Investment Consideration:
Gross Initial Yield: 7.09%
Rental Income: £23,400 p.a.
VAT is NOT applicable to this property
Comprises large public house with outdoor seating, beer garden, games room and 4-bedroom owner`s accommodation
Situated within the rolling Devonshire countryside and within easy reach of Okehampton and Crediton.
Property Description:
Comprises large public house arranged as a ground floor bar & restaurant with 4-bed owner`s flat at first floor. The property benefits from outdoor seating and large beer garden, providing the following accommodation and dimensions:
Ground Floor: bar area, kitchen, WCs, storage, beer garden
First Floor: 4 bedrooms, 2 bathrooms, kitchen and lounge
Total GIA: 280 sq m (3,013 sq ft)
Tenancy:
The property is at present let to an Individual for a term of 6 Years 11 Months from 15th August 2024 at a current rent of £23,400* p.a. Rent review every 3rd year open market upward only. No breaks. Deposit held of £5,000.
*Tenant pays reduced rent of £20,800 p.a. for Year 1. The vendor will top-up rent until 14th August 2025, so the buyer receives the equivalent of £23,400 p.a. from completion.
Location:
North Tawton is situated within the rolling Devonshire countryside and within easy reach of Okehampton and Crediton. It has everyday amenities, which includes a mini Market, post office, butchers, chemist, deli/tea room, doctors' surgery, NHS dentist, veterinary surgery and a good primary school. North Tawton is located on the Tarka Trail and is fortunate enough to boast rugby, football and cricket clubs, bowls aerobics, yoga and badminton as well as a variety of societies including scouts, guides, youth club and drama group etc.
