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£500,000
Seaton, Devon, Mixed retail and residential investment in
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Price:
£500,000 Get Prequalified Today
Contact:
01392 680058
Location:
Seaton, Devon
Description:
Mixed retail and residential investment in prominent town centre location. Total annual rent 34,100. Freehold let on 4 long leases allowing potential break-up of flats & retail premises separately. Available as a whole or in 2 lots.
SITUATION
Seaton is a popular tourist resort town with a resident population of approximately 7,000 people, situated on the south coast of Devon which has been awarded World Heritage Site Status. The town provides a range of local services and amenities and a major scheme has recently been announced to provide new homes and retail units based around a new Tesco store. Junction 29 of the M5 is 17 miles to the west which provides access to the national road network beyond and the nearest airport is at Exeter which is 15 miles to the west. The nearest mainline railway station is located at Axminster, 6 miles to the north.
The property is located in Fore Street which is the prime pedestrian shopping area of the town. Other nearby occupiers include the Co-operative, Boots, Nat West Bank and a range of specialist local retailers which characterise the retail offer in the town.
DESCRIPTION
The property is a 3-storey end of terrace unit of brick elevations under a slate tiled and flat roof, comprising a retail unit at ground floor level with 3 flats over at first and second floor level which are accessed via a separate pedestrian door and stairwell. The property has recently been re-wired and there is a communal bin store/storage area at first floor level for the benefit of the flats which opens onto the flat roof over the retail shop below which has been utilised as a roof garden/amenity area.
Lot 1
The retail units are occupied by a single tenant as a butchers and bakery/takeaway, including a cold store and single w.c. Internally there is access via a stairwell to the basement area. The retail frontage comprises full height glazing and separate pedestrian doors to the baker and butchers, to the rear is a store and preparation area.
Lot 2
At first floor there are 2 x 1-bedroom flats each having a kitchen and bathroom. Flat 1 has a living room in addition. At second floor level is a 2-bedroom flat with bathroom, kitchen and sitting room.
ACCOMMODATION - Lot 1
Maximum shop depth 13.63m (44'7')
ITZ A 62 sq.m (667 sq.ft)
Ground floor sales 74.2 sq.m (799 sq.ft)
Ground floor ancillary 35.6 sq.m (383 sq.ft)
Basement 43.7 sq.m (471 sq.ft)
ACCOMMODATION - Lot 2
First floor Flat 1 - 42.2. Sq.m (454 sq.ft)
First floor Flat 2 - 28.2 sq.m (303 sq.ft)
Second floor Flat 3 - 45.9 sq.m (495 sq.ft)
The ground floor and basement have been measured on a net internal area basis and the first and second floors have been measured on a gross internal area basis in accordance with the RICS Code of Measuring Practice.
PLANNING
The ground floor has the benefit of consent for a butchers shop and sandwich bar within Use Classes A1 and A3. The flats at first and second floor level have open C3 residential consent.
TENURE
Freehold subject to 4 long leases for 999 years from 24th May 2004 for the ground floor and basement shop area, Flat 1, Flat 2 and Flat 3. Our clients own the freehold and long leasehold interests and each of the long leases is subject to a sub-tenancy.
SUB TENANCIES - Lot 1
Ground floor and basement let to D C Grainger for 9 years from 1st January 2005 with 3 yearly rent reviews.
SUB TENANCIES - Lot 2
Flats 1, 2 and 3 are all let on Assured Shorthold tenancies.
COVENANTS
D C Grainger trades as Mulberry Manor Meats.
RENT - Lot 1
The passing rent for the ground floor and basement let is 20,000 per annum.
RENT - Lot 2
Flat 1 is let at 5,100 per annum payable on a monthly basis.
Flat 2 is let at 4,200 per annum payable on a monthly basis.
Flat 3 is let at 4,800 per annum payable on a monthly basis.
Total annual rent 34,100.
PRICE
LOT 1 - 250,000
LOT 2 - 250,000
ENERGY PERFORMANCE CERTIFICATE
An Energy Performance Certificate is available for inspection upon request.
VAT
VAT will not be payable on the sale price.
REFERENCE
038067
VIEWING
Strictly by appointment with the agent.
CONTACT INFORMATION
For further information or to arrange an inspection please contact: Stags, 21 Southernhay West, Exeter. EX1 1PR Tel 01392 680058 Fax 01392 426183 Email: (click to respond)
OR
EM & F, 3 Cornhill, Ottery St Mary, Devon, EX11 1DW. Tel: 01404 813762
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Property Type:
Retail Property for Sale
Sq feet:
667 sq. ft.
Amenities:
Storage
For sale by:
Agent/Broker
Phone:
01392 680058
Posted:
Contact:
01392 680058
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Let me know if you have any questions. – Stags - Commercial
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More About this Listing: Seaton, Devon, Mixed retail and residential investment in
Seaton, Devon, Mixed retail and residential investment in is a Retail Property for Sales for Sale in Seaton DEV. Find other listings like Seaton, Devon, Mixed retail and residential investment in by searching Oodle Marketplace for Retail Property for Sales for Sale in Seaton DEV.
Seaton, Devon, Mixed retail and residential investment in is a Retail Property for Sales for Sale in Seaton DEV. Find other listings like Seaton, Devon, Mixed retail and residential investment in by searching Oodle Marketplace for Retail Property for Sales for Sale in Seaton DEV.