Freehold investment for sale 9, 9a and 11 North Street, Exeter, Devon, EX4 3QS Freehold fully income producing commercial property investment and development opportunity Viewing by prior appointment with Simon Greenslade (01392) 202203 simon@sccexeter.co.uk Ground floor amusement arcade and Mr Simms Olde Sweet shoppe with vacant upper floors Currently producing total rental income of 46,250 per annum Price: 600,000 www.strattoncrebercommercial.co.uk
9, 9a, & 11 North Street, Exeter, Devon, EX4 3QS www.strattoncrebercommercial.co.uk Location The property is situated in a good secondary city centre location close to the High Street with nearby occupiers including both independent and multiple retailers and restaurants. Nearby occupiers include Yorkshire Building Society, Store Twenty One, Bradleys Estate Agents and Your Move. The property benefits from an established trading location close to two large public car parks, offices and several well-known restaurants and retailers. Exeter is the regional capital of the South West with a wellestablished business centre and popular tourist location all year round. Exeter boasts excellent transport communications with two main line rail links to London, an international airport and easy access to the M5 Motorway at Junction 30. The population of Exeter is approximately 115,000 with an estimated shopper catchment of 325,000. Description The property comprises a freehold commercial investment opportunity with the ground floor of 11 North Street trading as a long established amusement arcade known as Star Amusements. The ground floor of 9 North Street comprises a retail unit trading as Mr Simms Olde Sweet Shoppe with side access via the adjacent alleyway. Most of the upper floors are vacant and in need of refurbishment. 9a North Street is Grade II Listed. Accommodation The property provides the following approx net internal areas:- Ground Floor (9 North Street) Retail unit (Mr Simms): 571 sq ft / 53.05 m 2 Ground Floor (11 North Street) Retail/Amusement Arcade: 1,420 sq ft / 131.92 m 2 Rear Pool Room: 440 sq ft / 40.88 m 2 Rear office/store (side alley access): 399 sq ft / 37.07 m 2 Sub total: 2,830 sq ft / 262.91 m 2 Basement stores: 998 sq ft / 92.71 m 2 First, Second & Third floors (net) First floor tailors (two rooms): 242 sq ft / 22.48 m 2 First floor (vacant): 1,301 sq ft / 120.86 m 2 Second floor (vacant): 1,585 sq ft / 147.25 m 2 Third floor (vacant): 869 sq ft / 80.73 m 2 First, Second & Third floor proposed 7,825 sq ft / 726.94 m 2 We attach indicative plans showing 7 x two bedroom flats and 1 x one bedroom flat with a total gross internal areas of approximately 560 sq m. Tenancies The ground floor of 9 North Street is let to Michelle Milton, (franchisee for Mr Simms Olde Sweet Shoppe) on full repairing and insuring terms for 6 years expiring 15 th December 2017 at a rent of 15,000 per annum subject to review on 16 th December 2015. The tenant has the option to break on 16 th December 2015 by giving at least 6 months notice. The ground floor of 11 North Street is to be let to Five Star Investments Limited guaranteed by Latgreen Limited on an internal repairing basis for a term of 15 years expiring in 2030. The passing rent is 28,000 per annum. The rent is subject to review in 2020 and 2025. Two rooms on the first floor are let to Mr Lee Locke for use as tailor s offices at 3,250 per annum for a term of 3 years expiring 29 th January 2007. The tenant is holding over and has indicated he would vacate if required to do so. The remainder of the upper floors are vacant as shown on the layout plans. The total rental income is 46,250 per annum Covenants Michelle Milton has been a franchisee of Mr Simms Olde Sweet Shoppe since 2011. Mr Simms Olde Sweet Shoppe have over 90 stores throughout the UK and further information can be found on their website www.mrsimmsfranchise.co.uk. Five Star Investments Ltd have been trading since 1964, with net assets in excess of 1m. Their main business being property investment. The guarantor, Latgreen Ltd have been trading since 1978 with a net worth of 150,000 as at 31/3/13. Their main business being gambling and betting activities. Future Development Potential As shown on the layout plans the majority of the upper floors are vacant and provide the opportunity to convert the accommodation into residential use. We have shown an indicative proposed layout which could provide 7 x two bedroom flats and 1 x one bedroomed flat. Initial discussions with the planning authority have been favourable. Price 600,000 the valuable freehold interest which reflects a net initial yield of 7.3% with the opportunity to develop the upper floors. Exeter Office 20 Southernhay West, Exeter, EX1 1PR Tel: 01392 202203 Stratton Creber Commercial for themselves and for the Vendors or Lessors of the property whose Agents they are, give notice that: i. The particulars are set out as a general outline only for the guidance of intended purchasers or lesses, and do not constitute part of, an offer of contract; ii. All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to them; iii. No person in the employment of Stratton Creber Commercial has any authority to make or give any representation of warranty in relation to this property.
9, 9a & 11 North Street, Exeter, Devon, EX4 www.strattoncrebercommercial.co.uk Energy Performance Certificate (EPC) An EPC has been produced. The rating for 9 North Street is D. The rating for 11 North Street is G. VAT VAT is not chargeable. Legal Costs Each party to bear their own legal costs incurred in the transaction. Viewing & Further information Strictly by appointment through the sole agents: Stratton Creber Commercial 20 Southernhay West, Exeter, EX1 1PR Contact: Simon Greenslade / Damian Cook Tel: (01392) 202203 Email: simon@sccexeter.co.uk damian@sccexeter.co.uk
9, 9a & 11 North Street, Exeter, Devon, EX4 3QS www.strattoncrebercommercial.co.uk
9, 9a & 11 North Street, Exeter, Devon, EX4 3QS www.strattoncrebercommercial.co.uk