Retail/Shop for sale Ivybridge PL21 0QR,1233sq ft

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Retail/Shop

Retail/Shop For Sale Ivybridge

PROPERTY ID: 138081

PROPERTY TYPE

Retail/Shop

STATUS

Available

SIZE

1,233 sq.ft

Key Features

Income producing investment opportunity

Long leasehold ground floor gallery (999 years from 19/12/2014)

10 year minimum lease (no breaks)

Popular South Hams market town

Prominent corner trading position

Well established business

Guide price: £225,000

Property Details

The property is situated on Church Street occupying a prominent corner position with a return frontage onto Brownston Street. Nearby occupiers include independent retailers, Co-op convenience store, pubs, cafes and estate agents. Modbury is a large rural village but generally considered a market town situated within the well-regarded South Hams area of Devon with a population of approximately 1,500. The village is situated on the A379 road which links it to Plymouth and Kingsbridge. The main retail area is modest and centred around Church Street and Broad Street both of which form part of the A379 through the centre of Modbury.

Income Producing Investment Opportunity Long Leasehold Ground Floor Gallery (999 Years From 19/12/2014) 10 Year Minimum Lease (no Breaks) Prominent Corner Trading Position Popular South Hams Market Town The Property Is Situated On Church Street Occupying A Prominent Corner Position With A Return Frontage Onto Brownston Street. Nearby Occupiers Include Independent Retailers, Co-op Convenience Store, Pubs, Cafes And Estate Agents. Modbury Is A Large Rural Village But Generally Considered A Market Town Situated Within The Well-regarded South Hams Area Of Devon With A Population Of Approximately 1,500. The Village Is Situated On The A379 Road Which Links It To Plymouth And Kingsbridge. The Main Retail Area Is Modest And Centred Around Church Street And Broad Street Both Of Which Form Part Of The A379 Through The Centre Of Modbury. The Property Comprises The Ground Floor And Rear Garden Only Of A Three Storey End Terraced/corner Period Building. The Ground Floor Is Well Presented And Provides Contemporary Open Plan Modern Art Gallery. To The Rear There Is A Private Enclosed Attractive Garden. The Property Comprises The Following Net Internal Floor Areas: Ground: Sales: 1,088 Sq Ft / (101.08 Sq M) Itza: 859 Ancillary Office: 145 Sq Ft / (13.48 Sq M) Total: 1,233 Sq Ft / (114.56 Sq M) Tenure Long Leasehold Interest 999 Years From 19/12/2014 Subject To A Peppercorn Rent. Lease Terms The Property Is Being Sold With The Benefit Of An Occupational Lease Of The Ground Floor Shop And Garden Let To Brownston Art Limited (crn 16167974) Subject To A Personal Guarantee From Aimie Freeston For A Term Of 20 Years From 7th March 2025 On A Contributory Full Repairing And Insuring Basis (proportion 40%) At A Rent Of £17,360 Per Annum. The Rent Is Reviewed On A 5 Yearly Basis And There Is A Tenants Option To Break At The 10th Anniversary (2035) Subject To 6 Months Prior Written Notice. Proposal Guide Price For The Long Leasehold Interest Of £225,000 Reflecting A Net Initial Yield Of 7.53%. The Property Has Not Been Elected For Vat. Each Party To Pay Their Own Legal Cost Incurred In The Transaction. The Ground Floor Has An Epc Of B/33 Valid Until 22nd May 2033. The Property Is Being Sold With The Benefit Of An Occupational Lease Of The Ground Floor Shop And Garden Let To Brownston Art Limited (crn 16167974) Subject To A Personal Guarantee From Aimie Freeston For A Term Of 20 Years From 7th March 2025 On A Contributory Full Repairing And Insuring Basis (proportion 40%) At A Rent Of £17,360 Per Annum. The Rent Is Reviewed On A 5 Yearly Basis And There Is A Tenants Option To Break At The 10th Anniversary (2035) Subject To 6 Months Prior Written Notice.

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About the Agent

Stratton Creber Commercial - Exeter

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Retail Unit

£225,000 Freehold

36 Church Street, Ivybridge, PL21 0QR

Retail/Shop - Available
1,233 sq ft
115 sqm

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