Retail premises for sale in Cowick Street, Exeter EX4

Investment Consideration:
Gross Initial Yield: 7.28%
Rental Income: £36,400 p.a.
VAT is not applicable to this property.
Comprises retail premises at ground and rear first floor and a self-contained 4-bedroom maisonette at first, second and third floor, accessed from the Cowick Street
Residential development potential to split maisonette into multiple units, subject to consents.
Within walking distance from Exeter St Thomas train station with nearby occupiers including number of cafes/takeaway, barber, key shop, dentist and estate agents, amongst many more.

Property Description:
Comprises ground floor shop with ancillary accommodation at rear first floor t/a Papa John`s Pizza First and a self-contained maisonette arranged over first, second and third floor, providing the following accommodation and dimensions:
Ground and Rear First Floor Retail: 106 sq m (1,141 sq ft)
Counter, full kitchen, storage, office
First, Second and Third Floor Maisonette: 126 sq m (1,356 sq ft)
4 bedrooms, kitchen/living room, bathroom
Total area size: 232 sq m (2,497 sq ft)

Tenancy:
The ground floor and rear first floor shop is at present let to Papa Johns (gb) Limited* for a term of 15 years from 7th March 2016 at a current rent of £22,000 per annum and the lease contains full repairing and insuring covenants. Rent review in 2026. Tenant option to determine in 2026 with minimum 6 months’ notice.
*Note - Tenant not in occupation.
The maisonette is at present let on AST to an Individual for a term of 6 Months from 15th November 2023 at a current rent of £14,400 per annum. Deposit held of £1,100.

Location:
Exeter is a city in Devon, England, on the River Exe 36 miles (58 km) northeast of Plymouth and 65 miles (105 km) southwest of Bristol. It is the county town of Devon, and home to Devon County Council and the University of Exeter. The M5 motorway to Bristol and Exeter starts at Birmingham, and connects at Bristol with the M4 to London and South Wales. The older A30 road provides a more direct route to London via the A303 and M3. Going westwards, the A38 connects Exeter to Plymouth and south east Cornwall, whilst the A30 continues via Okehampton to north and west Cornwall. The cities of Bristol, Plymouth, Bath, Salisbury and Truro can all be reached within 2 hours. Exeter is considered to be the main rail hub within the south-west and is linked to most branch lines in Devon, including to Paignton, Exmouth, Barnstaple and Okehampton (by a special service). Nearby occupiers include number of cafes/takeaway, barber, key shop, café, dentist and estate agents, amongst many more.