Income producing investment opportunity
Long leasehold ground floor gallery (999 years from 19/12/2014)
10 year minimum lease (no breaks)
Prominent corner trading position
Popular South Hams market town
The property is situated on Church Street occupying a prominent corner position with a return frontage onto Brownston Street. Nearby occupiers include independent retailers, Co-op convenience store, pubs, cafes and estate agents.
Modbury is a large rural village but generally considered a market town situated within the well-regarded South Hams area of Devon with a population of approximately 1,500. The village is situated on the A379 road which links it to Plymouth and Kingsbridge.
The main retail area is modest and centred around Church Street and Broad Street both of which form part of the A379 through the centre of Modbury.
The property comprises the ground floor and rear garden only of a three storey end terraced/corner period building. The ground floor is well presented and provides contemporary open plan modern Art Gallery. To the rear there is a private enclosed attractive garden.
The property comprises the following net internal floor areas:
Ground: Sales: 1,088 sq ft / (101.08 sq m) ITZA: 859
Ancillary office: 145 sq ft / (13.48 sq m)
Total: 1,233 sq ft / (114.56 sq m)
Tenure
Long leasehold interest 999 years from 19/12/2014 subject to a peppercorn rent.
Lease Terms
The property is being sold with the benefit of an occupational lease of the ground floor shop and garden let to Brownston Art Limited (CRN 16167974) subject to a personal guarantee from Aimie Freeston for a term of 20 years from 7th March 2025 on a contributory full repairing and insuring basis (proportion 40%) at a rent of £17,360 per annum.
The rent is reviewed on a 5 yearly basis and there is a tenants option to break at the 10th anniversary (2035) subject to 6 months prior written notice.
Proposal
Guide price for the long leasehold interest of £225,000 reflecting a net initial yield of 7.53%.
The property has not been elected for VAT.
Each party to pay their own legal cost incurred in the transaction.
The ground floor has an EPC of B/33 valid until 22nd May 2033.
The property is being sold with the benefit of an occupational lease of the ground floor shop and garden let to Brownston Art Limited (CRN 16167974) subject to a personal guarantee from Aimie Freeston for a term of 20 years from 7th March 2025 on a contributory full repairing and insuring basis (proportion 40%) at a rent of £17,360 per annum.
The rent is reviewed on a 5 yearly basis and there is a tenants option to break at the 10th anniversary (2035) subject to 6 months prior written notice.
Key Features
- Income producing investment opportunity
- Long leasehold ground floor gallery (999 years from 19/12/2014)
- 10 year minimum lease (no breaks)
- Popular South Hams market town
- Prominent corner trading position
- Well established business
- Guide price: £225,000
( Agency Pilot Software ref: 4411 )
