Bank Street 1,582 sq ft Retail Property Teignmouth TQ14 8AW £295,000 (£186.47/sq ft) 7.22% Net Initial Yield

Investment Consideration:
VAT is NOT applicable to this property
Comprises ground floor shop and a self-contained 2-bedroom cottage at rear Clampet Lane
Teignmouth is a seaside town, fishing port and civil parish in the county of Devon
The property is situated in the heart of the town centre within short walk from Teignmouth Train Station, with occupiers nearby including Costa Coffee, Poundland, Greggs and more.
Property Description:
Comprises mid-terrace ground floor shop t/a Pantry Shop and self-contained 2-bedroom cottage at rear (Clampet Lane), providing the following accommodation and dimensions:
Ground Floor Shop: 68 sq m (732 sq ft)
Open plan retail, storage, ancillary, wc
First/Second Floor Cottage: 79 sq m (850 sq ft)
2 bedrooms, kitchen/living room, bathroom
Total GIA: 147 sq m (1,582 sq ft)
Tenancy:
The shop is at present let to an Individual for a term of 15 years from 20th December 2022 at a current rent of £13,500 p.a. p.a. and the lease contains full repairing and insuring covenants. Rent review every 5th year open market upward only. Tenant option to determine every 5th year with min 6 months notice. Lease renewal. Tenant in occupation since 2016
The cottage is at present let on AST to an Individual at a current rent of £7,800 p.a.
Location:
Teignmouth is a seaside town, fishing port and civil parish in the English county of Devon. It is on the north bank of the estuary mouth of the River Teign, about 12 miles south of Exeter. The property is situated in the heart of the town centre within short walk from Teignmouth Train Station, with occupiers nearby including Costa Coffee, Poundland, Co-Op Food, Greggs, Holland & Barrett and many more.