Retail premises for sale in Joy Street, Barnstaple EX31

In a busy town centre trading position close to the junction of Joy Street, the High Street and the main entrance to Green Lanes shopping centre, the property is ideally placed for passing trade. Joy Street connects Boutport Street to the main High Street and there are a number of traders within the vicinity including Banburys Department Store, TSB Bank, tk Maxx, Poundland, a butchers, hairdressers and gift shops etc.
The Pannier Market has just undergone major refurbishment and Queen Street car park is being re-surfaced and re-designed during the Summer of 2024.
Barnstaple is recognised as North Devon's regional centre having a population in the region of 30,500 inhabitants and serving a rural hinterland with a population in excess of 130,000 inhabitants.

The property

The premises comprise of a mid-terrace commercial property with retail accommodation on the ground floor and two floors over. The ground floor offers a retail area of approximately 640 sq ft with the benefit of a first floor stock room and a ground floor cloakroom and a small staff kitchenette. The upper floors are approached from a separate ground floor lobby and staircase with a hallway providing access to the first floor two bedroom self-contained apartment and to the second floor a one bedroom self-contained apartment. In addition there is a further second floor store to the rear which has the potential to convert to a self-contained bed-sit room and the first floor store room could be utilised by the first floor flat, all subject to the necessary planning consent.

Tenure

The ground floor is currently let to a business selling retro vinyl records and guitars on a 3 year lease at year one £8,000 per annum, Year Two £9,000 per annum and year three £10,000 per annum.
The first floor is let on a shorthold tenancy agreement and has been let at a rent of £625 pcm.
The second floor flat has been let at a rental of £525 pcm.
Total current rent in May 2024 equates to £21,792 per annum.

Agents note

Please note a flying freehold exists over the florist shop next door at a peppercorn rent. The two redundant stock rooms could be incorporated into the residential apartments, subject to planning permission.