Commercial Development for sale

Ground Floor Retail Unit, 39, High Street, Totnes, Devon

Offers Over £275,000

Property Description

Key features

  • PRIME RETAIL INVESTMENT FOR SALE
  • 1,069 SQ FT (99.4 SQ M)
  • NOT ELECTED FOR VAT
  • PROMINENT POSITION IN A POPULAR MARKET TOWN
  • NIY 7.42% (ASSUMED PURCHASE COSTS 2.98%)
  • PASSING RENT 21,000 PA
  • STEPPED RENT
  • RISING TO A 9% YIELD
  • EPC C (60)

Full description

INVESTMENT FOR SALE. An opportunity to acquire the long leasehold interest in an investment property. The property benefits from a sales area of 754 sq ft (70 sq m) with a further 315 sq ft (29.3 sq m) of ancillary accommodation plus basement.
Stepped rent increasing to a gross yield of 9%.

Location - Totnes is a thriving town with a reputation for music, art, theatre, natural health and twice weekly market. In 2007, Time magazine declared Totnes the capital of new age chic. As well as being a popular tourist destination, the town is visited all the year round, being accessible by road via the A38, or by the main line railway station, which is 5 minutes walk from the town centre.

Situation - This retail premises is situated in a prominent position at the top end of town, opposite the Civic Square and Civic Hall.

Description - This retail premises is situated on the ground floor of this characterful, traditional building (Grade II* listed), with a covered walkway immediately in front, in keeping with neighbouring properties. Further benefiting from an excellent double frontage.

Schedule Of Accommodation - Ground floor sales area 754 sq ft (70 sq m)
Ground floor ancillary 315 sq ft (29.3 sq m)
Basement (not measured)

Covenant Information - Let to James Harris & Gemma Harris trading as Eleven Clothing.

Lease Terms - The property is let on a 9 year lease from 26th October 2015.
The passing rent is £21,000 per annum, rising to £23,000 per annum 26th December 2018 and £25,000 per annum 27th December 2021.
Tenant break option 26th October 2018 with 6 months notice in writing (this has not been exercised).

Tenure - Long leasehold; 125 years from 26 July 1996.

Proposal - We are instructed to seek offers in excess of, £275,000 (Two Hundred and Seventy Thousand Pounds) for our clients long leasehold interest in this property, subject to contract and exclusive of VAT. This reflects a running yield of 7.42% after allowing for purchasers costs of 2.98%; rising to a 9% gross yield.

Energy Performance Certificate - EPC Band C (60)

Value Added Tax - The property is not currently elected for VAT.
All the above prices/rentals are quoted exclusive of VAT, where applicable.

Contact Information - For further information or an appointment to view please contact either:-
Thomas Hewitt on 01872 247025 or via email th@miller-commercial.co.uk
Mike Nightingale on 01872 247008 or via email msn@miller-commercial.co.uk or
Joint agents:-
Michelmore Hughes 01803 865116
Matthew Higgs on 01803 849945 or via email m.higgs@michelmorehughes.co.uk

PLANS: Plans and maps reproduced under Ordnance Survey Licence No LIG1179. Not to scale and for identification of the property only. They are not intended to show actual site boundaries and not guaranteed to be accurate.

AGENTS NOTE: Miller Commercial for themselves and for the Vendor/s or lessor/s of this property give notice: [a] These particulars are for an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error or misdescriptions shall not annul the sale or be grounds on which compensation may be claimed and neither do they constitute any part of a Contract: [b] Any intending purchaser or tenant must satisfy him/herself by inspection or other wise as to the correctness of each of the statements contained in these particulars; [c] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [d] None of the services or appliances, plumbing, heating or electrical installations have been tested by the selling agent.

Miller Commercial is the trading name of Miller Commercial LLP registered in England and Wales under Registration No.OC373087. The Registered Office of Miller Commercial LLP is Mansion House, Princes Street, Truro TR1 2RF. We use the term Partner to refer to a member of Miller Commercial LLP. VAT Registration No.643 4519 39.

VIEWING: Strictly by prior appointment through Miller Commercial.


More information from this agent

Energy Performance Certificates (EPCs)

Nearest station

  • Totnes (0.5 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Miller Commercial, Truro

Mansion House Princes Street, Truro, TR1 2RF

01872 490012 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest station

  • Totnes (0.5 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Miller Commercial, Truro

Mansion House Princes Street, Truro, TR1 2RF

01872 490012 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference 27953543. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Miller Commercial, Truro. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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