A well let convenience store investment situated in popular market town.
The premises comprise a popular, well located convenience store with residential upper parts, storage unit and car park situated within the market town of Tavistock, Devon.
The premises are located fronting Abbey Place in a good secondary position within Tavistock Town Centre, with a range of popular national and local traders represented. Tavistock is a thriving market town on the edge of Dartmoor National Park and some 15 miles North of Plymouth. The town benefits from year round tourism as well as attracting shoppers form Plymouth and the surrounding region.
The accommodation is laid as follows -
Convenience store comprises ground floor sales area, office, internal and external storage, kitchen and staff WCs.
The residential accommodation comprises 2 x two bed flats.
The convenience store is let to Bestway Retail Limited (Company Number 04103203) for a term of 20 years, commencing on 17th October 2016, the current rent is £30,000 pa, the rent is subject to 5 yearly reviews.
The remaining tenancies are detailed as follows.
The two flats are let by Plymouth Letting Agency and comprise 2 x two bed flats let on Assured Shorthold Tenancies (ASTs) Rent total - £990 pcm (£11,880 pa).
One parking space is let to Towls of Tavistock at an annual rent of £660 pa.
The second parking space is rented to Miss Jody Brent at a rent of £660 pa.
The storage unit/ recording studio is let to Talking Newspapers for 10 years from 10th May 2016 at £2500 pa with a rent review after 5 Years.
Please note that the property is not registered for VAT.
The total rent is £45,700 pa. Based upon a purchase price of £725,000 this represents a net initial yield of 5.98%, assuming purchaser costs of 5.35%.