Freehold mixed commercial & residential investment situated in the heart of St Marychurch’s pedestrianised shopping centre, Torquay. The property is currently let to an established operator trading as Precinct News, who has occupied the premises for approximately 6 years and resides on the premises. The property is sold subject to the existing occupational lease.

Situation

Located in a prominent position within St Marychurch precinct, benefitting from strong pedestrian footfall and surrounding retail occupiers.

Tenure

Freehold.

Lease

The premises are held on a 10-year lease from 20th June 2020, expiring 26th June 2030, on an effective full repairing and insuring basis, at a current rental of £15,000 per annum. The lease provides for 3-yearly rent reviews, with the next review due 20th June 2026. We understand the tenant has no arrears.

Income / Yield

Current income: £15,000 p.a.

Initial yield: approx. 6.67% (before costs)

Guide Price: £225,000 – Offers invited

Accommodation

Ground Floor

Retail area: 27 sq m (290 sq ft)

Rear kitchen/store: 3.32m x 5.1m

Self-contained access

First Floor (Residential)

2 bedrooms

Lounge

Kitchen

Bathroom

Separate WC

Rateable Value / Council Tax

Rateable Value: £7,800

Council Tax: Band A

EPC

Rated D

VAT

This property has not been elected to VAT.

Legal Costs

Each party to be responsible for their own legal costs incurred.

Viewing

Strictly by prior appointment.

Please contact Matty L. Ash or Nick Wheeldon MRICS at Waycotts to arrange a viewing.

Tel:

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