MIXED COMMERCIAL AND RESIDENTIAL INVESTMENT, COMPRISING OF SHOP PREMISES AND 3 FLATS WITHIN TOWN CENTRE
* Town Centre location close to High Street
* Estimated income from shop £13,000 per annum
* 3 residential units, 2 x one bedroomed flats, 1 x three bedroomed flat
* Residential income £17,400 per annum
* Total rent roll £30,400 per annum est.
* Extensive renovation and refurbishment undertaken during 2006 and 2007
Geographically, Barnstaple sits on the banks of the River Taw near the North Devon coastline. The area enjoys a unique topography with an extensive sandy beach coastline and close proximity to Exmoor National Park. Barnstaple has expanded from its market town origins, to become the area's Regional Centre. Several national house builders are completing residential developments within the town and its suburbs. Commercially the town contains many of the major national retailers and several edge of town developments have been completed. The sustained wealth and growth of the area has been enhanced following the building of the A361 linking North Devon to the M5 at Tiverton. The road network has been further enhanced by the construction of the downstream bridge at an estimated cost of £40m.
The subject property is situated within Boutport Street, being part of the main retail core of town, with the High Street entrance approximately 100 metres away. There are assorted retail, office and leisure users in the immediate vicinity including Barclays Bank, the Post Office, Coral Bookmakers and Scott’s Cinema.
THE PROPERTY AND CONSTRUCTION
The premises were extensively renovated and refurbished during 2006 and 2007 by the current Landlords and now provides a mixed commercial and residential investment which benefits from low management and maintenance costs. There is a double fronted shop unit of circa 781 sq.ft (71 sq.m) at ground floor level with a separate side entrance, with intercom system, giving access to the three residential flats above. Two of the flats are one bedroom, with one being three bedroomed over two floors plus an attic room. Specification of the residential accommodation includes fitted kitchens, modern sanitary ware, double glazing and central heating with communal areas benefitting from emergency lighting.
Shop Unit - Previously let for 10 years as a cake, coffee shop and food preperation kitchen but equally suitable for a wide variety of trades. The estimated rent for the premises is £13,000 per annum.
Residential Units - Flat 1 £6,600 per annum, Flat 2 £5,400 per annum, Flat 3 £5,400 per annum, although this flat is currently let to a family member who will be vacating upon completion.
Current rent roll - £30,400 per annum estimated
There are 4 further residential units to the rear of the premises, which have been sold and with a ground rent / service charge payable to the current Freeholders.
Our clients are inviting offers for the Freehold interest of the entire building with the benefit of the current tenancies. Alternatively our clients will consider offers solely for the ground floor commercial investment or the three residential units.
ENERGY PERFORMANCE CERTIFICATE
Please contact the agents for a copy of the Energy Performance Certificate and Recommendation Report.
Payable, if applicable, at the prevailing rate.
THE ACCOMMODATION (comprises)
50 Boutport Street
Double fronted shop unit, front seating area and counter servery, open plan kitchen area for preparation of cakes and desserts. Depth 49'7 (15.10m) Max Width 15`9 (4.80m) GIA 781 sq.ft (73 sq.m) plus rear store and toilet facilities.
Side entrance with intercom leading to separate external staircase to:-
FLAT 1 - Over three floors, providing kitchen / diner with fitted kitchen, double glazing, central heating, lounge / bedroom, 3 piece bathroom, 2 x double bedrooms (one utilised as second lounge, attic room currently utilised as lounge / dressing room
FLAT 2 - Lounge / kitchen / diner with fitting kitchen, double glazing, central heating, 3 piece bathroom, double bedroom
Landing with Velux window, emergency lighting, laminate flooring
FLAT 3 - Lounge / kitchen / diner with fitting kitchen, double glazing, central heating, 3 piece bathroom, double bedroom
Having been in the trade for many years we have established good connections in the finance sector. Our association with these Banks and Commercial Brokers mean that we are able to offer you introductions to competitive finance packages, for a new purchase or refinance purposes alike. Whether it is initial advice on your likely purchase level or if you are at the point of making an offer, you will often be able to achieve preferential rates, possibly saving you thousands of pounds. Please call for more information.
JD Commercial for themselves, and for the Vendors of this property whose Agents they are, give notice that:
1. The Particulars are set out in general outline only for the guidance of intending purchasers and do not constitute part of an offer or contract. Prospective purchasers should seek their own professional advice.
2. All descriptions, dimensions and areas, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchaser should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them.
3. No person in the employment of JD Commercial has any authority to make or give any representation or warranty whatever in relation to this property or these particulars nor to enter into any contract relating to the property on behalf of JD Commercial, nor into any contract on behalf of the Vendors.
4. No responsibility can be accepted for any expenses incurred by any intending purchaser in inspecting properties which have been sold, let or withdrawn.
PROPERTY MISDESCRIPTIONS ACT 1993
1. All measurements are approximate.
2. While we endeavour to make our sales particulars accurate and reliable, if there is any point which is of particular importance to you, please contact JD Commercial and we will be pleased to check the information for you, particularly if contemplating travelling some distance to view the property.
3. We do our utmost to comply with this Act in full. However we are also trying to represent our clients’ properties in their high possible light, as such we may use summer photographs to promote some properties.
By strict appointment through the selling Agents, JD Commercial, 42 Ridgeway Drive, Bideford, North Devon. EX39 1TW
TEL: (01237) 424053 / 07868 846357 E-MAIL: email@example.com