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Leisure properties for auction in South West (region)

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Freehold mixed use investment
Current income of £55,280 per annum (with one flat vacant) - Potential income of £60,000 per annum
WAULT of 10.5 years to expiry (5.5 to break) on the commercial element
Guide price of £450,000 reflects Net Initial Yield of 11.75%

DESCRIPTION
The property comprises a mixed use commercial/residential investment opportunity and forms two mid-terraced units on the High Street. At ground floor level the property comprises a cafe and an indoor market, with the entrance to the basement nightclub at ground floor level between the two units.

The cafe comprises a seating area providing approximately 40 covers, with a kitchen and preparation room.

The indoor market comprises a large "L" shaped sales area and includes a cloakroom.

The basement nightclub provides cloakrooms as well as two bars and two dancefloors. There is also a small kitchen and some storage.

The residential accomodation to the upper parts comprises two large flats, with two and three bedrooms respectively, as well as a bedsit.

LOCATION
The property is located in Ilfracombe, a popular seaside tourist destination on the North Devon coast, approximately 10 miles to the north of Barnstaple and adjacent to Exmoor National Park. The resort is recognised as the largest tourist resort in the region having a population of approximately 11,000 inhabitants which is boosted during the summer months with an influx of tourists. Recent inward investment includes a Lidl’s supermarket, Tesco’s supermarket and plans are afoot to develop a large water sports centre at Larkstone Cove.

The property is situated on the main retail/leisure pitch on Ilfracombe High Street, approximately 20 metres to the east of its junction with Oxford Grove. Nearby retailers include Boots, an electrical store and an Indian Takeaway

TENURE
Freehold

TENANCY
The property is let on a mix of Leases and Assured Shorthold Tenancy Agreements. Please see the tenancy schedule for more information.

PLANNING AUTHORITY
North Devon Council - www.northdevon.gov.uk (01271 388 288)

Address Tenant Floor Use Sq M Sq F Lease Terms Rent £ pa Rent Review
11-12 High Street Private Individual Basement Nightclub 216.8 2,334 5 year lease expiring 28/02/2023 £16,000 Fixed uplifts to £17,000 in year 2 and £18,000 from years 3-5
11-12 High Street Private Individual Ground Cafe 98.7 1,062 15 year lease expiring 06/01/2029 £13,000 5 yearly upward only reviews
11-12 High Street Private Individual Ground Market 293.1 3,155 20 year lease expiring 28/02/2036 (subject to a break clause in 2022) £16,000 5 yearly upward only reviews, subject to a cap of 4%
11-12 High Street Private Individual First Flat N/A N/A Assured Shorthold Tenancy £5,160 N/A
11-12 High Street Private Individual First Bedsit N/A N/A Assured Shorthold Tenancy £3,120 N/A
11-12 High Street Private Individual Second Flat N/A N/A Vacant N/A N/A
11-12, High Street, Ilfracombe, EX34 9DF
Freehold mixed use investment. Current income of £55,280 per annum (with one flat vacant)
Type: Residential, Retail, Mixed use, Leisure, Flat, Restaurant/Cafes, Pubs/Bars/Clubs, Other Property Types & Opportunities, Licensed & Leisure
Location: 11-12 High Street, Ilfracombe, EX34 9DF
Images: 2
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