Lot 90 High Yielding Freehold InvestmentAuction Date:
18th September 2024
87 Boutport Street, Barnstaple, Devon, EX31 1SR
Currently let at £91,080 per annum
A prominent end-terrace double-fronted property arranged as a ground floor bar with the upper three floors currently utilised as a House of Multiple Occupation with a separate one-bedroom flat situated to the rear of the property.
Currently fully let and generating a strong annual income, interested applicants may wish to consider the long term potential of converting the upper floors into multiple self-contained flats, subject to all necessary consents being obtainable.
Barnstaple is North Devon's largest settlement and has a broad range of retail and hospitality facilities.
The property is situated in the town centre which, thanks to the Government's national Future High Streets Fund (FHSF), is currently subject to a range of potential regeneration projects which aim to improve the community's experience of the town, drive growth and ensure future sustainability.
Commercial Unit
Ground Floor
Principal bar area with areas for seating, secondary bar area, drinks store, commercial kitchen and separate ladies and gentleman W.C.s.
Outside
Rear yard.
Tenancy
Let on a five-year commercial lease from 1st September 2023 at a current rental of £2,000 per calendar month. In addition, the lessee contributes towards a third of the building insurance and a £500 service charge for utilities.
House of Multiple Occupation
Ground Floor
Access to side with stairway leading to first floor.
First Floor
Living room, kitchen and four letting rooms.
Second Floor
Five letting rooms, shower room with W.C., further shower room and separate W.C.
Third Floor
Two letting rooms.
Tenancy
All letting rooms are occupied and subject to Assured Shorthold Tenancy Agreements with rental amounts ranging from £400 per calendar month to £800 per calendar month. A full schedule will be available for inspection within the legal documentation. The current total rental generated is £61,080 per annum.
Council Tax Band D
The Flat
Ground Floor
Shared access to side.
First Floor
Living room/kitchen, bedroom and shower room with W.C.
Tenancy
Let on an Assured Shorthold Tenancy Agreement at a current rental of £500 per calendar month. The Auctioneers have been informed by the seller that the tenant may vacate the property prior to completion.
Council Tax Band A
Auctioneer’s Note 1
At the time of publication the Auctioneers have not inspected the whole of the property. Interested applicants are advised to make their own enquiries to verify the information provided.
Auctioneer’s Note 2
The Auctioneers have been informed that all of the tenants within the HMO are in employment with the majority working within the health care industry.
There is an addendum available to be read
in conjunction with the legal documentation.
Important
All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.
* Price Information
Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).
We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.
Additional Fees
An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.
All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to Buyers Fees
