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39 Magdalen Rd 1,039 sq ft Retail Property Exeter EX2 4TA £370,000 (£356.11/sq ft) 6.50% Net Initial Yield
Investment Highlights
- Rare mixed used freehold investment
- Ground floor shop with self-contained maisonette on upper floors
- Guide price: £370,000 reflecting an approx net initial yield of 6.50% after purchasers costs
- Located in popular and busy shopping parade
- Passing rent: £25,000 p.a.
Executive Summary
The property is offered for sale Freehold, at a guide price of £370,000. Please contact agent for further details.
The property comprises a ground floor lock up shop with main sales, rear storage and staff facilities. There is a self contained maisonette on the first and second floors providing two bedrooms with a kitchen and bathroom. To the rear there is a detached store.
The property is held by way of a full repairing and insuring lease for 15 years from 02 October 2020 by Pukalini Limited. Company registration number 11188285. The passing rent is £25,000 per annum and subject to review 2 October 2030. The tenant has an option to break at the 2 October 2030 subject to 6 months notice. The tenant currently occupies the flat above which has the ability to be sublet.
The property is situated on Magdalen Road being a small neighbourhood shopping parade serving passing traffic but more specifically the immediate catchment area of St Leonards, a highly regarded and high-value residential district of Exeter.
The property comprises a ground floor lock up shop with main sales, rear storage and staff facilities. There is a self contained maisonette on the first and second floors providing two bedrooms with a kitchen and bathroom. To the rear there is a detached store.
The property is held by way of a full repairing and insuring lease for 15 years from 02 October 2020 by Pukalini Limited. Company registration number 11188285. The passing rent is £25,000 per annum and subject to review 2 October 2030. The tenant has an option to break at the 2 October 2030 subject to 6 months notice. The tenant currently occupies the flat above which has the ability to be sublet.
The property is situated on Magdalen Road being a small neighbourhood shopping parade serving passing traffic but more specifically the immediate catchment area of St Leonards, a highly regarded and high-value residential district of Exeter.
Property Facts
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Shopfront Retail / Residential
Property Size
1,039 sq ft
Costar Property Class
B
Year Built
1888
Price
£370,000
Price per sq ft
£356.11
Yield
6.50%
NOI
£24,050
Tenancy
Single
Number of Floors
3
Plot ratio
0.47
Total Plot Size
0.05 ac
Parking
1 Spaces (0.96 Spaces per 1,000 sq ft Leased)
Frontage
16 ft on Magdalen Road
Amenities
- Bus Route
- Security System
- Storage Space
1 1
Nearby Major Retailers
1 of 5
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39 Magdalen Rd
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