Commercial and Residential Investment - Businesses Unaffected - Barnstaple

Ref
1818
£649,950
(OIRO)
Investment Property Barnstaple
Investment Property Barnstaple
Investment Property Barnstaple
Investment Property Barnstaple
Investment Property Barnstaple
Investment Property Barnstaple
Investment Property Barnstaple
Investment Property Barnstaple
Investment Property Barnstaple
Investment Property Barnstaple
Investment Property Barnstaple
Investment Property Barnstaple
Investment Property Barnstaple
Investment Property Barnstaple

51.079077742458, -4.0583780407906

Call 01237 424053 for more information

Download Details Print Ask A Question
Share this property

Mixed Commercial and Residential Investment - Fully Let - Refurbished 2018

  • Town Centre location opposite entrance to High Street
  • 3 x double fronted shop units all on 10 year lease, rental of £32,000 per annum
  • 5 x first and second floor flats, having been refurbished in 2018, income £30,240 per annum
  • Total rent roll of £62,240, gross yield of 9.5%
  • Businesses unaffected, sold with existing tenancies

THE ACCOMMODATION (comprises)

 

57 BOUTPORT STREET

380 sq.ft (35 sq.m) – Rateable Value £9,300

58 BOUTPORT STREET

326 sq.ft (30 sq.m) – Rateable Value £8,700

59 BOUTPORT STREET

619 sq.ft (58 sq.m) – Rateable Value £10,000

 

Flat 1 – Hallway, kitchen, toilet, shower room, bedroom, lounge / diner.  EPC - D

Flat 2 – Hallway, kitchen, three piece shower room, bedroom, lounge / diner.  EPC - D

Flat 3 – Hallway, kitchen, three piece shower room, landing office area, bedroom, lounge / diner.  EPC - C

Flat 4 – Hallway, kitchen, three piece shower room, bedroom, L shaped lounge / diner.  EPC - D

Flat 5 – Hallway, kitchen, 2 x bedrooms, 3 piece shower room, lounge / diner.  EPC - D

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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

  1. All measurements are approximate.
  2. 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.
  3. 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

The subject property is situated within Boutport Street, being part of the main retail core of town and is opposite the entrance to the High Street.  There are assorted retail, office and leisure users in the immediate vicinity including Barclays Bank, Coral Bookmakers and Scott’s Cinema.

THE PROPERTY AND CONSTRUCTION

Being of three storey construction (plus roof conversion) under a pitched slate roof, there are 3 double fronted shop units at ground floor level which vary in size from 326 sq.ft (30 sq.m) to 619 sq.ft (58 sq.m).  The upper floors, which have a self contained entrance, consist of 5 flats that were refurbished in 2018, 4 x one bedroomed flats and 1 x two bedroomed flat.  The flats were refurbished in 2018 including new lighting, heating, kitchens, bathrooms and floor coverings whilst the exterior of the property was re-rendered, roof re-felted and windows refurbished.

THE PROPOSAL

Our clients are inviting offers for the Freehold interest of the entire building with is Grade II Listed, with the benefit of the existing tenancies.

TENANCIES

57 Boutport Street – Let for 10 years from Dec 2018, rental £10,000 pa, next rent review 2023.

58 Boutport Street – Let for 10 years from Dec 2014, rental £10,000 pa, next rent review 2023.

59 Boutport Street – Let for 15 years from Dec 2014, rental £12,000 pa, next rent review 2024.

Commercial income £32,000 per annum

 

Flat 1 – First floor one bedroom £6,000 pa, Dec 2020 holding over. Hallway, kitchen, toilet, shower room, bedroom, lounge / diner.  EPC - D

Flat 2 – First floor one bedroom £6,000 pa, 6 month AST July 2021.  Hallway, kitchen, three piece shower room, bedroom, lounge / diner.  EPC - D

Flat 3 – Second and third floor one bedroom £6,000 pa, 6 months AST May 2021. Hallway, kitchen, three piece shower room, landing office area, bedroom, lounge / diner.  EPC - C

Flat 4 – Second floor one bedroom £6,000 pa, September 2018 holding over. Hallway, kitchen, three piece shower room, bedroom, L shaped lounge / diner.  EPC - D

Flat 5 – Second and third floor two bedroom £6,240 pa, October 2020 holding over.  Hallway, kitchen, 2 x bedrooms, 3 piece shower room, lounge / diner.  EPC - D

Residential income £30,240 per annum

Total rent roll - £62,240 per annum

 

ENERGY PERFORMANCE CERTIFICATE

Please contact the agents for a copy of the Energy Performance Certificate and Recommendation Report.

VAT

We understand VAT is not payable on the sale.