34-35 Great Oak Street, Llanidloes, Powys, SY18 6BW

Lot Image

Auction sale - Monday 13th July 2015

Result:

Sold for £200,000.

  • Freehold retail investment
  • Let to Martin McColls (approximately 10 years unexpired)
  • Town centre location
  • Producing £16,000 per annum (subject to 2% compound)

Addendum

VAT is applicable.
Term is for 999 years from 24 June 2004 at £1 per annum.
Tenant obligation to pay 30% of the annual maintenance costs incurred by the landlord.
Landlord repairs structure.

Details

Location

The attractive Welsh town of Llanidloes, within the historic county boundaries of Montgomeryshire, is located 29 miles east of Aberystwyth and 46 miles south-west of Shrewsbury. The town has excellent transport routes with the A44, A470, A489 roads and B4518 road in Powys. Its is the first town on the River Severn and it had a town population of 2,929 (2011). The towns wide streets contain a good mix of retail, serving local residents and visitors.

The property is situated on the south side of Great Oak Street near its junction with Long Bridge Street. Nearby occupiers include Barclays and NatWest.

Description

The property comprises a large ground floor retail unit totalling about 1,778 sq ft (166.18 sq m) trading as McColl's with residential over first and second floors (sold off on a long lease). The property occupies a prominent position on Great Oak Street.

Tenure

Freehold.

Planning Authority

Powys County Council (01597 826000) www.powys.gov.uk.

VAT

We are not aware of any VAT liability.

Energy Performance Certificate

For EPC Rating please see website.

Address Tenant Sq Ft Sq M Lease Terms Rent £ pa
TOTAL 1,778 165.18 £16,000
34-35 Great Oak Street Martin McColl Limited (1) Sales 862 Ancillary 916 80.08 85.10 12 years from 17/09/2014 £16,000
(1) FRI lease with 5 yearly rent reviews and 2% pa compound. For the year ending 24/11/2013 Martin McColl's Limited reported a turnover of £428.10 million, a pretax profit of £26.62 million and equity of £175.45 million (Source: Graydon).

Contact

Seller's solicitor

Kuit Steiner Levy LLP

(Gillian Battersby)

0161 832 3434

gillianbattersby@kuits.com

* Guide price

The guide price is an indication of the minimum price at which, or if a guide price range is given, within which, the seller is prepared to sell at the date of publication. The guide price is not an anticipated sale price or valuation. All prices quoted are subject to contract.

* Reserve price

The reserve price is the minimum price acceptable to the seller and the price below which the auctioneer cannot sell.

Both the guide and reserve may be subject to change up to and including the day of the auction. The guide price does not include either VAT which may apply to the sale or other amounts the seller may charge. The seller’s Special Conditions of Sale and addendum if any, will state whether there are other seller’s charges and whether the seller has elected to charge VAT on the sale price. On the fall of the hammer a buyer’s fee is payable of £990 inclusive of VAT.

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