FOR SALE - INVESTMENT 23 Mayflower Street Plymouth, Devon, PL1 1QJ 1224 ft2 (113.7 m2)
Retail Investment Long Leasehold City Centre location
Price - £200,000 New 10 year lease Yield 8.28%
Bruton Knowles Plumer House, Tailyour Road, Crownhill, PL1 1QJ
01752 436101 www.brutonknowles.co.uk
CODE 3522
23 Mayflower Street LOCATION Plymouth is the largest City in Devon and Cornwall and one of the largest regional centres in the South West with a residential population of approximately 250,000 inhabitants, which is projected to rise within the next 10 years to approximately 300,000. Plymouth is based on the border with Cornwall in the picturesque County of Devon and is easily accessible, with the main A38 running through the heart of the City, west into Cornwall over the Tamar Bridge and east to the M5 motorway at Exeter, Bristol and beyond. The property is located on Mayflower Street which is situated directly off Armada Way. Some 75m from Plymouth University, 200m from the City's main shopping centre, Drake Circus, and a minute's walk from the Art College. Mayflower Street is a busy thoroughfare located to the north of the prime retailing core within the City Centre. This well-established retailing pitch benefits from being well served by local buses and is a short distance from Plymouth train station.
DESCRIPTION The property comprises a mid-terrace, 2 storey building that has been fitted out for the purposes of use by the exiting tenant as a clinic with 2 treatment rooms on the ground floor with reception area, two WCs and a kitchenette. To the first floor is further treatment rooms and a waiting area.
ACCOMMODATION Total Area
Sq ft
Sq m
1224
113.7
RATES We are advised that the unit is assessed as follows: Rateable Value (17/18) £16,500 Interested partries are invited to verify these figures with the Local Rating Authority.
ENERGY PERFORMANCE CERTIFICATE Rating
VAT All figures quoted are exclusive of VAT where applciable
TENURE Based upon the net rental income (after the deduction of the annual ground rent) a purchase at £200,000 would represent a yield of 8.28%.
The property is held on a long leasehold interest from Plymouth City Council for a term of 125 years from 25th December 1989 that is subject to a ground rent of 8% of the occupational rent. The current Tenant has been in occupation for 8 years. Terms have been agreed with them to take a new lease on the following basis. 1. Tenant - Slim Holdings Ltd 2. Term -10 years with Tenant only break clause on the 5th anniversary of the term. 3. Rent - £18,000 pax 4. Rent Review - Four year pattern to open market 3. Repairs and Insurance - Tenant full repairing and Insuring, subject to a Schedule of Condition.
CONTACT Mark Slade
01752 936101
[email protected] Important Notice Bruton Knowles is not authorised to make or give any representations or warranties in relation to the property. Bruton Knowles assumes no responsibility for any statement that may be made in these particulars. The particulars do not form part of any offer or contract and must not be relied upon as statements of fact. The text, photographs, measurements and any plans are for guidance only. Bruton Knowles has not tested any services, equipment or facilities. Purchasers or lessees must satisfy themselves by inspection or otherwise.
www.brutonknowles.co.uk