Riverside Place, St. James Street/Riverside, Taunton, Somerset, TA1 1JH

Lot Image

Auction sale - Monday 17th July 2017

Result:

Unsold, the last bid was £2,195,000. Please refer to Auctioneer for Reserve

  • Freehold commercial ground rent investment
  • Well secured 35% gearing
  • Producing £120,000 pa
  • Landlord only break option
  • 10 year upwards only RPI reviews with cap and collar
  • Strategic location with ongoing growth/development potential

Addendum

Outline Planning for a riverside mixed use residential/retail/restaurant/workspace development upon the adjoining Coal Yard site has now been granted by the Council.

Details

Location

Taunton is the administrative, retail and commercial centre for the region, home to Somerset County Council, the National Hydrographic Office, the Debenhams Group and Viridor Group. The new Hinckley Point C Power Station development will create 25,000 jobs locally.
Taunton lies alongside the M5 (J25) with the A38 and A385 and is enjoying considerable new commercial and residential development, being one of only three "Garden Towns" announced by the Government in 2017. The property lies within the town centre enjoying a prominent riverside location at the foot of the bridge across the River Tone, opposite Debenhams with the Brewhouse Theatre and Arts Centre adjacent. This historic area of the town is popular with specialist retailers, cafes and similar occupiers.

Description

The vendors have owned the property for more than 35 years, and have developed it into an attractive riverside mixed use development popular with boutique and high end specialist retailers who are attracted by the riverside location and layout. The property is laid out in two parts upon either side of Foundry Road and includes a total of 29 premises arranged over ground and one or two floors over, also benefiting from 10 car park spaces. The property rarely suffers a letting void and includes two flats.

Tenure

Freehold

Planning

The property lies in an attractive riverside location in Taunton that is attracting considerable development activity. The property lies immediately adjacent to the Coal Orchard Car Park, for which planning permission has recently been granted for a mixed use scheme. Furthermore, some 250 metres north east of the Coal Orchard site is Firepool which is currently subject to a major predominantly mixed use development with the potential to create over 1,800 jobs. Further information can be found at www.firepool-taunton.com. As a result once fully developed the property will form the link between the heart of the town centre with the Coal Yard and Firepool developmenmts.

VAT

Refer to the legal documentation

Energy Performance Certificate

See website

Address Accommodation Tenant Lease Terms Rent £ pa
TOTAL £120,000
Riverside Place Mixed use development of 29 premises Scotsgrove Holdings Ltd (1) 125 years from completion £120,000
(1) 35.7% of current rents received of £336,518 pa and subject to 10 yearly upwards reviews to RPI collared and capped at 10% and 30% respectively.
The freeholder has an option to break the lease between April 2018 and October 2019 for a payment of £2,000,000.

Contact

Seller's solicitor

Clarke Wilmott LLP

Lydia Harris

0345 209 1121

lydia.harris@clarkewillmott.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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