Axminster£365,000
On MarketBettesworths Commercial - 01803 2120214676
- Substantial Commercial Investment (With Residential Ground Rent Income)
- Comprising 7 Ground Floor Lock Up Retail Units
- Income (Fully Let) of £40,320 Per Annum
- 17 Residential Ground Rents - 125 Year Leases from 1991 (£50 Per Annum Ground Rents)
- Significant Value Add Opportunity Through Ongoing/Asset Management
Axminster is a market town with a population of approximately 6,000, situated in East Devon.
Having famously given its name to the Axminster carpet, the town overlooks the River Axe and has all expected small town amenities; including supermarkets, pubs, hotels, local independent and national retailers, catering facilities, carparking and a cottage hospital.
Axminster lies approximately 20 miles east of Exeter and has a mainline railway station providing intermittent daily services across the Southwest, London and to the North.
'St Georges' comprises a terrace of 7 ground floor lock up retail fronted shops, which wrap around the corner of Victoria Place and Chard Street. The shops are self-contained and independently let - Tenancy Schedule overleaf.
Over this, and behind is a development of 17 residential flats, all of which have been sold on long leases - further details below. The residential accommodation is situated around a pleasant rear courtyard and is a mix of the original upper parts and later purpose-built extensions.
Finally, the freehold as stands includes a freeholder retained ground and first floor residential unit. This does not form part of the sale and will be retained under a new Long Leasehold title.
- TENURE
The property is being sold freehold subject to the Occupational Leases and Assured Shorthold Tenancies detailed in the schedule overleaf.
The freehold is also subject to 17 x 125 year leases, granted from 1991.
The leases allow for £50 per annum ground rent per property. The ground rents payable double at each 25th Anniversary. A sample copy is available from the Agents by request.
- VAT
The property is elected for VAT. However, the sale transaction will be shielded from VAT as Transfer of Going Concern (TOGC).
- UTLITIES
Each of the retained retail units and the retained residential unit are separately supplied for electricity and water, as are all of the long leasehold residential properties.
- EPC
See schedule overleaf.
- PROPOSAL
For sale is the freehold of St. Georges, subject to all occupational and long leasehold interests at an asking price of £365,000.
- VIEWING
Viewing is strictly by prior appointment with the Sole Agents, Bettesworths and interested parties are requested to be sensitive to the ongoing businesses of our client’s occupiers and residents.
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