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Thomas Hewitt Commercial Agency Surveyor View Profile

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Call: 01872 247025
Email: th@miller-commercial.co.uk

To Let
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Ground Floor Retail Unit, 39, High Street, Totnes, Devon

Investments Commercial to let

£225,000 Asking price

Long Leasehold

INVESTMENT FOR SALE. An opportunity to acquire the long leasehold interest in an investment property. The property benefits from a sales area of 754 sq ft (70 sq m) with a further 315 sq ft (29.3 sq m) of ancillary accommodation plus basement.
Stepped rent increasing to a gross yield of 9%.

  • PRIME RETAIL INVESTMENT FOR SALE 1,069 SQ FT (99.4 SQ M)
  • NOT ELECTED FOR VAT
  • PROMINENT POSITION IN A POPULAR MARKET TOWN
  • NIY 7.42% (ASSUMED PURCHASE COSTS 2.98%)
  • PASSING RENT £23,000 PA – STEPS TO £25,000 PA
  • RISING TO A 10.84% NIY *
  • EPC RATING C (60)

Property Brochure PDF Location Map

Location

Totnes is a thriving town with a reputation for music, art, theatre, natural health and twice weekly market. In 2007, Time magazine declared Totnes the capital of new age chic. As well as being a popular tourist destination, the town is visited all the year round, being accessible by road via the A38, or by the main line railway station, which is 5 minutes walk from the town centre.

Situation

This retail premises is situated in a prominent position at the top end of town, opposite the Civic Square and Civic Hall.

Description

This retail premises is situated on the ground floor of this characterful, traditional building (Grade II* listed), with a covered walkway immediately in front, in keeping with neighbouring properties. Further benefiting from an excellent double frontage.
For a copy of the listing visit https://historicengland.org.uk/listing/the-list/list-entry/1236133

Schedule Of Accommodation

Ground floor sales area 754 sq ft (70 sq m)
Ground floor ancillary 315 sq ft (29.3 sq m)
Basement (not measured)

Covenant Information

Let to James Harris & Gemma Harris trading as Eleven Clothing.

Lease Terms

The property is let on a 9 year lease from 26th October 2015.
The passing rent is £23,000 per annum and raises to £25,000 per annum 27th December 2021.

Tenure

Long leasehold; 125 years from 26 July 1996.

Net Initial Yield

* Based on the headline rental of £25,000 per annum which commences 27th December 2021 the net initial yield is 10.84% allowing for standard purchasers costs of 2.47%.

Energy Performance Certificate

The Energy Performance Rating for this property is within band C (60).

Value Added Tax

The property is not currently elected for VAT.
All the above prices/rentals are quoted exclusive of VAT, where applicable.

Contact Information

For further information or an appointment to view please contact either:-
Thomas Hewitt on 01872 247025 or via email th@miller-commercial.co.uk
Mike Nightingale on 01872 247008 or via email msn@miller-commercial.co.uk or
Joint agents:-
Michelmore Hughes 01803 865116
Matthew Higgs on 01803 849945 or via email m.higgs@michelmorehughes.co.uk

PLANS: Plans and maps reproduced under Ordnance Survey Licence No LIG1179. Not to scale and for identification of the property only. They are not intended to show actual site boundaries and not guaranteed to be accurate.

AGENTS NOTE: Miller Commercial for themselves and for the Vendor/s or lessor/s of this property give notice: [a] These particulars are for an intending purchaser or tenant and although they are believed to be correct their accuracy is not guaranteed and any error or misdescriptions shall not annul the sale or be grounds on which compensation may be claimed and neither do they constitute any part of a Contract: [b] Any intending purchaser or tenant must satisfy him/herself by inspection or other wise as to the correctness of each of the statements contained in these particulars; [c] No responsibility is taken for expenses incurred should the property be sold, let or withdrawn before inspection: [d] None of the services or appliances, plumbing, heating or electrical installations have been tested by the selling agent.

Miller Commercial is the trading name of Miller Commercial LLP registered in England and Wales under Registration No.OC373087. The Registered Office of Miller Commercial LLP is Mansion House, Princes Street, Truro TR1 2RF. We use the term Partner to refer to a member of Miller Commercial LLP. VAT Registration No.643 4519 39.

VIEWING: Strictly by prior appointment through Miller Commercial.

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Thomas Hewitt Commercial Agency Surveyor View Profile

Contact us about this property

Call: 01872 247025
Email: th@miller-commercial.co.uk

Property Brochure PDF