OF INTEREST TO INVESTORS, DEVELOPERS & OWNER OCCUPIERS
36 BEAR STREET
BARNSTAPLE, NORTH DEVON, EX32 7BZ
* Freehold Building/Investment * Town centre location * c.1500 sq ft retail unit * 4 Tenanted letting flats * Rear access & Parking
* Ideal Investor/Owner Occupier * Projected rental income c. £33,000 per annum *
PRICE: OIRO £349,000 FREEHOLD
The premises are situated on the edge of the main retail core of the town where there has been noticeable growth in retail and leisure. The property backs on to one of the main municipal car parks at Queen Street and Bear Street itself is a busy vehicular and pedestrian thoroughfare providing a high level of passing and chance trade. Because of the size and nature of the shop unit, it is felt that it would be ideal for use as a restaurant, coffee shop, bulky goods sales centre etc.
36 Bear Street comprises a ground floor shop unit with residential accommodation above comprised of 4 flats. The shop premises is arranged as an open ground floor retail unit with glazed display shop front having large glazed double doors, high ceiling with strip lighting, internal office, rear yard with toilet and vehicular access and parking for up to 4 cars, and benefits from the following approximate dimensions and areas :-
Net Frontage 24'6 (7.5m)
Gross Frontage 27'9 (8.5m)
Internal Width 24'9 max (7.3m)
Built Depth 93'0 (28.3m)
GIA 1461 sq ft (135.78 sq m)
ITZA 893 sq ft (82.95 sq m)
The upper parts comprise 3 x 1 bedroom flats and a bedsit flat that have their own separate entrances, UPVC double glazing, heating etc. All are currently tenanted on ASTs providing a rent roll of £18,000 per annum.
The letting flats currently yield £18,000 per annum. The shop unit is expected to yield £15,000 per annum.
Our client is inviting offers for the freehold interest based on OIRO £349,000.
A variety of uses within Class A1 of the Town and Country (Use Classes) Order 1987. The shop premises may benefit from a change of use to A3/A5 subject to planning permission. We would recommend that interested parties make their own enquiries to the Local Planning Authority for verification purposes.
We are verbally advised by the Local Rating Authority that the premises are currently assessed as follows: Rateable Value: £10,000. We would recommend that interested parties make their own enquiries to the Local Rating Authority for verification purposes.
Each party to be responsible for their own legal costs incurred in the transaction.