The Parade, Minehead, Somerset, TA24

Shops
Under Offer ££530,000 Asking Price

Key Features

About This Property

- Freehold.
- Prime retail position within Mineheads town centre.
- Total site area of 0.098 acres.
- 3 & 5a The Parade: 3,084 sq ft, retail shop, café and treatment rooms. Let until August 2023 at £23,310 per annum
- 5 The Parade: 1,885 sq ft, former bank with offices and stores. Currently unoccupied.
- Former coach house and garage with development potential.

Location
In a prime retail location within Minehead’s town centre with such operators as Costa, Trespass, Boots, Greggs, Superdrug and Santander within the vicinity.

Minehead is home to the West Somerset Steam Railway which is popular tourist attraction within West Somerset and is an ideal base to explore Exmoor National Park, an Area of Outstanding Natural Beauty. The town is situated on the West Somerset coastline.

The county town of Taunton is 25 miles away to the south east providing access onto Junction 25 of the M5 motorway with mainline rail services to London Paddington.

Description
Two adjacent buildings on The Parade within Minehead’s town centre to include a former coach house fronting onto Market House Lane. The retail premises are arranged over 3 floors plus attic areas.

3 & 5a The Parade contains a health food shop on the ground floor with a café and kitchens on the first floor. Treatment rooms & stores are located on the second floor with the attic space used for storage.

5 The Parade, formerly a bank, consisting of a banking hall, offices, stores and safe at ground floor level with staff amenities at first floor level.
The former coach house is currently used as a store but has potential be converted into a dwelling subject to planning.

Accommodation
3& 5a The Parade 286.68 sq m 3,084 sq ft
5 The Parade 172.26 sq m 1,885 sq ft
Former Coach House 138.34 sq m 1,490 sq ft
Total 597.28 sq m 6,429 sq ft

Tenure
Freehold subject to a commercial lease.

Tenancies
3 & 5a The Parade: A lease dated 15th September 2017 drawn for a term of 5 years 11 months until 14th August 2023 on internal repairing and insuring terms having subsequently been assigned. Assigned on 12th September 2019 to Natural Wholefoods Limited with a guarantor. The lease is drawn inside the Landlord & Tenant Act at a current rent of £23,310 per annum.

5 The Parade: Vacant. Currently being marketed at a guide rent of £22,000 per annum.

Former Coach House: Vacant

Services
Mains electricity, gas, water and drainage are connected.

Rates
The rateable values are as follows:-
3 & 5a The Parade: £17,750 per annum
5 The Parade: £21,000 per annum

Energy Performance Certificates
The premises’ have the following Asset Ratings:-
3 & 5a The Parade: D(84)
5 The Parade: D(96)
Former Coach House: N/A

Full copies of the EPCs are available on request.

Proposal
The whole property is available freehold, subject to the lease in place, at a guide price of £530,000.
This price reflects a yield of 9.58% net of purchasers’ costs at 4.82% when fully let assuming £22,000 per annum on 5 The Parade and £3,000 per annum on the former coach house; a total income of £48,310 per annum.

VAT
The property is not elected for VAT, therefore VAT will not be payable on the purchase price.

Viewings
Strictly by arrangement with sole agents:
Duncan Brown / Joseph Hughes
Greenslade Taylor Hunt, 9 Hammet Street, Taunton, TA1 1RZ
T: 01823 334455 | E: duncan.brown@gth.net / joseph.hughes@gth.net
Read More

Contact Taunton Commercial Property

9 Hammet Street Somerset Taunton TA1 1RZ

Meet your Agent

Joseph Hughes Associate  Full Bio 01823 334455 07725 955437
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