Commercial property for sale in 2, Barnfield Crescent, Exeter, Exeter, Devon EX1

Freehold office investment

Enviable position within the Central Business District

Approx: 3,976 sq ft

Private parking for a minimum of 9 cars

Strong established tenant

Rent: £46,000 per annum

Potential for rental growth

Guide price: £650,000

The property is located within the Central Business District of Southernhay, which is the oldest established commercial area within the city comprising terraces of period office accommodation historically converted from former residential properties plus more modern purpose built offices.

The subject property is situated on Barnfield Crescent which is a private no through road leading off the junction of Southernhay East with Barnfield Road which comprises a terrace of Georgian buildings overlooking a private lawn with mature trees. The Crescent has controlled access by means of a barrier and security guard and offers parking by way of agreement with the owners. The Southernhay and Barnfield office district is situated adjacent to the main city centre retail area including the Princesshay shopping centre and High Street.

Exeter is the county town and major regional shopping centre for the county of Devon and has a population of approximately 129,000 and is at the heart of a travel to work area of over 470,000 residents and is situated some 80 miles south west of Bristol and 40 miles north west of Plymouth.

Exeter is well served by transport communications with three junctions to the M5 motorway and direct access to the A30, A38 and A380 dual carriageway linking with Cornwall, Plymouth and Torbay respectively. Exeter also benefits from two railway stations, St David's and Central providing regular connections to London.

The property comprises an attractive mid terraced Georgian office building in a terrace of similar properties. The property is arranged over 5 floors including a basement. The building is of brick construction beneath a pitched slate covered roof and enjoys a number of the original features throughout. The property was extended to the rear in and around the 1960's providing additional accommodation.

Internally the property comprises cellular office accommodation plus a small area of storage to the front of the lower ground floor. The facilities comprise two w/c's (including shower on the lower ground floor, plus single cubicles on the ground and third floor, and kitchens on the ground and second floors. All floors are connected by stairwell with windows to the rear elevation.

The property is generally well presented throughout and has recently undergone redecoration externally.

Barnfield Crescent Management:

Management of the common area within the crescent is by Turner Locker Barnfield;

£6,310 p.a. Service charge invoiced quarterly;

Covers the general management of the common area, gatehouse security, insurance, rates and the allocation of 6 nominated car parking spaces; This is essentially a landlord cost (as it attaches to 2 Barnfield Crescent) to be reimbursed by the tenant through the lease although practically the tenant is invoiced and pays directly; Arrangement is informal with no written contract in place but has been inoperation since at least the 1990's.

The property has been elected for VAT and therefore it is anticipated that the transaction will be treated as a Transfer of a Going Concern (togc).

Both parties to bear their own legal costs in the transaction.

The property has an EPC rating of C/62. Further information from the agents.

The property is held by Bush & Co Ltd by way of a lease dated 19th June 2015 for a term of 15 years (expiring 18th June 2030) on a full repairing and insuring basis. The passing rent is £46,000 and subject to a review on a 5 yearly basis. (The rent review in 2020 was not implemented). There is a tenants option to break on a 5 yearly basis subject to 6 months prior written notice.

Bush & Co Ltd is a well established local firm of Chartered Accountants who have been in occupation for more than 10 years. Company registration no. 09017205.

For sale: Guide price: £650,000