Sold prior to auction, for an undisclosed amount

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A freehold building occupying a prime town centre position comprising a ground floor retail unit with 8 offices and ancillary accommodation across 2 upper floors. Prime town centre position, let producing £50,500 pa.

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Description/Location

This well maintained property occupies a prominent position on Barnstaple High Street, nearby operators include Joules, Fat Face, Boots Opticians and Timpsons. The ground floor is let to British Heart Foundation on a 15 year lease from 25/03/2008 at £35,500 pa, an option to break was waived on 25/03/2018. The upper parts comprise 8 self-contained, serviced and furnished offices let to professional tenants on 12 month ‘licence to occupy’ agreements. 2 offices and a large meeting room which could be let as an office are vacant. We estimate the rental value at full occupancy equates to £60,100 pa.

Tenure

Freehold

Local Authority

Viewing

Charles Darrow Network Auctions on 01271 321122

Rent

Current rent: £50,500 pa Potential Rent: £60,100 pa

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*Guide Price & Reserves

Generally speaking Guide Prices are provided as an indication of each seller’s minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

The “Important Notes For Auction Buyers” at the front of the catalogue includes a definition of “Guide Price & Reserve Price”. All properties are subject to a purchaser’s administration fee of £1,500 + VAT unless otherwise stated in the addendum (£420 inc VAT for lots with guide prices up to £3,000). If the purchaser is liable for any further costs these will be stated within the Special Conditions of the legal pack, that have been produced by the seller’s lawyer, a copy of which can be downloaded from our website.