Western Flats and Ground Floor Restaurant, West Street, Axminster

For sale, a mixed use Investment property in central Axminster comprising ground floor restaurant and 3 flats above.

The Property - The property comprises a prominent and recently re-roofed three storey, Grade II Listed mixed commercial and residential building located on the corner of Church Street and West Street in central Axminster.

The component parts include a ground floor commercial premises currently trading as the popular Belluno Italian Restaurant, with two dining rooms, a bar, commercial kitchen, WC's and a first floor office. The restaurant is let by way of a commercial lease for a 10 year term from 10 May 2023 at an annual rent of £22,500 on an internal repairing and insuring basis. We understand that there are no remaining tenant break clauses and that a five year rent review mechanism is written into the lease.

Flat's 1 and 2 (to be sold with vacant possession) and flat 3 (currently occupied) are accessed from the western elevation of the property. They are located above the restaurant on first and second floors. Flat 1 is a spacious 2 bedroom apartment on the first floor, Flat 2 is a one bedroom apartment situated on the second floor, with a mezzanine bedroom extension and Flat 3 is a one bedroom apartment on the second floor. The flats are partly-refurbished and require further modernisation. The ERV of the apartments, once refurbishment is complete is estimated to be approximately £24,000 per annum.

Situation - The property is immediately south of Church Green in a prominent position on a corner plot in the centre of Axminster, an established market town in East Devon. The town is strategically located near the Devon–Dorset border and serves a wide rural catchment. Axminster benefits from a mainline railway station with direct services to Exeter and London Waterloo, together with good road access via the A35 and A358. Axminster supports a mix of independent retailers, national operators and professional services, with regular market days generating additional footfall.

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Services - Mains water, electricity, gas and drainage is generally independent other than a split mains water supply to Flats 2 & 3, although they each have a sub meter. There is a landlord's/cleaner's cupboard off the first floor landing and a landlord's electricity meter covering the common areas.

Local Authority - East Devon District Council
Tel:
Business Rates: RV £16,000
Council Tax:
Flat 1 - Band B
Flat 2 & 3 - Band A

Energy Performance Certificates - Ground Floor Restaurant - C (67)
Flat 1 - D (65) Potential C (76)
Flat 2 - E (48) Potential C (78)
Flat 3 - D (60) Potential D (65)