Mixed use for sale

Fully Let Mixed Use Investment in the Heart of Thriving Exminster. Gross Rental Income Currently £54,688 Per Annum. 

Exminster is a village situated around three miles to the south of the city of Exeter, close to the Exeter Ship Canal and River Exe.

Exminster is a thriving village community with all expected amenities serving the affluent local population.   

The village is conveniently situated for transport links, being moments away from the M5 motorway, links into Exeter itself and also the A379 to South Devon Coast.   

Seaton House is a prominent roadside property on 'Main Road' - the village throughfare that runs through the heart of Exminster. Immediate nearby occupiers include Tesco Express, a pharmacy, estate agent, coffee shop, primary school and two pubs. There is plenty of free off street parking nearby.   

Seaton House is made up of three ground floor commercial units: an aesthetics/beauty clinic, a care agency office and a bakery/coffee shop. At first floor level are three self-contained residential flats. To the rear of the property is a good size car park for approximately 8 vehicles.   

Seaton House is presented in excellent condition having recently been subject to much investment, including full redecoration of the external walls, full replacement of the pitched slate roof to the main building and replacement of the flat roof to the rear section.   

Internally, the tenants present their units to a good standard. The flats have also been subject to recent refurbishment. 

The property has a strong recently income of £54,688 per annum, across the six rental income streams giving great spread of investment return and a shield from void risks.

GROUND FLOOR

1 SEATON HOUSE - CARE GEMS
A ground floor office unit, providing an open plan office area with ancillary space, kitchenette and WC. Approximate Internal Area: 60m2 (645 sq ft).

2 SEATON HOUSE - THE SELF-CARE CLINIC
A smart ground floor unit, recently fully refurbished to a high standard and set out as a beauty clinic.Comprising:- two treatment rooms, a reception, rear ancillary area with kitchenette and WC.Approximate Internal Area: 44m2 (473 sq ft).

TEIGNBEAN CAFE
A ground floor retail catering unit, with some external seating (not demised) fronting onto parking area. Comprising:- a lower level shop and servery area with steps up to a commercial kitchen and access to the rear park and store. Approximate Internal Area: 41m2 (441 sq ft).

FIRST FLOOR

FLAT 2
Comprising:- living room, double bedroom, shower room (with WC and wash hand basin), kitchen. Currently let on an Assured Shorthold Tenancy at a rent of £750 per calendar month.

FLAT 2A
Comprising:- open lounge and kitchen with two bedrooms, shower room (with WC and wash hand basin). Currently let on an Assured Shorthold Tenancy at a rent of £750 per calendar month.

FLAT 3
Comprising:- lounge, kitchen, double bedroom and shower room (with WC and wash hand basin). Currently let on an Assured Shorthold Tenancy at a rent of £775 per calendar month.

CAR PARK
To the rear of the property is a car park with spaces for approximately 8 vehicles. Parking is not demised to the tenants. However, an informal arrangement works whereby each occupier has permission to use a certain section; with the commercial operators using during business hours and the flat tenants using after 6pm and at weekends.

TENURE
The property is for sale freehold, subject to the occupational leases and AST's. 1 Seaton House is occupied under a 5 year Internal Repairing Lease from October 2020. The rent is £9,240 per annum. The lease allows for an RPI linked upwards only Rent Review in October 2023, which has been reflected in the now passing rent. 2 Seaton House is occupied under a 5 year Internal Repairing Lease from March 2021.The rent is £9,348 per annum. The lease allows for an RPI linked upwards only Rent Review in March 2024, which has been reflected in the now passing rent. TeignBean Café is occupied under a 10 year Internal (& Shopfront) Repairing lease from January 2023 by TeignBean Ltd with Personal Guarantees (lease by extension of an earlier lease form 2017). The tenant has the option to break at the 5th Anniversary, with 6 months prior notice. The rent is £8,500 per annum. The lease allows for an Upwards Only Market Rent Reviews in 2026 & 2029. The Security of Tenure provisions of Sections 24-28 of the Landlord & Tenant Act, 1954 are excluded by agreement from all these leases. The total investment income is currently £54,688 per annum.

EPC RATINGS
Unit 1 (TeignBean) - C.Unit 1 (Care Gems) - B.Unit 2 (The Self-Care Clinic) - D.

LEGAL COSTS
Each party are to bear their own legal costs incurred in any transaction.

VIEWING
Viewing is strictly by prior appointment with the Sole Agents, Bettesworths. Interested parties are advised to be respectful of the tenants ongoing businesses.

Tenure: Freehold