42, Market Place, Devizes

Investment summary

- Freehold investment
- Total passing rent of £82,300 per annum
- Devizes is a busy and attractive market town
- The investment compromises a 8,105 sq ft
(752.97 sq m) mixed use building, offering
basement and ground floor restaurant
accommodation and three residential flats on
the first and second floors
- External seating area
- 33% of the income secured on AST's
- 67% of the income is secured to Loungers UK
Limited, a 'very low risk' covenant tenant that
entered into a lease in 2021, with 9.5 years
remaining on the unexpired term
- Net Initial Yield - 8.25%

The building extends over basement, ground, first and second floors. It is a Grade II Listed building of traditional brick construction, with rendered elevations beneath both pitched and flat roofs.

The basement and ground floors occupied by Loungers. The ground floor features a fully glazed shopfront and provides customer seating, a bar area, an accessible WC and staff facilities. To the rear glazed doors lead to an external seating area arranged across two levels, with the capacity for approximately 60 covers.

The basement offers ancillary space including male and female WCs.

In addition to the main Market Place frontage, the property also benefits from a secondary rear entrance providing access to the first and second floors.

The upper floors comprise two one-bedroom flats on the first floor and a two-bedroom flat on the second floor, each with their own private entrance. All fats are well maintained and presented to a high standard, providing excellent quality residential accommodation with some off street parking for loungers.

Location

The property is situated in a prime location on Market Place, the town's primary retail focus. It is accommodation a mix of retail, food and beerage and everyday services including occupiers including Marks and Spencer's, Specsavers, Boots, HSBC AND WHsmith.

Rent / Price

Offers in excess of £950,000, subject to contract and exclusive of VAT.

VAT

We understand that the property is elected for VAT and therefore VAT will be payable on the purchase price.

EPC

Avaliable upon request.

Viewing

Strictly by appointment with agents.