freehold investment
FREEHOLD INVESTMENT FOR SALE 59 HIGH STREET, BARNSTAPLE DEVON, EX31 1JB 3,485 SQ FT (323.76 SQ M)
DEVELOPMENT POTENTIAL ON LEASE EXPIRY
SITUATION The property is situated at the Western end of Barnstaple High Street. The High Street is the main retail area. Adjacent occupiers include Green Lanes Shopping Centre, Greggs, Bonmarche, White Stuff, Primark, KFC and Thomas Cook. DESCRIPTION The property comprises a mid terrace building which is arranged, in the main, over ground and first floors. There is an additional second floor space to the front of the property. The property is constructed with rendered brick walls under a pitched tiled roof. There is a rear extension of steel frame with brick infil which has a flat bitumen felt roof. There is rear access to the property via the adjoining Gammon Walk retail development which allows rear loading and service. The ground floor comprises an open plan retail area, the first floor comprises large storage space with staff room and WC. To the front of the property is an area of low ceiling height currently used for storage. There is a second floor area over this space which is only accessible via a ladder through a loft hatch. The upper floors could be developed on lease expiry subject to the necessary consents.
ACCOMMODATION
Ground floor First Floor First Floor (Limited Height) Second Floor Total
Sq. M. 217.66 74.38 31.82 Not measured 323.76
Sq. Ft. 2,343 800 342 Not measured 3,485
ENERGY PERFORMANCE CERTIFICATE This property has an EPC rating of C and a score of 60. COVENANT STRENGTH The tenant, Sportsworld International Ltd, is now Sports Direct (Company Number 3406347). The company turnover increased to £2.07b from £1.86b in the previous year. The store count increased by 21 to 373 core stores and as at 26th April 2016 they operated 440 stores in Great Britain, a total floor space of 4.7m sq. ft. PROPOSAL The property is let to Sports World International Limited on a Full Repairing & Insuring Lease expiring 6th December 2020. The rent passing is £65,000 per annum exclusive. The property is sub-let in its entirety to Trespass Europe Limited until November 2020. Offers are sought in the region of £690,000 (Six Hundred & Ninety Thousand Pounds). This represents a yield of 8.82% after costs at 6.8%. VAT is applicable. LEGAL COSTS Each party is to bear their own costs. VIEWING Contact Shane Prater on 01635 262510 or Email: [email protected] April 17
DEVELOPMENT POTENTIAL ON LEASE EXPIRY
SITUATION The property is situated at the Western end of Barnstaple High Street. The High Street is the main retail area. Adjacent occupiers include Green Lanes Shopping Centre, Greggs, Bonmarche, White Stuff, Primark, KFC and Thomas Cook. DESCRIPTION The property comprises a mid terrace building which is arranged, in the main, over ground and first floors. There is an additional second floor space to the front of the property. The property is constructed with rendered brick walls under a pitched tiled roof. There is a rear extension of steel frame with brick infil which has a flat bitumen felt roof. There is rear access to the property via the adjoining Gammon Walk retail development which allows rear loading and service. The ground floor comprises an open plan retail area, the first floor comprises large storage space with staff room and WC. To the front of the property is an area of low ceiling height currently used for storage. There is a second floor area over this space which is only accessible via a ladder through a loft hatch. The upper floors could be developed on lease expiry subject to the necessary consents.
ACCOMMODATION
Ground floor First Floor First Floor (Limited Height) Second Floor Total
Sq. M. 217.66 74.38 31.82 Not measured 323.76
Sq. Ft. 2,343 800 342 Not measured 3,485
ENERGY PERFORMANCE CERTIFICATE This property has an EPC rating of C and a score of 60. COVENANT STRENGTH The tenant, Sportsworld International Ltd, is now Sports Direct (Company Number 3406347). The company turnover increased to £2.07b from £1.86b in the previous year. The store count increased by 21 to 373 core stores and as at 26th April 2016 they operated 440 stores in Great Britain, a total floor space of 4.7m sq. ft. PROPOSAL The property is let to Sports World International Limited on a Full Repairing & Insuring Lease expiring 6th December 2020. The rent passing is £65,000 per annum exclusive. The property is sub-let in its entirety to Trespass Europe Limited until November 2020. Offers are sought in the region of £690,000 (Six Hundred & Ninety Thousand Pounds). This represents a yield of 8.82% after costs at 6.8%. VAT is applicable. LEGAL COSTS Each party is to bear their own costs. VIEWING Contact Shane Prater on 01635 262510 or Email: [email protected] April 17
