Auction Property Mixed Use 

Rolle Street, Exmouth

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Features

  • Auction Date: 25th & 26th September 2019
  • On behalf of Joint Fixed Charge Receivers
  • Substantial commercial retail showroom
  • Freehold
  • Potential to split into multiple units
  • Busy trading location
  • Double frontage
  • Approximately 1,891 sq.ft. (measurement taken from VOA website)
  • Excellent transport links
  • Close to town centre

Address

40/42 Rolle Street,ExmouthDevonEX8 2SH
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Property Details

•Auction Date: 25th & 26th September 2019
•Freehold commercial retail unit
•Approximately 1,891 ft2 (taken from VOA website)
•Potential to split into multiple units
•Double fronted unit
•Busy trading position
•Potential gross yield 17.24% before conversion costs

A large three storey mid-terrace property of traditional brick construction, with a pitched roof above. Ideal for an owner occupier or investor looking to add value by potentially splitting the space into multiple units (subject to the necessary planning consents).

The property is currently configured to provide two large retail showrooms and office directly accessed via double frontage off Rolle Street. There is a further retail showroom / office space with wc, accessed from Bicton place.

The property previously traded as a successful kitchen and bathroom showroom and could suit a variety of alternative uses. The upper floors provide two residential flats, which have been sold off by way of a long leasehold.

Accommodation

Total – 1,891 sq. ft. (measurement taken from VOA website)

Investment Analysis

The property provides potential for redevelopment to convert into multiple units. If converted, the property has the potential to generate an income in the region of £25,000 per annum, providing a gross yield of approximately 17.24%, before taking into account conversion costs.

Tenure

Freehold

Please note: Notices of first refusal have been served on the long leaseholders pursuant to section 5B Landlord and Tenant Act 1987. The deadline for response has passed and the leaseholders have not indicated a wish to acquire the freehold.

Services

We understand the property to have mains electricity, water and drainage.

Business Rates

The property has a rateable value of £15,500 per annum. Rates payable (2018/19) is approximately £7,440.

VAT

VAT if applicable will be charged at the standard rate.

Buyers Premium

2% (min. £3,600) inc. VAT

Guide Price

£145,000+

Viewings

Viewings are by appointment only. Please contact one of our agents on 0115 970 6060 or email property@johnpye.co.uk

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