39 Magdalen Road, Exeter, Devon, EX2 4TA

Rare mixed used freehold investment

Located in popular and busy shopping parade

Ground floor shop with self-contained maisonette on upper floors

Guide price: £350,000 reflecting an approx net initial yield of 6.88% after purchasers costs

Passing rent: £25,000 p.a.

The property is situated on Magdalen Road being a small neighbourhood shopping parade serving passing traffic but more specifically the immediate catchment area of St Leonards, a highly regarded and high-value residential district of Exeter.

Magdalen Road is located close to the city centre and within easy walking distance of it and it provides a good range of retailers, albeit mostly local or specialist traders. The Parade is generally fully occupied and benefits from a small number of time restricted public car parking spaces. Other occupiers in the vicinity include various independent retailers, bars and professional and financial services.

The property comprises a ground floor lock up shop with main sales, rear storage and staff facilities. There is a self contained maisonette on the first and second floors providing two bedrooms with a kitchen and bathroom. To the rear there is a detached store.

Proposal
The property is offered for sale Freehold, at a guide price of £350,000. Please contact agent for further details.

Tenure
Freehold.


VAT is not applicable to this sale.

Each party to bear their own legal costs in the transaction.


The property has an EPC: D (87)

The property is held by way of a full repairing and insuring lease for 15 years from 02 October 2020 by Pukalini Limited. Company registration number 11188285.

The passing rent is £25,000 per annum and subject to review 2 October 2030.

The tenant has an option to break at the 2 October 2030 subject to 6 months notice.

The tenant currently occupies the flat above which has the ability to be sublet.