£240,000
(£165.29/sq. ft)
Property for sale66 Fore Street, Bishopsteignton, Devon TQ14
1,452 sq. ft
About this property
Fully income producing retail and residential investment
Affluent town in coastal region with strong tourism
Shop trading as convenience store since 19th century
3-bed flat has separate access and estuary views
Passing rent: £19,800 per annum
Guide price: £240,000 reflecting a net initial yield of 8.04% after purchasers costs
The shop has a plate glass frontage with canopy and signage above, and comprises an open-plan retail sales area plus to rear a small office, a kitchen and basic stores which extend to the rear of the main building.
The flat has 3 bedrooms, living room, large kitchen and bathroom. It could be provided with a rear garden by removal of the single-storey stores which are currently connected to the shop.
Fully income producing retail and residential investment
Affluent town in coastal region with strong tourism
Shop trading as convenience store since 19th century
Passing rent: £19,800 per annum
3-bed flat has separate access and estuary views
Bishopsteignton is a village in South Devon situated between Newton Abbot and Teignmouth and close to the Teign Estuary. The village has a population of circa 2,600 and includes a post office, pharmacy and village shop (subject property). It also has a village school and public houses.
The city of Exeter is around 12 miles away via the A380 dual carriageway. Nearby Teignmouth includes a train station on the main line rail network linking London Paddington to Penzance in Cornwall.
The property sits at the junction of Fore Street (the main road through the village) with West Street, close to the centre of the village.
A 19th Century, two-storey building with frontage onto two roads, comprising a ground floor retail unit with separately accessed flat above.
The shop has a plate glass frontage with canopy and signage above, and comprises an open-plan retail sales area plus to rear a small office, a kitchen and basic stores which extend to the rear of the main building.
The flat has 3 bedrooms, living room, large kitchen and bathroom. It could be provided with a rear garden by removal of the single-storey stores which are currently connected to the shop.
Services
Electricity is separately metered to the shop and to the flat.
Gas is connected to the flat only, which has a gas boiler providing both central heating and hot water.
The property is not metered for water.
The property is not elected for VAT, and VAT is therefore not applicable to the purchase price.
Each party to bear their own legal costs in the transaction.
An EPC is available for this property. Please contact the agent for further details.
The property (both shop and flat) is let by way of a lease for a term from 24th June 2014 to 23rd June 2029. The lease is on full repairing and insuring terms and contains 5-yearly rent reviews which are upward-only to Market Rent.
The passing rent is £19,800 per annum.
The lease was assigned to the current tenant in 2021 in connection with a transfer of the convenience store business.
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