Freehold Commercial Investment with Development Potential Redevelopment opportunity Lapsed approval for residential and retail scheme Let to private individual until May 2020 Current rent of 12,500 per annum. Offers sought in excess of 136,500 representing an attractive net initial yield of 9.00%. A sale on behalf of:-
LOCATION Plymouth is the largest city in Devon with a population of circa 260,000 and a major centre for naval, industrial and commercial activity. The city is located approximately 112 miles south west of Bristol, and 45 miles south of Exeter. Plymouth benefits from good road links and is located on the A38 dual carriageway connecting Exeter and in turn the M5 and national motorway network, approximately 40 miles to the north east. Plymouth has a mainline railway station, with a journey time to Exeter of 1 hour, and Bristol Temple Meads of approximately 2 hours. SITUATION The property is located in the residential suburb of Greenbank, a short distance to the north east of the city. Greenbank is popular area for students owing to its proximity to Plymouth University Campus. Plymouth Railway Station is approximately 5 minutes drive away. The property is situated close to an Aldi supermarket and the retail facilities of Mutley Plain are also a short walk away. There are also several recreational parks such as Freedom Fields and Beaumont Park nearby. The property provides good access to the City Centre, via the B3238 (Greenbank Road) which in turn links with the A374 to the south, providing immediate access to the Devon Expressway (A38). Drakes Circus, Plymouth s prime shopping destination is within a walkable distance from the property, as is Plymouth s historic harbour offering leisure activities such as the National Marine Aquarium, sailing and scenic walks along Sutton Harbour.
DESCRIPTION The property comprises an end terrace site situated at the junction of Greenbank Road with Greenbank Terrace, and backing onto Woodland Terrace Lane. The site benefits from a substantial frontage to Greenbank Terrace which is currently used as a car wash facility and vehicle workshop, the latter comprises a predominantly single storey brick and block building under a single pitch corrugated roof. The vehicle workshop also benefits from a roller shutter door, and offices, staffroom and a kitchen at mezzanine level. ACCOMMODATION The site extends to approximately 0.12 acres. Vehicle workshop: 1,473 sq ft (97.4 sq m) (GIA basis). PLANNING The property benefits from an approved, though now expired planning permission (REF 09/00791/FUL) providing for 9 residential apartments above 3,200 sq ft of retail.
TENURE Freehold. TENANCY The entire property is let to Esmaeil Kamaie on an effective full repairing and insuring lease for a term of years expiring 24th May 2020, at a rent of 12,500 per annum. The landlord has the option to break the lease at any time by serving 12 months written notice. The lease is excluded from the security provisions of the 1954 Landlord and Tenant Act. EPC The property has an EPC rating of C. A copy of the EPC certificate is available on request. VAT This property is not registered for VAT.
PROPOSAL Seeking offers in excess of 136,500, (One Hundred and Thirty Six Thousand and Five Hundred Pounds), subject to contract and exclusive of VAT, reflecting an attractive net initial yield of 9.00% after purchaser s costs of 1.8%. CONTACT For further information or to arrange an inspection of this property, please contact the sole agents: Jonathan Allen T: 0117 946 4537 E: jonathan.allen@htc.uk.com Ian Lambert T: 0117 946 4525 E: ian.lambert@htc.uk.com Hartnell Taylor Cook LLP for themselves and for the vendor or lessor of this property, whose agent they are, give notice that: These particulars are set out as a general outline only for the guidance of intending purchasers or lessees and do not constitute part or whole of an offer or contract; All descriptions, dimensions, photographs, 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 intending purchasers or lessees should not rely on them as statements or representations of fact and must satisfy themselves as to their correctness; No person in the employment of Hartnell Taylor Cook LLP has any authority to make or give any representation or warranty whatsoever in relation to this property or these particulars nor enter into any contract on behalf of the vendor or lessor; Unless otherwise stated, all prices, rents and other charges are quoted exclusive of VAT. Any intending purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transaction; All plant, machinery, equipment, services and fixtures and fittings referred to in these particulars were present at the date of publication. They have not been tested and we give no warranty as to their condition or operation; No responsibility can be accepted for any expenses incurred by intending purchasers or lessees in inspecting properties that have been sold or withdrawn.