The property comprises a two storey mid terrace building located in the prime retail area of Barnstaple town centre. The ground floor provides open plan retail accommodation. The first floor offers a combination of ancillary accommodation including offices and storage areas, and can be accessed via the store, or via a separate entrance on the High Street.
Location
7–8 High Street is centrally located within the prime retail area of Barnstaple town centre, North Devon’s principal commercial hub. The property occupies a prominent position on the main high street, benefiting from strong pedestrian footfall and close proximity to Barnstaple Pannier Market and Green Lanes Shopping Centre. Barnstaple serves a wide North Devon catchment and is well connected by road and rail. The A361 North Devon Link Road is approximately 1 mile to the south, providing direct access to the M5 motorway at Junction 27, which is around 40 miles to the east.
Accommodation
2,150 sq. ft net approx. (199.76 m2)
Terms
The property is elected for VAT, and it is therefore anticipated that the transaction will be treated as a transfer of a going concern (TOGC).
Data Room Proposal We are seeking offers in excess of £185,000. This reflects a net initial yield of 9.79%, assuming the purchaser’s costs of 2.18%. Alder King Investment Calculator https://www.alderking.com/investment-calculator
AML A successful purchaser will be required to provide relevant information to satisfy AML requirements when Heads of Terms are agreed.
Tenure The property is offered on a Freehold basis.
Tenancy Let to Frame Warehouse UK Ltd on a 15-year FRI lease from 01/10/13 expiring 30/09/2028. The current rent passing is £18,500 per annum, reflecting £8.60 per sq ft.
Specification
- Investment
- High street frontage
- Parking
- Retail