Proposal- The Freehold of the property, subject to the shop lease and flat AST, is available at a guide price of £180,000. A purchase at this price would provide an Investor a NIY of 6.75% allowing for purchaser costs at 2.13 %.
Description- The property is situated near to the Quay area close to the Post Office and near to Fore Street the principal shopping street. A 3 storey property comprising Lock up shop and Maisonette over. The 2 storey living accommodation is arranged as Kitchen/Diner , Living room and stairs to a double and a single bedroom with shared Bathroom. The property has a pitched slate roof with tile hung external elevations a chimney not in use and UPC double glazed casement windows. The ground floor Lock up shop comprises two rooms currently arranged as a retail unit and rear consultancy clinic including under stairs storage and a WC. The maisonette has a separate independent access adjacent to the Ground Floor Shop. The property is in a flood risk zone; however, the vendor has added a new flood gates to prevent damage should there be a very bad flood.
Location- The town of Kingsbridge, which has a resident population of approximately 4,300, is situated some 12 miles southwest of Totnes and 18 miles south east of Plymouth. Road access to Kingsbridge is principally via the A379 linking with Plymouth & Totnes. Access to the A38 dual carriageway is available at Buckfastleigh, approximately 18 miles from the town centre Kingsbridge has a good mix of retail and local facilities and as a town has a very low level of retail vacancy.
Commercial Lease- The shop is let to Redburne and Redburne for a term of 6 yrs from 18 March 2024 subject to a rent review as at 18 March 2027 and two Tenant operable break clauses (6 months notice) as at 18 March 2026 and 2028. The current rent passing is £5,500pax. Flat Tenancy- The Flat is let on a AST at a rent of £575 PCM so £6,900 pax. The Total Passing rental combined is £12,400 pax
Ground Floor Shop 32.7 sq m (352.3 sq ft) All Zone A. Maisonette - First Floor 32.9 sq m (353.7 sq ft) Maisonette- Second Floor 33.9 sq m (365.3 sq ft)
Tenure: Freehold
VAT - VAT is applicable on the sale Price.
Services: We are advised that mains electricity, water and foul drainage are connected to the premises. No Gas. We confirm that we have not tested any of the service installations and any prospective occupier or buyer must satisfy themselves independently as to the state and condition of such items.
EPC: The EPC can be provided on request for the shop and Maisonette.
User- Class E -Retail
Legal Costs- Each party to bear their own legal costs in the transaction.
AML - Anti Money Laundering. In accordance with AML regulations, the successful purchaser or tenant will be required to comply with procedures at the time the transaction is agreed.
Viewings: Very strictly by appointment only
IMPORTANT NOTICE: We would like to inform prospective purchasers that these sales particulars have been prepared as a general guide only. They are prepared and issued in good faith and are intended to give a fair description of the property, but do not constitute part of an offer or contract. Any description or information given should not be relied on as a statement or representation of fact that the property or its services are in good condition. Neither Charles Head, nor any of its employees, has any authority to make or give any representation or warranty whatsoever in relation to the property. Floorplans are for guidance purposes only and may not be to scale. The photographs show only certain parts and aspects of the property at the time they were taken. Any reference to alterations to, or use of, any part of the property is not a statement that any regulations or other consent has been obtained. . If there are any important matters likely to affect your decision to buy, please contact us before viewing the property. ALL STATEMENTS CONTAINED IN THESE PARTICULARS AS TO THIS PROPERTY ARE MADE WITHOUT RESPONSIBILITY ON THE PART OF CHARLES HEAD.
