sq ft

1/4

Retail/Shop

Retail/Shop For Sale Paignton

PROPERTY ID: 144613

PROPERTY TYPE

Retail/Shop

STATUS

Available

SIZE

3,678 sq.ft

Key Features

Freehold 3 storey period building in the heart of the town centre.

Prime trading position in main pedestrianised shopping area

Total floor area: 3,678 sq ft (341.7 sq m)

Costa Coffee have been in occupation over 15 years

New 5 year lease April 2025 with 3 year tenant break

Passing rent: £24,700 p.a.

Guide price: £300,000 reflecting a net initial yield of 7.97% after normal purchasers costs.

Property Details

The property is located in a prime position on Victoria Street, a popular trading position in the heart of the town centre yet close to the beach and promenade. Paignton is a busy seaside town with a population of approximately 62,500, benefitting from an influx of tourists particularly during the summer months. The railway station only 5 mins walk away offers regular train services to Exeter and connections to all major South West destinations. Victoria Street is a prime pedestrianised shopping destination for Torbay represented by a number of national retailers including Boots, Holland & Barret, Iceland, Tesco Express, Mountain Warehouse, Greggs, Specsavers and Grape Tree. Paignton is benefiting from current and future investment with the redevelopment of the Crossways Shopping Centre providing 91 residential units which will increase the footfall of Victoria Street. The town is also boosting tourism with the recent opening of the Mercure hotel and the Ibis Styles hotel is expected to open soon.

Freehold 3 Storey Period Building In The Heart Of The Town Centre. Prime Trading Position In Main Pedestrianised Shopping Area Total Floor Area: 3,678 Sq Ft (341.7 Sq M) New 5 Year Lease April 2025 With 3 Year Tenant Break Costa Coffee Have Been In Occupation Over 15 Years The Property Is Located In A Prime Position On Victoria Street, A Popular Trading Position In The Heart Of The Town Centre Yet Close To The Beach And Promenade. Paignton Is A Busy Seaside Town With A Population Of Approximately 62,500, Benefitting From An Influx Of Tourists Particularly During The Summer Months. The Railway Station Only 5 Mins Walk Away Offers Regular Train Services To Exeter And Connections To All Major South West Destinations. Victoria Street Is A Prime Pedestrianised Shopping Destination For Torbay Represented By A Number Of National Retailers Including Boots, Holland & Barret, Iceland, Tesco Express, Mountain Warehouse, Greggs, Specsavers And Grape Tree. Paignton Is Benefiting From Current And Future Investment With The Redevelopment Of The Crossways Shopping Centre Providing 91 Residential Units Which Will Increase The Footfall Of Victoria Street. The Town Is Also Boosting Tourism With The Recent Opening Of The Mercure Hotel And The Ibis Styles Hotel Is Expected To Open Soon. The Property Is Arranged On Three Floors With Both Ground And First Floor Sales And Ancillary Storage Above. Costa Limited Occupy All Three Floors Of The Property Using Only The Ground Floor For Sales. The Property Also Has The Benefit Of A Rear Service Access. Proposal The Freehold Is For Sale At A Price Of £300,000 Subject To The Benefit Of The Occupational Lease Providing An Annual Income Of £24,700 Per Annum. This Reflects A Net Initial Yield Of 7.97% After Normal Purchasers Costs. Vat Is Not Chargeable To The Purchase Price. Each Party To Bear Their Own Legal Costs In The Transaction. The Property Is Assessed In Band C (75). The Property Is Being Sold With The Benefit Of A Lease To Costa Limited For A Term Of 5 Years From 16th April 2025, On A Full Repairing And Insuring Basis. The Passing Rent Is £24,700 Per Annum Subject To A Review On The Third Anniversary. Costa Limited's Turnover From December 2023 Is £1.2 Billion And The Company Has Net Assets Of £276.5 Million. The Company Employs 17,809 Employees And Maintains Cash Reserves Of £243.7 Million As Reported In The Balance Sheet. (source Www.pomanda.com)

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About the Agent

Stratton Creber Commercial - Exeter

See Agent's Other Properties

Retail Unit

£300,000 Freehold

43 Victoria Street, Paignton, TQ4 5DD

Retail/Shop - Available
3,678 sq ft
342 sqm

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