TYPERetail, General Retail, Retail - High Street, Office, Land, Offices, Commercial Land
TENUREInvestment Opportunity, For Sale Leasehold
POSTED ON16th February 2022
Description
Investment Consideration: Gross Initial Yield: 7.89% Rental Income: £15,000 p.a. Let until 2041 (no breaks) Rent reviews linked to RPI every 5th year Tenant in occupation for more than 18 years VAT is NOT applicable to this property Comprises ground floor shop trading as Costcutter and Post Office Nearby occupiers include butchers, pub and a hardware store.
Property Description: The property comprises ground floor shop t/a Costcutter and Post Office, providing the following accommodation and dimensions: Retail area: 73.20 sq m (788 sq ft) Rear storage: 16.50 sq m (178 sq ft) Total area size: 89.70 sq m (966 sq ft)
Tenancy: The property is at present let to N & R Retail Ltd t/a Costcutter for a term of 20 years from 1st April 2021 at a current rent of £15,000 per annum and the lease contains full repairing and insuring covenants. Rent review linked to RPI every 5th Year. No break clause. Personal guarantee. Deposit held of £3,750.
Tenure: Long leasehold. The property is held on a 999 Year lease from 1st April 2021 at a ground rent of £1 p.a.
Location: Bradworthy is a village and civil parish in Devon, England. The larger town of Holsworthy, is 7 miles away, and the coastal resort of Bude, with its safe sandy beaches and surfing, is 10 miles away. The property is located in a prime space in Bradworthy village square alongside a range of amenities including Doctors surgery, the Bradworthy Primary Academy, 12th Century Church, and a Pub. The University city of Exeter with its intercity rail and motorway links is approx. 40 miles away.
