Riverside Offices Castle St 13,056 sq ft 100% Let Office Property Barnstaple EX31 1DR £850,000 (£65.10/sq ft) 10.65% Net Initial Yield

Mixed-use commercial investment comprising eight separately configured business units occupied by five tenants and producing a current aggregate passing rent of £90,485 per annum. The property is offered for sale freehold, subject to the existing occupational tenancies, at a guide price of £850,000, reflecting a gross initial yield of approximately 10.65%. A fixed rental uplift on Suite 1 increases its rent from £30,000 to £37,500 per annum in May 2028 and to £46,875 per annum in May 2030, increasing the aggregate property rent to £107,352.50 per annum. The property is elected for VAT, although the transaction is expected to be treated as a Transfer of a Going Concern, subject to the purchaser satisfying the relevant requirements. The freehold is held under two titles, both of which exclude the basement areas. A section of the ground floor housing electricity plant is held by Western Power Distribution under a 999-year lease from 25 October 1985. Each party is responsible for its own legal costs.