Commercial property for sale in 90, South Street, Exeter, Exeter, Devon EX1

Commercial property investment

Established city centre location

Ground floor shop, two sold off flats on first floor and cellular offices on the second floor

Rental income: £27,000 per annum

Guide price: £325,000

The property is situated on South Street which is a popular secondary well established retail parade forming part of the city centre linked to the main High Street. There is a mixture of national and local retailers including kfc, Oxfam, Premier Express and Cooksleys Estate Agents.

The property backs onto George Street to the west which includes access to various pay-and-display car parking facilities.

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 a three storey mid terraced commercial building in a parade of similar properties believed to date back to the 1960's. The ground floor provides a self-contained retail unit occupied by Window to the Womb. The premises are well-presented and benefits from gas fired central heating, full carpeting and inset lighting.

The upper floors are separately accessed and provide two self-contained flats on the first floor which have been sold off long leasehold basis. The second floor provides good quality cellular office accommodation benefiting from night storage heating, category 2 lighting and uPVC double glazed windows with views towards Dartmoor.

The second floor offices offer residential development potential in the form of one or two flats. There is an extant planning consent, further information from the agents.

VAT is not chargeable to the purchase price.

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

The property has the following EPC ratings:

Ground floor shop: C59
Second floor office: E106

The ground floor has been let to Devon Ultrasound Limited (Company Registration No. 10097763) for a term of 5 years from 4th August 2022 at a rent of £17,000 per annum. The lease is drawn on a contributory full repairing and insuring basis subject to a service charge. The service charge is fixed for the term at £1,400 per annum. There is a tenants option to break on the 4th August 2025.

On the first floor the two flats have been sold off on long leaseholds subject to a ground rent fixed at £100 per annum, per flat. The service charges are Flat 1 14.33% of the service costs and Flat 2 will be a fair proportion of the service costs.

The second floor has been let to Barrie Simons & Associates Ltd (Company Registration No. 05214350) for a term of 5 years from 27th September 2021 at a rent of £10,000 per annum. The lease is drawn on a contributory full repairing and insuring basis subject to a service charge. The service charge is fixed for the term at £1,700 per annum. There is a tenants option to break on the 29th September 2024.

The lease is contracted outside the Landlord & Tenant Act 1954.

For Sale: Guide Price: £325,000