Newton Abbot - Town Centre
Prominent Grade ll listed Retail Investment in a sought after Town Centre location in Queen Street Newton Abbot

Description

The premises are centrally and prominently located in Queen Street Newton Abbot which is one of the main spine roads running through the town offering a high degree of visibility for any occupier.  The property is convenient for a number of public car parks and the pedestrianised Courtenay Street and Market Walk.  The premises comprise a Café on the ground floor with kitchens to the rear.  On the first floor are the toilets and a dry store, plus a large restaurant area to the front.  On the second and third floor are 2 flats which have been sold off on 999 year leases in 2002.  To the side is a shared access leading to the flats and a rear courtyard with 4 converted Mews cottages, which were also sold off in 2002 when the development was completed.

The ground and first floors are currently occupied under a 15 year effective FRI lease by way of service charge from the 23^rd July 2010 (Expires in 2025) at a current rent of £17,500 pax.  Offers are invited upon a guide price of £229,500 for the freehold of this substantial Town centre building benefiting from a rent income of £17,500 pax, which shows a gross initial yield of nearly 7.65% excluding purchase costs.