2 Brannams Square, Litchdon Street, Barnstaple, Devon, EX32 8GP
Guide Price* : £425,000
Freehold Investment Opportunity - Click here for Virtual Tour
- Freehold Mixed Use Investment
- Producing £43,170 per annum
- Fully let to Lloyds Pharmacy and the adjacent Medical Centre
- WAULT of 7.25 years to expiry
- Index Linked Rent Reviews (RPI)
- Guide Price of £425,000 reflects an attractive Net Initial Yield of 9.76%
The property comprises a mixed-use property arranged over ground, first and second floors. The property is currently being occupied by Lloyds Pharmacy to the ground floor, who operate as the primary pharmacy for the adjacent medical centre.
The upper parts are occupied by the adjacent Brannam Medical centre, with the first floor being used as overflow consultancy rooms and the second floor being used as office space.
We understand that Brannam Medical Centre has recently undergone a full refurbishment and extension, but that the additional space within the subject property is fully utilised and required.
The property is accessed from Kiln Lane and customers make use of the Brannam Medical Centre car park which has 28 spaces.
The property is located in the centre of Barnstaple, a river-port town in North Devon and is accessed from Brannam Square.
The high street is only a few minutes walk away which provides access to numerous local amenities such as Tesco Express.
The property has good transport links as A39 is only a few minutes drive away that leads onto the south and has good public transport connections with Barnstaple Bus and Train Station within in walking distance.
The ground floor is let to Lloyds Pharmacy Limited on a lease expiring 16/02/2029 and paying a rent of £29,962 per annum. The lease includes a break clause in May 2024 with six months notice, with an additional break clause that can be activated with six months notice from when Brannam Medical Centre cease trading.
The lease provides for RPI linked, upward only rent reviews with the next review on 17/02/2024.
The upper parts are let to Individuals in Trust of Brannam Medical Centre on a lease expiring 31/03/2032 and paying a rent of £13,208 per annum. The lease includes break clauses in 2023, 2026 and 2029 all with one months notice. The lease includes three yearly, RPI linked, upward only rent reviews, with the next review 31/03/2023.
Both leases are drafted within the Landlord and tenant (1954) Act.
Please see the Tenancy Schedule and Legal Pack for full details.
Refer to the legal documentation
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton December 2023
Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any (“LSH”) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
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