Freehold mixed commercial & residential investment situated in the heart of St Marychurch’s pedestrianised shopping centre, Torquay. The property is currently let to an established operator trading as Precinct News, who has occupied the premises for approximately 6 years and resides on the premises. The property is sold subject to the existing occupational lease.
Situation
Located in a prominent position within St Marychurch precinct, benefitting from strong pedestrian footfall and surrounding retail occupiers.
Tenure
Freehold.
Lease
The premises are held on a 10-year lease from 20th June 2020, expiring 26th June 2030, on an effective full repairing and insuring basis, at a current rental of £15,000 per annum. The lease provides for 3-yearly rent reviews, with the next review due 20th June 2026. We understand the tenant has no arrears.
Income / Yield
Current income: £15,000 p.a.
Initial yield: approx. 7.5% (before costs)
Offers in excess of £200,000
Accommodation
Ground Floor
Retail area: 27 sq m (290 sq ft)
Rear kitchen/store: 3.32m x 5.1m
Self-contained access
First Floor (Residential)
2 bedrooms
Lounge
Kitchen
Bathroom
Separate WC
Rateable Value / Council Tax
Rateable Value: £7,800
Council Tax: Band A
EPC
Rated D
VAT
This property has not been elected to VAT.
Legal Costs
Each party to be responsible for their own legal costs incurred.
Viewing
Strictly by prior appointment.
Please contact Matty L. Ash or Nick Wheeldon MRICS at Waycotts to arrange a viewing.
Tel: 01803 403060
Email: [email protected]
