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Holly Court Arcade, 115 High Street, Midsomer Norton, BA3 2DA
Guide Price* : £500,000 plus
MIXED USE INVESTMENT SCHEME
- Freehold Retail Arcade Investment
- Producing an Annual Rent of £84,420
- Approximately 763.86 sq m (8,222 sq ft)
- Multi-let Building with the Opportunity to Generate Further Income
Description
The property comprises a retail arcade arranged over ground and first floors. The communal area of the arcade comprises a pedestrian thoroughfare running from the High Street frontage, to the rear of the property. There is an escalator to the rear of the property as well as a stairway providing access to the rear frontage at first floor level which fronts the principal car park in the village. There is a further stairway accessible from the High Street frontage of the property.
The retail units line the causeway through the arcade, with several units having additional frontages to either the High Street or the rear. The majority of tenants are small, boutique, businesses and the units reflect this use, extending to approximately 763.86 sq m (8,222 sq ft).
Location
Holly Court Arcade is prominently situated on the High Street in the market town of Midsomer Norton, occupying a central position within the town's principal retailing and commercial area. The property benefits from frontage onto the High Street and provides a key pedestrian link between the town centre and the principal public car park located to the rear.
Midsomer Norton is an established market town in Bath and North East Somerset, serving a wide catchment area and benefiting from a range of retail, leisure and community amenities. The High Street supports a healthy mix of independent and national retailers, contributing to strong levels of pedestrian activity throughout the town centre.
The property is well positioned within the town centre, surrounded by a variety of retail, service and hospitality occupiers, including both independent businesses and national operators. Its location and pedestrian connectivity make it a popular destination for local shoppers and visitors alike.
Midsomer Norton is situated approximately 10 miles south-east of Bath and 15 miles south of Bristol, benefiting from good road connections to the wider South West region.
Tenure
The property is held Freehold under Title Number ST176750.
Tenancy
Please see the Tenancy Schedule below.
Planning Authority
Bath and North East Somerset Council - www.bathnes.gov.uk
Bidder Registration
In order to bid you will be required to provide proof of identification, proof of address and source of funds before being authorised to bid.
We will also take a hold on funds from your bank card of £5,000 before you can bid.
Please see our Online Bidding and Registration Guide for further information, but note that as soon as you enter your debit or credit card, the hold on funds will be taken and this amount on your card will be "reserved" for this potential transaction and the amount will be deducted from the balance of your bank account.
Registration for bidding will close at 2pm the day before the auction, after which we cannot guarantee giving you permission to bid at the auction.
VAT
We understand the property has been elected for VAT. It is envisaged the sale will be dealt with as a TOGC
Energy Performance Certificate
C:66
Accommodation
| Unit | Area (Sq M) | Area (Sq Ft) | Tenant | Start Date | Expiry Date | Break Date | Headline Rent (pa) | RR Date | Rent Review Mechanism | Comment |
|---|---|---|---|---|---|---|---|---|---|---|
| 88,502 | ||||||||||
| Unit 1 | 46.40 | 499 | Clothing Store | 01.09.2023 | 31.08.2028 | - | £10,080 | Yearly on Anniversary | Yearly | 01.09.2027 increases to £10,800 p.a |
| Unit 2 | 48.00 | 517 | Book Store | 01.01.2025 | 31.12.2027 | - | £7,200 | 01.01.2027 | 1 Year | 01.01.2027 increase to £7,800 p.a |
| Unit 3 | 57.00 | 614 | Classroom | 01.12.2025 | 01.12.2028 | 01.12.2026 | £6,600 | Yearly on Anniversary | 1 Year | - |
| Unit 4 | 52.00 | 560 | Game Room | 01.07.2025 | 01.07.2026 | - | £6,600 | Yearly on Anniversary | 1 Year | - |
| Unit 5 & 6 | 61.78 | 665 | Cafe | 02.08.2023 | 01.08.2026 | - | £6,000 | Every Two Years on Anniversary | 2 years | - |
| Unit 7 & 8 | 125.00 | 1,346 | Soft Play | 02.08.2023 | 01.08.2026 | - | £4,800 | Every Two Years on Anniversary | 2 years | - |
| Unit 9 | 43.50 | 468 | Shop | 29.11.2025 | 28.11.2028 | - | £6,600 | Yearly on Anniversary | 1 Year | - |
| Unit 10 | 33.40 | 360 | Vacant | - | - | - | - | - | - | |
| Unit 11 | 63.50 | 684 | Restaurant | 01.10.2024 | 30.09.2026 | - | £11,040 | Yearly on Anniversary | 1 Year | - |
| Unit 12 | 31.49 | 339 | Vacant | - | - | - | - | - | - | - |
| Unit 12a | 39.80 | 428 | Tanning Shop | 12.10.2022 | 11.10.2027 | - | £6,600 | Yearly on Anniversary | 1 Year | - |
| Unit 13 & 14 | 54.10 | 582 | 18.10.20.25 | 17.10.2027 | - | £6,900 | Yearly on Anniversary | 1 Year | - | |
| Unit 15, 15a & 16 | 83.90 | 903 | Restaurant | 25.02.2022 | 24.02.2034 | - | £10,500 | - | - | Rent increase to £12,000pa from 25.02.2030 |
| Unit 17 | 24.00 | 258 | Office | 25.02.2022 | 01.07.2026 | - | £1,800 | Yearly on Anniversary | 1 Year | *tenant in negotiations for a new lease and rental uplift to £3,000 p.a |
| Total GIA | 763.86 | 8,222 | £84,420 |
Contact
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
** If you take up this service, Dynamo may pay a referral payment of up to 20% of the procuration fee received by Dynamo from the relevant lender on completion of the mortgage to us. This is not paid by you and has no impact on the service provided. Dynamo is a trading name of Dynamo Mortgages Limited, which is part of the same group of companies as Lambert Smith Hampton, owned by Connells Limited.
If you take up this service you will agree your own separate contract with Dynamo, and Lambert Smith Hampton is not responsible for the accuracy, quality or suitability of any advice, recommendations or services provided to you.
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Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including LSH Property Auctions, and their joint agents if any (“LSH”) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
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