Town centre mixed use investment
Prominent trading position
Fully income producing
Anchor tenant Boots Pharmacy
Potential to split
Guide price: £350,000
Ottery St Mary is a busy East Devon town easily accessed from the A30. The town centre has a strong independent presence including Estate Agents, pubs, cafes and retail units together with Sainsbury's supermarket.
Ottery St Mary is a popular historic town with a population of 7,700 and a large rural catchment. There is on street parking and short stay car parks in the town centre as well as a regular bus service linking East Devon to Exeter.
The property comprises two adjoining terraced period buildings which extend over lower ground, ground and first floors and had been amalgamated internally to provide ground floor retail accommodation with a first floor self-contained and separately accessed flat.
Basement: Storage (limited access): 630 sq ft (58.53 sq m)
Ground floor: Retail sales: 1,527 sq ft (141.86 sq m)
ITZA: 1,203 units
First Floor: 3 bed self-contained flat with living room, kitchen, bathroom and separate shower room: 1,130 sq ft (105 sq m)
The freehold interest, subject to the existing tenancies is available at a guide price of £350,000 subject to contract. This figure will show an investor a net initial yield of approximately 8.20% after allowing for normal purchasers costs.
The property is not registered for VAT.
Both parties to bear their own legal costs in the transaction.
The properties have the following EPC ratings:
Shop: B35
Flat: D64
Basement and ground floor: A new lease has been agreed with Boots UK Limited for a term of 5 years from 1st November 2023 on a proportional full repairing and insuring basis at a rent of £19,000 per annum. There is a tenants option to break at the 3rd anniversary subject to 6 months prior written notice. The tenant pays 50% of the repairs and building insurance for the property. The lease is contracted inside the Landlord and Tenant Act 1954. Flat: There is an Assured Shorthold Tenancy subject to a rent of £775 pcm or £10,800 per annum. Total rental income for both the shop and the flat: £29,800 per annum.
For Sale: Guide Price: £350,000 Key Features - Town centre mixed use investment - Prominent trading position - Fully income producing - Anchor tenant Boots Pharmacy - Potential to split - Guide price: £350,000 ( Agency Pilot Software ref: 1092 )
