Sold prior to auction, for an undisclosed amount

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A 3 storey, freehold mixed use building (2,486 sq ft, source EPC) comprising ground floor take away let to Papa Johns Pizza producing £22,000 per annum with a large 4 bedroom maisonette across first and second floors with development potential, let on an AST, the tenant has served notice to vacate on 01/11/2020.

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Description/Location

The mid-terrace building is arranged as a ground floor lock up shop with a self contained maisonette above. The ground floor and rear first floor are let to Papa Johns Pizza on a 15 year FRI lease (next rent review March 2026) commencing 07/03/2016. The maisonette (1,345 sq.ft. - source EPC) has been let on an AST at £8400 pa, the tenant has served notice to vacate on 01/11/2020, we estimate the current market rent is in the region of £13,200 pa. Energy Ratings: Retail E/122, Residential E/48.

Tenure

Freehold

Local Authority

Exeter City Council

Viewing

Please contact Charles Darrow Network Auctions on 01626 330022

Rent

Current rent £30,400 pa Potential rent £35,200 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.