Investment For Sale, Exeter, Devon

Exeter is the county town and the major regional shopping centre for the county of Devon. It has a population of approximately 130,000 with a catchment in the order of 300,000.

The property is located on the edge of the city centre, close to the Exe Bridges road junction which is a key junction of arterial routes. In the immediate vicinity are a Brown's restaurant, the Riverside Leisure Centre and the Exe Bridges Retail Park (Matalan, Boots, M&S, Next, Burger King and TK Maxx), and the St Thomas Railway Station is 250m away.

The property is at the gateway to the Quayside district, which is a thriving, year-round destination with restaurants, shops, a climbing centre and visitor attractions which hosts a variety of open-air events through the year.

An Early 2000s Detached 2-storey Building, Purpose-built To Provide A Ground Floor Convenience Store With 4 Separately Accessed And Self-contained Flats Above And A House On Its Western End.

The Property Includes A Car Park With A Total Of 8 Marked Car Spaces.

Internally The Ground Floor Convenience Store, Which Trades As Co-op, Is Laid Out As A Man Sales Area With Partitioned Stores/staff Area.

The Upper Floor Flats Are Sold Off On A Long Leasehold Basis To A Housing Association.

Detached Modern Building In City Centre

Ground Floor Let To Co-op To 2040

First Floor Sold On Long Lease

Guide Price: £450,000 (freehold)

Net Passing Rent: £29,400 P.a.

Exeter Is The County Town And The Major Regional Shopping Centre For The County Of Devon. It Has A Population Of Approximately 130,000 With A Catchment In The Order Of 300,000.

The Property Is Located On The Edge Of The City Centre, Close To The Exe Bridges Road Junction Which Is A Key Junction Of Arterial Routes. In The Immediate Vicinity Are A Brown's Restaurant, The Riverside Leisure Centre And The Exe Bridges Retail Park (matalan, Boots, M&s, Next, Burger King And Tk Maxx), And The St Thomas Railway Station Is 250m Away.

The Property Is At The Gateway To The Quayside District, Which Is A Thriving, Year-round Destination With Restaurants, Shops, A Climbing Centre And Visitor Attractions Which Hosts A Variety Of Open-air Events Through The Year.

An Early 2000s Detached 2-storey Building, Purpose-built To Provide A Ground Floor Convenience Store With 4 Separately Accessed And Self-contained Flats Above And A House On Its Western End.

The Property Includes A Car Park With A Total Of 8 Marked Car Spaces.

Internally The Ground Floor Convenience Store, Which Trades As Co-op, Is Laid Out As A Man Sales Area With Partitioned Stores/staff Area.

The Upper Floor Flats Are Sold Off On A Long Leasehold Basis To A Housing Association.

It Is Assumed That The Sale Will Be Treated As A Transfer Of Going Concern (togc) And That Vat Will Therefore Not Be Payable On The Purchase Price.

Each Party To Bear Their Own Legal Costs In The Transaction.

Retail Unit Assessed In Band B (37) Expiring 25/2/2035.

The Ground Floor Retail Unit Is Let By Way Of A Renewal Lease To Co-operative Group Food Limited (co Reg Ip26715r) For A Term Of 15 Years Expiring On 11th August 2040. There Are Tenant Break Options On 12th August 2030 And 12th August 2035. The Lease Is On Full Repairing And Insuring Terms But The Tenant's Repairing Obligation Excludes The Roof.

The Passing Rent Is £29,400 Per Annum Exclusive, And Is Subject To Review (upward-only To Market Rent) On 12th August 2030 And 12th August 2035.

The Lease Is On Contributory Full Repairing And Insuring Terms.

The Residential Parts Are Sold On A Long Leasehold Basis To Signpost Housing Association Ltd. The Lease Is For A Term Of 125 Years From 13th December 1999 And The Rent Is A Peppercorn. The Lease Provides For Payment Of The Service Charge Which, In Conjunction With The Contribution By The Ground Floor Retail Unit, Allows The Freeholder To Recover The Full Amount Of All Outgoings.