Haarer Goss, Exeter based chartered surveyors

Property News

NEW - 145 Sidwell Street, Exeter
July 2, 2020, 2:21 pm

This prominent retail unit is situated in the sought after secondary retailing location of Sidwell Street.  The premises benefit from an excellent level of pedestrian footfall, which is increasing due to the significant development of high density purpose built student accommodation in this area.

The premises comprise a well-presented and configured lock-up retail unit having an overall depth of approximately 19.17m (62' 11") and a width of 5.08m (16' 8") through the retail area after which it widens.  The retail space benefits from a full height modern fully glazed shop frontage with an off-set entrance.  The retail space is decorated to a good standard and the floor has a Beachwood effect commercial floor covering.  There is a covered passageway which leads to a secure doorway into Bamfylde Street public pay & display car park which is located to the rear.

The property is held on a long lease from Exeter City Council for a term of 125 years from 24th June 1988 with approximately 94 years remaining.  There is a fixed ground rent payable to ECC of £385 per annum and the superior landlord charges a proportion of the annual buildings insurance premium (for the block of properties) to the long leaseholder who in turn reclaims this from the tenant, Cancer Research UK.

The premises are let to Cancer Research UK on a contributory Full Repairing & Insuring lease.  The lease is for a term of ten years expiring 17th June 2024 and the passing rent is £21,000 per annum exclusive.  The tenant has been in occupation (originally Imperial Cancer Research Fund) since 1984.  Cancer Research UK is the world's largest cancer charity and it raised more than £634 million in 2018.

A guide price of £245,000 is sought for the long leasehold interest with the benefit of the existing tenancy.  A purchase at this level would provide an investor with a net yield of circa 8.2% after allowing for usual purchaser's costs.

For further information or to view, please contact Iain Biddlestone on 01392 251171.