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    Key features

    • High Yielding Mixed-Use Investment
    • Ground Floor Retail Unit with Vacant Upper Parts
    • Ground Floor Let to Coral
    • Lease Expires 2027
    • Long Standing Tenant of 12+ Years
    • Development/Conversion Potential (stp)
    • Asset Management Potential
    • ERV £42,500 per annum
    • Popular High Footfall Street
    • Investment Let at £22,500 with Vacant Upper Parts (12.5% GIY on Guide Price)
    • ERV Reflects 23.61% on Guide Price

    Description

    The property comprises a high yielding mixed-use investment opportunity with evident asset management opportunities.

    Arranged as a ground floor retail unit with separately accessed upper parts across first and second floors, the property is let to the ground floor with both asset management and development opportunities.

    The ground floor is let to Coral on a five year lease expiring 2027 and paying £22,500 per annum. The tenant is a long standing occupier having been in occupation for over 12 years.

    The upper parts are separately accessed and comprise a former snooker hall and nightclub to the first floor, with a two bedroom flat to the second floor.

    We consider the property to have evident asset management potential via letting of the upper parts. We understand these were previously let for £20,000 per annum.

    We also consider the property offers conversion/development potential to alternative uses, including residential (subject to obtaining any requisite consents).

    The property occupies a prominent pitch with a frontage to Boutport Street, a high footfall street and one of the principal pedestrian routes in Barnstaple. The area is characterised by a mix of local and national occupiers and the Horse and Groom pub is immediately adjacent.

    Additional information

    Tenure

    Freehold

    Accommodation

    Ground Floor - 157.82 sq m (1,699 sq ft)

    First Floor - 300.73sq m (3,237 sq ft)

    Mezzanine Floor - 11.49 sq m (123.67 sq ft)

    Second Floor - 2 Bedroom Flat

    Rent

    £22,500 per annum

    Notes

    Please note the areas provided are approximate. The photos and any drawings are for illustrative purposes only and may not reflect the exact boundary of the property. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard. Please refer to the legal pack. 

    Additional charges and fees might be charged by the seller and/or other third parties. You are strongly advised to read the Special Conditions of Sale for the Lot prior to bidding to check for any additional charges and fees.

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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

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      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Local information

      Barnstaple is the main commercial, administrative and economic centre of North Devon and a popular tourist destination on the North Devon coast, some 34 miles north-west of Exeter.

      Transport

      Road - The town is located on the A361, which provides a direct link to the M5 Motorway and the A377 to Exeter

      Rail - Barnstaple Mainline Station provides regular rail services to Exeter (1 hour 10 minutes fastest)

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

      Addendums