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Barnstaple – Freehold Shops and Ground Rent Investment

For sale: £130,000.00|2,849 Sq Ft|Residential, Retail, General Retail, Mixed Use, Other Property Types & Opportunities

Property details

FOR SALE£130,000.00
SIZE2,849 Sq Ft
ADDRESS65/65A Newport Road, Barnstaple, Devon EX32 9BG
TYPEResidential, Retail, General Retail, Mixed Use, Other Property Types & Opportunities
TENUREFor Sale Freehold
POSTED ON2nd June 2020

Description

Investment Consideration:
Comprises two storey period property comprising two currently let ground floor lock-up retail premises with the upper floor flat having been sold on a long lease.
VAT is NOT applicable to this property.
Occupiers nearby include Spar, Bathwick Tyres, Suzuki, Vauxhall, amongst other local traders and residential neighbourhood.

Property Description:
The property is arranged as a two storey period property comprising two currently let ground floor lock-up retail premises with the upper floor flat having been sold on a long lease.

The property provides the following accommodation and dimensions:
No. 65 (Ground & First Floor): 70.0 sq m (753 sq ft)
No. 65A (Ground Floor Shop): 67.7 sq m (729 sq ft)

Tenancy:
Shop No.65 is at present let to an Individual t/a Claire Mathers for a term of 5 years from 6th April 2015 (Holding Over) at a current rent of £4,500 per annum and the lease contains full repairing and insuring covenants. The tenant did not exercise break clauses in 2016 and 2018. Shop No. 65A is at present let to an Individual t/a The Dog Groomers for a term of 5 years from 3rd March 2020 at a current rent of £4,944 per annum and the lease contains full repairing and insuring covenants. The lease provides for a rent review every third year. The first floor residential flat is sold off on long lease to an individual for a term of 125 years at a current ground rent of £100 per annum.

Location:
Barnstaple is the main commercial, administrative and economic centre of North Devon and is located some 34 miles north-west of Exeter and 9 miles east of Bideford. Road communications are provided by the A361, which provides a direct link with Junction 27 of the M5 Motorway, and the A377 which links with Exeter. Barnstaple’s population is 24,033.

Location

marker
Location: 65/65A Newport Road, Barnstaple, Devon EX32 9BG

Barnstaple (0.7 miles)

Chapelton (4.1 miles)

Umberleigh (5.9 miles)

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