Retail premises for sale in Fore Street, Ivybridge PL21

Key Points

Description

A large mid terrace retail unit over two floors. The original property has been merged and extended over the years. The current tenant trades over ground and first floor with ancillary storage and office accommodation on the first floor.

The unit occupies a prominent position within the main retail parade on Fore Street.

Location

Ivybridge is a popular town in Devon, situated on the southern boundary of Dartmoor National Park, with a population of some 12,500 people. It is located 9 miles east of Plymouth and directly accessed off the A38 Devon Expressway, which provides good links to the A30 and M5 Motorway network in Exeter.

The property is prominently situated on Fore Street opposite to the entrance of Glanville’s Shopping Centre and nearby occupiers include Co-operative Food, Lloyds Bank and other small to medium sized retailers and operators.

Investment Summary

Retail investment let as a whole to F.T.B. Lawson Limited on a 5 year lease from 11 April 2021 at a rent of £16,500 pa.

Substantial Property offering potential for future repurposing, subject to necessary consents.

Full Repairing Lease, subject to Schedule of Condition

Reversionary Rent

7.3% initial yield on passing rent and 8% on reversion allowing for purchaser’s costs of 2.4%

Low capital value of £46 per sq ft