Mullacott Cross Industrial Estate, Ilfracombe, Devon, EX34 8PL
Freehold commercial investment in Devon
Sold prior to auction, for an undisclosed amount
A Freehold Commercial Investment, Let to St Austell Brewery
Property DescriptionThe property comprises a substantial warehouse and offices premises extending to 10,822 sq ft. It is currently occupied by long term tenants, St Austell Brewery. The property benefits from both pedestrian and roller shutter access.
LocationMullacott Industrial Estate is within 5 minutes’ drive of Ilfracombe on the North Devon coast with access from the A361 Mullacott Cross Roundabout. The Estate has seen considerable development and growth over the last few years with an assortment of business operators on the Estate. The property is located in an area of outstanding natural beauty and the area benefits from road access to all areas of North Devon.
AccommodationThe property extends to 10,822 sq ft.
Energy Performance RatingSee legal pack.
TenureFreehold – Subject to the existing tenancy.
Tenancy DetailsThe property is let to St Austell Brewery for a term of 10 years from 11th May 2019, expiring 10 May 2029, at a passing rent of £52,500 pa. There is a rent review and break clause on 11th May 2024.
Tenant profile - St Austell Brewery was founded in 1851 and is a producer of award-winning beers, owner of a Pub Estate spanning the West Country and employs over 1,000 full and part time employees. It is also the South West's leading wholesale supplier to the licensed hospitality sector, delivering beers, lagers, ciders, wines, spirits and soft drinks to nearly 5000 bars, restaurants, hotels, pubs and clubs in South West England.
Value Added TaxThe property is elected for VAT, although it is anticipated that the sale will be dealt with by way of a TOGC.
Remote Bidding AuctionThis property is being offered via a remote bidding auction with bidding by proxy, telephone or internet only. You will need to pre-register for remote bidding, provide your identification and debit card details no later than 24 hours prior to the auction, please visit our website for further details.
ViewingsExternal viewings only.
Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and all potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.
REMOTE BIDDING AUCTION
Please note that the Auction will be livestreamed via our website with Remote Bidding by Proxy, Telephone or Internet Only. You must pre-register to bid for each auction no later than 24 hours prior to the auction. Please click here for further details.
*DEFINITION OF GUIDE & RESERVE PRICE
All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.
COSTS AT AUCTION
When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding. They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.
The sale of each lot is subject to an administration fee of £1,680 inc VAT (£1,400.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction. Please note that the administration fee for
the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.
Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack is available to download free of charge under the ‘lot information’. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.