Property Information
Address:
97 & 99 Mutley Plain, 97 & 99 Mutley Plain, Plymouth, Devon
, PL4 6JJ
, Devon
, United Kingdom
Price: Property no longer available.
Size: 9419 sq ft875 sqm
Primary Category: Investment
All Categories:
Investment, Land,
Property Ref/Movehut: MH648005
Property Ref/Agent: 19414
*Please use the agent ref when calling the agent directly.
Property description
Mixed use property comprising two retail/office units on the ground floor, both of which are let. The upper floors of 97 are currently arranged as 7 en-suite bedroom student HMO's.
The upper parts of 99 are currently arranged as the former retail area of the shop below. The upper floors have planning permission to convert them into 6 x one bed flats and 2 x two bed flats by combining the two buildings. As the upper floors of 97 are now let, there is potential for a purchaser to put a revised scheme into the upper floors of 99, subject to planning permission.
Location
The properties are located on Mutley Plain at the corner of Connaught Avenue. It is just under a mile to the city centre and the train station and a 10 minute walk to the University.
Accommodation
All areas are approximate and measured in accordance with the RICS Property Measurement (2nd Edition).
97
Lower Ground Floor - 78.5 sq m (845 sq ft) GIA
Ground Floor Retail - 56.6 sq m (609 sq ft) NIA
ITZA - 33.8 sq m (364 sq ft)
First Floor - 93.6 sq m (1,008 sq ft) GIA
Second Floor - 57.34 sq m (617 sq ft) GIA
Third Floor - 48.14 sq m (518 sq ft) GIA
99
Lower Ground Floor - 169 sq m (1,819 sq ft) GIA
Ground Floor Retail -
65.5 sq m (705 sq ft) NIA
ITZA - 55.93 sq m (602 sq ft)
Ground Floor Rear - 71.5 sq m (770 sq ft) GIA
First Floor - 112.2 sq m (1,208 sq ft) GIA
Second Floor - 65.8 sq m (708 sq ft) GIA
Third Floor - 56.8 sq m (611 sq ft) GIA
TOTAL - 875 sq m (9,419 sq ft)
Planning
Consent has been granted to convert the upper floors into 6 x one bed flats and 2 x two bed flats under reference 18/00602/FUL.
Rent / Price
£610,000
Business Rates
From the Valuation Office Agency website () we understand that the current Rateable Value for 97 is £11,750. Therefore making the approximate Rates Payable £5,863.25 per annum for 2022/23. From the 1st April 2023 a new rating list comes into effect which will see the approximate Rateable Value for 97 increase to £15,250, making the Rates Payable £7,609.75 per annum for 2023/24.
We understand that current Rateable Value for 99 is £10,000.
Tenants may be eligible for Small Business Rates Relief if this is the only property they occupy and/or any other properties they occupy have a rateable value of less than £2,900 each. Qualifying ratepayers will pay no rates on properties with rateable values up to £12,000 with a tapered relief of between 100% and 0% for properties with rateable values between £12,001 and £15,000. Interested parties are advised to confirm the rating liability with Plymouth City Council.
The uppers floors of 97 are Council Tax Band B.
Services
We understand that mains electricity, water and drainage are connected to 97 and the ground floor of 99 however these services have not been tested by the agents. Interested parties should make their own enquiries.
EPC
99 - C (57)
97 Ground floor - D (95)
97 Upper floors - D (56)
Legal Fees
Each party to be responsible for their own legal costs.
VAT
The property has not been elected for VAT and therefore VAT will not be charged on the price.
Income producing development opportunity
Currently two shops, 7 student HMO rooms and vacant uppers
Producing £65,000 pa
10.12% NIY assuming purchasers costs of 5.17%
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