£325,000
(£297.07/sq. ft)
Property for saleBanwell House, Old Fore Street, Sidmouth, Devon EX10
1,094 sq. ft
Just added
Available immediately
About this property
Freehold investment in affluent seaside town
Income from two retail tenants
Reversionary value from 3 flats let to 2077
Passing rent: £23,010 p.a.
Guide price: £325,000
Banwell House is a Grade II listed building dating from around 1800. The freehold comprises two ground floor self-contained retail units, arranged to either side of the entrance to three flats on the upper floors.
Freehold investment in affluent seaside town
Income from two retail tenants
Reversionary value from 3 flats let to 2077
Guide price: £325,000
Passing rent: £23,010 p.a.
Sidmouth is a prosperous East Devon coastal town around 15 miles east of Exeter. The town centre includes a mix of local and national retailers.
The property is situated on Old Fore Street which a pedestrianised street in the main retail zone, leading to the seafront which is around 100 metres away.
Nearby occupiers include The National Trust, the Post Office / Banking Hub, The Anchor Inn and Taste of Sidmouth and The Bagel Shop, which are focal points for many visitors to the town.
Banwell House is a Grade II listed building dating from around 1800. The freehold comprises two ground floor self-contained retail units, arranged to either side of the entrance to three flats on the upper floors.
One retail unit is let to a beauty therapy business which has traded from the unit since 2012, and the other is let to a jeweller who has recently relocated to a larger premises within Sidmouth and has sub-let to a gift retailer.
On the upper floors there are three flats (two 1 beds on the first floor and one 2 bed on the second floor) which have leases expiring in 2077, therefore offering reversionary value to the freeholder.
The building is offered in a good state of repair with the roof and galvanised fire escape to the rear of the building being completely replaced in 2010 at a cost of circa £80,000.
Accommodation
The retail units have the following approximate floor areas:
Left-hand retail unit 645 sq ft (59.89 sq m)
Right-hand retail unit 449 sq ft (41.74 sq m)
Proposal
The freehold is for sale at a guide price of £325,000 subject to the benefit of the occupational leases at set out in the Tenancy Schedule above providing a total rental income of £23,010 per annum. This reflects a net initial yield of 6.84% after normal purchaser's costs.
The property is registered for VAT. It is anticipated that the transaction will be treated as a Transfer of a Going Concern (togc).
Each party to bear their own legal costs in the transaction.
Left-hand retail unit: D (80)
Right-hand retail unit: C (62)
See details for Tenancy Schedule.
Freehold investment in affluent seaside town
Income from two retail tenants
Reversionary value from 3 flats let to 2077
Guide price: £325,000
Passing rent: £23,010 p.a.
Sidmouth is a prosperous East Devon coastal town around 15 miles east of Exeter. The town centre includes a mix of local and national retailers.
The property is situated on Old Fore Street which a pedestrianised street in the main retail zone, leading to the seafront which is around 100 metres away.
Nearby occupiers include The National Trust, the Post Office / Banking Hub, The Anchor Inn and Taste of Sidmouth and The Bagel Shop, which are focal points for many visitors to the town.
Banwell House is a Grade II listed building dating from around 1800. The freehold comprises two ground floor self-contained retail units, arranged to either side of the entrance to three flats on the upper floors.
One retail unit is let to a beauty therapy business which has traded from the unit since 2012, and the other is let to a jeweller who has recently relocated to a larger premises within Sidmouth and has sub-let to a gift retailer.
On the upper floors there are three flats (two 1 beds on the first floor and one 2 bed on the second floor) which have leases expiring in 2077, therefore offering reversionary value to the freeholder.
The building is offered in a good state of repair with the roof and galvanised fire escape to the rear of the building being completely replaced in 2010 at a cost of circa £80,000.
Accommodation
The retail units have the following approximate floor areas:
Left-hand retail unit 645 sq ft (59.89 sq m)
Right-hand retail unit 449 sq ft (41.74 sq m)
Proposal
The freehold is for sale at a guide price of £325,000 subject to the benefit of the occupational leases at set out in the Tenancy Schedule above providing a total rental income of £23,010 per annum. This reflects a net initial yield of 6.84% after normal purchaser's costs.
The property is registered for VAT. It is anticipated that the transaction will be treated as a Transfer of a Going Concern (togc).
Each party to bear their own legal costs in the transaction.
Left-hand retail unit: D (80)
Right-hand retail unit: C (62)
See details for Tenancy Schedule.
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