Commercial Property to rentTotnes, Devon, TQ9
- 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
- ALL ENQUIRIES TO 01803 865116
- EPC C (60)
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)
Let to James Harris & Gemma Harris trading as Eleven Clothing.
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.
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).
Vat - VAT
The property is not currently elected for VAT.
All the above prices/rentals are quoted exclusive of VAT, where applicable.
Tenure - Long leasehold; 125 years from 26 July 1996.
Viewing - For further information please contact Michelmore Hughes Stags on 01803 865116
These particulars are a guide only and should not be relied upon for any purpose.
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