ILFRACOMBE, Devon
DESCRIPTION - Lock-up retail shop with storage to the rear, located in a good location to benefit from the tourist trade in the summer. The property is occupied by a local trader on a commercial lease paying ?6,900 per annum. This area has seen a particular increase in prosperity pver recent years with Damian Hurst's restaurant nearby. Property values and rents are likely to rise in the future.
ACCOMMODATION
INTERNAL WIDTH 4.05M
SHOP DEPTH 10.23M
SALES AREA 35.61M (385 SQ FT)
STORE 19.56M (210 SQ FT)
KITCHEN & WC
TENANCY
The premises are currently occupied by Mr & Mrs R Hoyles, local traders, on a lease commencing March 2003 until 28th February 2010 with 3-yearly rent reviews at a current rent of ?6,900 per annum.
PRICE
Offers are sought in the region of ?110,000. Allowing for costs this reflects a net initial yield of 6.1% return.
The property is held on a long leasehold interest.
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