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Call 01237 424053 for more information
Download Details Print Ask A QuestionMixed Residential and Commercial Investment Property - Commercial Part Let Until 2037 with No Break
- All fully let, commercial part on 21 year lease with no break clause before end of lease
- Rental income £55,840 per annum, gross yield of 11%
- Prominent and well-known premises, former banking chambers
- Overlooking Town Square and River Taw
- Consisting of ground floor commercial premises and 4 self-contained flats, 3 with river views
THE ACCOMMODATION (comprises)
COMMERCIAL
Ground floor; Scoffs fish and chips takeaway and restaurant with commercial kitchen, WC.
RESIDENTIAL
Ground floor; Communal reception hall with stairs rising to upper floors.
First floor;
Flat 3 - Kitchen, living room, 3 bedrooms, bathroom/WC.
Flat 4 - Kitchen, living room, bedroom
Second floor;
Flat 1 - Kitchen, living room, 2 bedrooms, bathroom/WC.
Flat 2 - Kitchen, living room, 2 bedrooms, bathroom/WC.
Commercial Funding
Having been in the trade for many years we have established good connections in the finance sector. Our association with these Banks and Commercial Brokers mean that we are able to offer you introductions to competitive finance packages, for a new purchase or refinance purposes alike. Whether it is initial advice on your likely purchase level or if you are at the point of making an offer, you will often be able to achieve preferential rates, possibly saving you thousands of pounds. Please call for more information.
Important Notice
JD Commercial for themselves, and for the Vendors of this property whose Agents they are, give notice that:
- The Particulars are set out in general outline only for the guidance of intending purchasers and do not constitute part of an offer or contract. Prospective purchasers should seek their own professional advice.
- All descriptions, dimensions and areas, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchaser should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them.
- No person in the employment of JD Commercial has any authority to make or give any representation or warranty whatever in relation to this property or these particulars nor to enter into any contract relating to the property on behalf of JD Commercial, nor into any contract on behalf of the Vendors.
- No responsibility can be accepted for any expenses incurred by any intending purchaser in inspecting properties which have been sold, let or withdrawn.
Property Misdescriptions Act 1993
- All measurements are approximate.
- While we endeavour to make our sales particulars accurate and reliable, if there is any point which is of particular importance to you, please contact JD Commercial and we will be pleased to check the information for you, particularly if contemplating travelling some distance to view the property.
- We do our utmost to comply with this Act in full. However we are also trying to represent our clients’ properties in their high possible light, as such we may use summer photographs to promote some properties.
Viewing
By strict appointment through the selling Agents, JD Commercial, 42 Ridgeway Drive, Bideford, North Devon. EX39 1TW
TEL: (01237) 424053 / 07868 846357 E-MAIL: [email protected]
LOCATION
With over 40,000 inhabitants including nearby villages, Barnstaple is a thriving town near to beautiful beaches and countryside, and the centre of North Devon in commerce, culture, education and service provision. It has a wide variety of businesses attracting tourists and permanent residents year-round, including a vibrant and diverse collection of bars and restaurants for evening footfall. Barnstaple is easily reached via the A361 which leads to the M5 at Junction 27, has a station with hourly trains to Exeter at peak times, and Exeter airport is an hour away. The town is rapidly expanding with several new housing and commercial developments currently underway, and more than 5,000 new houses and further economic development planned for the near future. The notable towns of Bideford (9 miles), Woolacombe (14 miles), Ilfracombe (12 miles), South Molton (12 miles) and Torrington (14 miles) are also nearby.
THE SITUATION
Occupying a highly prominent return fronted corner site, the premises is situated on the Town Square overlooking the Albert Clock Tower and water fountain. This area has been subject to much redevelopment by the local authority's to achieve a café culture in the area. The central location of the subject property means that it is also within close proximity of the town's High Street.
THE PROPERTY AND CONSTRUCTION
Having a prominent return frontage onto The Square and Boutport Street the attractive four storey building has stonework elevations, under a pitched slate roof. There are commercial premises at ground floor, currently configured as a restaurant and take-away, with a self-contained entrance to the upper floors consisting of 4 flats, 1 x three bedroom, 2 x two bedroom and 1 x one bedroom.
THE PROPOSAL
Our client is inviting offers for the Freehold interest, with the benefit of the existing tenancies.
TENANCIES
Commercial;
Scoffs fish and chips takeaway and restaurant £25,000 per annum, 21 year term from 1st March 2016 - 5 year rent reviews.
Residential;
Flat 1 - £645 per calendar month AST 6 months from 22nd August 2014.
Flat 2 - £725 per calendar month AST 6 months from 14th April 2017.
Flat 3 - £700 per calendar month AST 6 months from 13th September. 2021.
Flat 4 - 1 bedroom first/second floor flat £500 per calendar month AST 6 months from 1st January 2013.
Rents reserved total: £55,840 per annum. It is thought there is scope to increase the rental on the residential units,
ENERGY PERFORMANCE CERTIFICATE
Please contact the agents for a copy of the Energy Performance Certificate and Recommendation Report.
Commercial; Rating; C.
Flat 1; Rating; E.
Flat 2; Rating; D.
Flat 3; Rating; D.
Flat 4; Rating; E.
VAT
If applicable, at the prevailing rate.