23 Fore St 592 sq ft Retail Property Ivybridge PL21 9AB £175,000 (£295.61/sq ft)

Freehold, guide price £175,000 – £200,000.
The premises are end-of-terrace and briefl ycomprise a self-contained takeaway unit to the ground floor, together with a spacious 2/3-bedroom flat to the upper floors.
This impressive mixed commercial and residential investment property occupies a prime trading position in the main Fore Street of the popular and expanding South Devon town of Ivybridge. There is a full and varied selection of businesses represented nearby, all of which are serviced by a large public car park.
The ground floor operates as a well-established and successful pizza business. It is currently subject to a 10-year commercial lease at a current passing rent of £9,000 per annum, exclusive of rates, subject to rent reviews every third year with the tenant responsible for the standard repairing and insuring covenants. We understand that a rent review is imminent, and it is anticipated that there will be an uplift in the current passing rent. For more details, please contact the agents. The flat is self-contained and up until recently was let on a six-month AST agreement at a rental of £750 per calendar month. It is felt that both rental levels are reasonably modest, and that when FULLY LET, the unit can generate an annual rental of approx. £18,000. An ideal opportunity to acquire a valuable mixed investment premises in a prime town centre location, capable of generating a strong annual rental.