Sidmouth is a popular seaside town located 15 miles south east of Exeter with a resident population of approximately 14,000. The town centre offers a good range of independent shops, High Street chains and attractive public gardens, library, cinema, theatre, sports clubs with regular bus services to the surrounding area.
The property is positioned in the heart of the town close to Lloyds Bank, M & Co, Shauls Bakery, Gilbert Stephens Solicitors and Harrison Lavers & Potbury estate agents.
The town benefits from an all year round trade together with a large influx of tourists in the summer months.
The property comprises a period commercial building with the accommodation arranged on four floors including basement. The ground floor comprises the former main banking hall for Barclays Bank with offices and storage/strong room. The first and second floors provides office accommodation along with staff, kitchen and toilet facilities. There is a small basement suitable for additional storage. To the rear of the property there is a secure car park for up to 8 vehicles.
Legal costs - Each party is to bear their own legal costs
The net internal floor area of the premises is as follows:
Ground floor 1,361 sq.ft (126.44 sq.m)
First floor 1,279 sq.ft (118.82 sq.m)
Second floor 527 sq ft ( 48.96 sq.m)
Basement 222 sq ft ( 20.62 sq.m)
Total 3,389 sq.ft (314.85 sq.m)
Outside 8 car parking spaces to the rear
The property is available by way of an assignment of the existing lease expiring 1st July 2026 at the passing rent of £34,000 per annum.
Alternatively, a new lease in respect of part of the ground floor (approx. 1,144 sq.ft) and basement only is potentially available at an initial rent of £26,200 per annum.
Interested parties should note that the Freehold interest may potentially be for sale.
Subject to contract
We understand that VAT is not applicable to the rent.
The 2017 rateable value for the premises is £32,000. The 2020/21 ubr is 49.9 pence in the £. For further information in this regard contact East Devon Council. 100% Business rates Relief until 5 April 2021.