3-5 The Parade 1,882 SF 100% Leased Retail Building Minehead TA24 5NL $1,105,252 CAD ($587.28 CAD/SF) 8.03% Cap Rate

Investment Consideration:
VAT is NOT applicable to this property
Comprises ground floor shop t/a Whole Foods (No.3) with self-contained café on upper floors (No.5A) let to the same tenant, and adjoining ground floor shop t/a Vape Shop (No.5)
Includes building at rear (The Vault), which has been sold-off on long leasehold. Reversion 2151
Located in the heart of town centre with occupiers nearby including Boots and Superdrug, Greggs, Costa Coffee, Post Office, Specsavers, Trespass, Santander, Betfred and many more.
Property Description:
Comprises grocery shop at ground floor (No.3) with café at first, second floor and third floor (No.5A) let to the same tenant, and adjoining self-contained ground floor shop (No.5). The property includes a building at rear, which has been sold-off on long leasehold, providing the following accommodation and dimensions:
No.3-5A: 286 sq m (3,084 sq ft)
Ground Floor: Open plan retail, storage, wc
First Floor: 4 café rooms, kitchen, storage
Second Floor: Staff rooms, storage, wc
Third Floor: Ancillary, storage
No.5: 172 sq m (1,855 sq ft)
Ground Floor: Open plan retail, storage, wc
The Vault: Sold-off
Total GIA: 458 sq m (4,939 sq ft)
Tenancy:
No.3-5A is at present let to Naturalife Wholefoods Ltd (with personal guarantee) for a term of 5 years from 15th August 2023 at a current rent of £32,000 per annum and the lease contains full repairing and insuring covenants. Rent review on 15.08.26 linked to RPI. No breaks.
No.5 is at present let to E-Cig City Ltd from 22nd June 2023 to 31st July 2033 at a current rent of £15,000 per annum and the lease contains full repairing and insuring covenants. Rent review on 1st August 2026,2029 and 2032 open market upward only. Tenant option to determine on 01.08.28 with min 4 months notice.
The Vault building has been sold-off on long leasehold for a term of 125 Years from 9th March 2026 at a ground rent of peppercorn. Reversion 2151.
Location:
Minehead is a coastal town and civil parish in Somerset, England. It lies on the south bank of the Bristol Channel, 21 miles north-west of the county town of Taunton, 12 miles from the border with the county of Devon and in proximity of the Exmoor National Park. The town is located on the A39 road, and is 28 miles (45 km) north-west of the M5 motorway at junction 24. The property is located in the town centre with occupiers nearby including Boots and Superdrug, Greggs, Costa Coffee, Post Office and many more.