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AGENT'S DETAILS


Torrington – Multiple Freehold Shops and Residential Investment

For sale: £195,000.00|1602 Sq Ft|Flat, General Retail, Retail - High Street, Mixed Use, Residential, Retail, Other Property Types & Opportunities

PROPERTY DETAILS

FOR SALE£195,000.00
SIZE1602 Sq Ft
ADDRESSHeywood House, 14/16 High Street & 5/7 South Street, Torrington, Devon EX38 8HN
TYPEFlat, General Retail, Retail - High Street, Mixed Use, Residential, Retail, Other Property Types & Opportunities
TENUREFor Sale Freehold
POSTED ON2nd June 2020

DESCRIPTION

Investment Consideration:
A prominent corner building comprising 4 Ground Floor Shops with separate side access to 6 Self-Contained Flats on the first and second floors.
Located at the junction with the High Street in the heart of the town centre.
VAT is NOT applicable to this property.
Nearby occupiers include Lloyds Pharmacy, a Post Office, Co-op Food, Spar Convenience Store, British Red Cross.

Property Description:
A prominent corner building comprising four Ground Floor Shops with separate side access to six Self-Contained Flats on the first and second floors.

The property provides the following accommodation and dimensions:
No. 14 High Street
(Ground Floor Shop)
Gross Frontage 15'3"
Internal Width 12'4"
Shop Depth 24'7"
WC

No. 16 High Street
(Ground Floor Shop)
Gross Frontage 18'2"
Internal Width 16'10"
Shop Depth 39'11"
WC

No. 5 South Street
(Ground Floor Shop)
Gross Frontage 15'9"
Internal Width 13'8"
Shop Depth 23'5"
WC

No. 7 South Street
(Ground Floor Shop)
Gross Frontage 15'1"
Internal Width 14'3"
Shop Depth 13'11"
WC

First & Second Floor Flats
Sold off on long lease
6 Flats

Tenancy:
Shop No. 14 is at present let to S. Hinchcliffe and D. Lynskey for a term of 6 years from 24th May 2018 at a current rent of £4,200 per annum and the lease contains full repairing and insuring covenants. The lease provides rent reviews every third year and the tenant has option to determine on the 24th May 2021. Rent deposit held of £350.

Shop No. 16 is at present let to F. Bright for a term of 1 year from 1st November 2018 (Holding Over) at a current rent of £5,720 per annum and the lease contains full repairing and insuring covenants. Rent deposit is held of £500.

No. 5 is at present let to K. Luck for a term of 6 years from 1st July 2018 at a current rent of £3,640 per annum and the lease contains full repairing and insuring covenants. The lease provides rent reviews every third year and the tenant may determine this lease at any time by serving two months written notice. Rent deposit held of £330.33.

Shop No. 7 is at present let to M. Hendy for a term of 6 months from 25th July 2019 (Holding Over) at a current rent of £3,640 per annum and the lease contains full repairing and insuring covenants. Rent deposit held of £330.33.

The six upper flats are sold off on long leasehold to various individuals for a term of 125 years from 23rd May 2008 at a ground rent of £300 per annum (£50 p.a. per flat) and the lease contains full repairing and insuring covenants.

Location:
Located at the junction with the High Street in the heart of the town centre amongst such multiples as Lloyds Pharmacy, a Post Office, Co-op Food, Spar Convenience Store, British Red Cross and opposite the entrance to the Pannier Market. Great Torrington is located in the south-western part of England, approx. 9 miles south of Barnstaple and approx. 30 miles north-west of Exeter.

LOCATION

Location: Heywood House, 14/16 High Street & 5/7 South Street, Torrington, Devon EX38 8HN

Chapelton (6.7 miles)

Umberleigh (7.5 miles)

Portsmouth Arms (7.9 miles)

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