Acquired
Exeter – Papa Johns & Maisonette
155 Cowick Street, Exeter, Devon EX4 1ASFreehold Retail & Residential Investment
Tenure
Freehold
Lease Term
15 Years
Years Left on Lease
6y 3m
Area
2,497 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Comprises a ground/rear first floor shop with large 4-bedroom maisonette arranged over ground/first/second and third floor.
- Commercial unit let to Papa John`s. Lease expiring in 2031.
- Residential development potential subject to consents.
- Located within walking distance from Exeter St Thomas train station
- Nearby occupiers include number of cafes/takeaway, barber, key shop, dentist and estate agents, amongst many more.
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
The property comprises ground floor shop with large 4-bedroom maisonette arranged over ground, first, second and third floor. Residential development potential subject to consents.
The property provides the following accommodation and dimensions:
Ground/ Rear First Floor: Shop 106 sq m (1,141 sq ft)
Ground/First/Second/Third Floor: Maisonette 126 sq m (1,356 sq ft)
Total area size: 232 sq m (2,497 sq ft)
The property provides the following accommodation and dimensions:
Ground/ Rear First Floor: Shop 106 sq m (1,141 sq ft)
Ground/First/Second/Third Floor: Maisonette 126 sq m (1,356 sq ft)
Total area size: 232 sq m (2,497 sq ft)
Tenancy Description
The ground floor and rear first floor shop is at present let to Papa Johns Pizza 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 2021 and 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 9th December at a current rent of £13,200 per annum. Deposit held of 1,269£.
The maisonette is at present let on AST to an Individual for a term of 6 Months from 9th December at a current rent of £13,200 per annum. Deposit held of 1,269£.
Tenancies & Accommodation
Location Description
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. The M5 is the modern lowest bridging point of the River Exe. 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). This makes it possible to reach most stations in Devon directly from Exeter St Davids, although only during the summer months. Nearby occupiers include number of cafes/takeaway, barber, key shop, café, dentist and estate agents, amongst many more.
