Ipplepen Service Station Totnes Rd

Investment Consideration:
VAT is NOT applicable to this property
Let until 2040 (No Breaks). Fixed rental increase to £48,760 p.a. in 2030 and £53,835 in 2035 until the remainder of the lease
Lease agreed during covid lockdown at reduced rent. ERV c. £70,000 p.a.
Comprises Texaco branded fuel filling station, Spar convenience store with hot food and coffee and self-contained residential flat above
Situated on busy Totnes Road (A381) which is a major thoroughfare that runs from the historic town of Totnes all the way to Newton Abbot.
Property Description:
The property comprises Texaco branded fuel filling station, Spar convenience store with hot food and coffee and self-contained residential flat above on a site of approx. 0.28 acres. The property benefits from 8 parking spaces and provides the following accommodation and dimensions:
Ground Floor: 206 sq m (2,217 sq ft)
Convenience store, Office, Storage, Kitchenette, WC
First Floor: 86 sq m (925 sq ft)
2-Bedroom Residential Flat
Tenancy:
The property is at present let to Wessex Retail Limited* for a term of 20 years from 28th May 2020 at a current rent of £40,000* p.a. and the lease contains full repairing and insuring covenants. Fixed rental increase to £44,163 p.a. in May 2025, £48,760 p.a. in May 2030 and £53,835 in May 2035 until the remainder of the lease. No breaks. The vendor will top-up rent until May 2025, so the buyer receives the equivalent of £44,163 p.a. from completion. Lease agreed during covid lockdown at reduced rent. ERV £70,000 p.a.
*For the year ending December 2019 Wessex Retail Limited reported a turnover of £57,476,616, pre-tax profit of £1,031,804 and a total assets of £28,046,936. (Source: Companies House).
Wessex Retail Ltd is part of Appleby Westward Ltd which operate Spar Stores for the entire West Country. They operate and distributive to some 130 stores from their own distribution hub in Plymouth.
Location:
The property is situated 20 miles south of Exeter and 3 miles south of Newton Abbot, on busy Totnes Road (A381) which is a major thoroughfare that connects several towns and villages in the area. The road runs from the historic town of Totnes, known for its picturesque high street and independent shops, all the way to Newton Abbot, which is the largest in the area market town that offers a wide range of amenities and services.