Property Information
Address:
33-37 Mayflower Street, Plymouth, Devon
, PL1 1QJ
, Devon
, United Kingdom
Price: Property no longer available.
Size: 2281 sq ft212 sqm
Primary Category: Commercial Property
All Categories:
Property Ref/Movehut: MH647871
Property Ref/Agent: 18433
*Please use the agent ref when calling the agent directly.
Property description
The property comprises of two retail units with upper floors.
33 comprises of a ground and first floor which is let as a pawnbrokers. 35/37 provides a ground floor unit let as a clothes shop and a first floor self contained unit let as a beauty salon.
Location
A short distance from the Drake Circus Shopping Centre, and in close proximity to Plymouth University, Mayflower Street is a popular location for local traders with a range of long established businesses.
The property is on the junction of Mayflower Street and the entrance to one of the city's main pay and display car parks.. There is metered car parking in front of the property, making it easily accessible for customers.
Accommodation
33 - Ground floor - 26.4 sq m (284 sq ft).
First floor - 34.6 sq m (372 sq ft)
35/37 - Ground floor - 69.6 sq m (749 sq ft)
35/37 - First floor - 81.4 sq m (876 sq ft)
Rent / Price
The long leasehold interest is available for £300,000 which gives a net initial yield of 11.2% reflecting purchasers costs of 3.41%.
Terms
TENURE
The property is held by way of a 99 year lease from Plymouth City Council from 25th December 1964, paying a fixed ground rent of £675 per annum.
TENANTS
33 - Let to Wallabrook Ltd on a 5 year FRI lease expiring on 25th July 2022. The passing rent is £8,750 per annum.
Ground Floor 35/37 - Let to Steve Northmore Retail Ltd on a 15 year effective FRI lease expiring on 7th September 2032 with rent reviews and tenant break options on the 8th September 2022 and the 9th September 2027. The passing rent is £15,000 per annum.
First Floor 35/37 - Let to Jan Lovell on a 5 year effective FRI lease expiring on the 26th February 2022. The lease was assigned on the 19th June 2018. The passing rent is £9,500 per annum.
Rateable Value
From the Valuation Office Agency website we understand that the rateable values and rates payables are as follows:
33 - Rateable value - £7,900. Rates payable (2018/19) - £3,792 pa.
Ground floor 35/37 - Rateable value - £18,750. Rates payable (2018/19) - £9,000 pa.
First floor 35/37 - Rateable value - £11,500. Rates payable (2018/19) - £5,520 pa.
Services
We understand that mains electricity, water, drainage and gas (to part) are supplied and connected to the property.
We have not tested these supplies and recommend that interested parties make their own investigations.
EPC
33 - F (129)
35/37 Ground floor - F (149)
35/37 First floor - D (87)
Legal Fees
Each party to be responsible for their own legal costs incurred in the transaction.
VAT
The property is not registered for VAT and will therefore not be charged on this occasion.
Fully let retail investment
Producing a net income of £34,575 per annum.
£300,000 for the long leasehold
11.2% net initial yield (assuming purchasers costs of 3.41%)
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