130 Boutport Street, Barnstaple, Devon, EX31 1TD
Guide Price* : £130,000
- Freehold retail investment generating £13,000 per annum
- Guide price of £130,000 reflects a Net Initial Yield of 9.8%
- Recently refurbished
The property comprises a ground floor retail unit of approximately 1,260 sq ft. The property has a frontage to Boutport Street and comprises open plan retail accomodation with standard shelving. There is a raised area to the rear of the property that has a frontage to Green Lane, which serves as access to Green Lanes Shopping Centre which is immediately to the south.
The upper parts are arranged as two one bedroom flats that have been sold off on a long leasehold basis.
The property is located in Barnstaple, a popular tourist town in North Devon and is the largest town in the area with a population of in excess of 50,000. The town is well connected by road, with the A39 providing direct connections to coastal towns and Cornwall, Whilst the A361 provides direct access to the M5 motorway. The town is also well connected by rail and serves as a hub station for the region. There are also direct services to Exeter with a shortest journey time of 1 hour.
The property is situated at the northern end of Boutport Street and effectively has a frontage facing the entrance to the High Street. The surrounding area features a mix of local and national covenants including Boots, Primark, and Iceland Supermarkets. Green Lanes Shopping Centre is immediately to the south of the property with retailers including Wilko, TK Maxx and River Island.
The property is let for a term of five years, expiring 24 September 2022 producing an annual rent of £13,000 per annum. The lease is on effective FRI terms and is subject to five yearly upward only rent reviews. There is a break clause in the third year.
The residential upper parts have been sold off on a long leasehold basis at a peppercorn rent.
Please consult the legal pack for more information
North Devon Council - www.northdevon.gov.uk (01271 388 288)
The following indicative finance terms have been provided by Funding 365:
Loan to value 65.00%
Interest rate 0.83% per month serviced
Arrangement fee 2.00%
For further information and to discuss property finance enquiries please contact Ashley Elkin on 07525630213
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. 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 £990 inclusive of VAT on purchases of £20,000 and above and £240 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 £990 inclusive of VAT on purchases of £20,000 and above and £240 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 April 2019
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.