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2 Brannams Square, Litchdon Street, Barnstaple, Devon, EX32 8GP
Guide Price* : £425,000
Freehold Investment Opportunity - Click here for Virtual Tour
- Freehold Mixed Use Investment
- Producing £43,170 per annum
- Fully let to Lloyds Pharmacy and the adjacent Medical Centre
- WAULT of 7.25 years to expiry
- Index Linked Rent Reviews (RPI)
- Guide Price of £425,000 reflects an attractive Net Initial Yield of 9.76%
Description
The property comprises a mixed-use property arranged over ground, first and second floors. The property is currently being occupied by Lloyds Pharmacy to the ground floor, who operate as the primary pharmacy for the adjacent medical centre.
The upper parts are occupied by the adjacent Brannam Medical centre, with the first floor being used as overflow consultancy rooms and the second floor being used as office space.
We understand that Brannam Medical Centre has recently undergone a full refurbishment and extension, but that the additional space within the subject property is fully utilised and required.
The property is accessed from Kiln Lane and customers make use of the Brannam Medical Centre car park which has 28 spaces.
Location
The property is located in the centre of Barnstaple, a river-port town in North Devon and is accessed from Brannam Square.
The high street is only a few minutes walk away which provides access to numerous local amenities such as Tesco Express.
The property has good transport links as A39 is only a few minutes drive away that leads onto the south and has good public transport connections with Barnstaple Bus and Train Station within in walking distance.
Tenure
Freehold
Tenancy
The ground floor is let to Lloyds Pharmacy Limited on a lease expiring 16/02/2029 and paying a rent of £29,962 per annum. The lease includes a break clause in May 2024 with six months notice, with an additional break clause that can be activated with six months notice from when Brannam Medical Centre cease trading.
The lease provides for RPI linked, upward only rent reviews with the next review on 17/02/2024.
The upper parts are let to Individuals in Trust of Brannam Medical Centre on a lease expiring 31/03/2032 and paying a rent of £13,208 per annum. The lease includes break clauses in 2023, 2026 and 2029 all with one months notice. The lease includes three yearly, RPI linked, upward only rent reviews, with the next review 31/03/2023.
Both leases are drafted within the Landlord and tenant (1954) Act.
Please see the Tenancy Schedule and Legal Pack for full details.
VAT
Refer to the legal documentation
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* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
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The successful purchaser will be required to pay the auctioneers administration fee of £1,800 inclusive of VAT on purchases of £20,000 and above and £600 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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Subject to Contract and Exclusive of VAT © Lambert Smith Hampton April 2025
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