40 New St 379 SF Retail Building Honiton EX14 1BU $342,325 ($903.23/SF) 10.02% Cap Rate

The freehold interest subject to the existing tenancies is available at a guide price of £250,000 subject to contract. This figure will show an investor a net initial yield of approximately 10.02% after allowing for normal purchasers costs.
The ground floor is occupied by a physiotherapist practice currently held by way of a 3 year internal repairing lease from 3rd December 2021. The tenants are holding over and wish to renew on the same terms as the existing lease.
40 New Street is a mid terraced property comprising a ground floor shop, with two flats above, a ground floor flat behind and a communal enclosed garden. The ground floor shop is currently occupied by a physiotherapists practice. It has a waiting area, two treatment rooms, a store, kitchenette and staff WC. The unit is well presented with good sized display windows. Accessed from a side passage are three self contained flats. Flats A and B are on the first floor. Flat A to the front of the building over looking New Street, has three bedrooms, kitchen/ living room and bathroom. Flat B is situated at the rear and comprises a open plan kitchen/ living room, bedroom and bathroom. Flat C is on the ground floor to the rear of the property and comprises a open plan kitchen/ living area, bedroom with en suite bathroom. To the rear is a small fully enclosed paved garden. Each flat has electric heating.
Honiton is a popular market town in the centre of East Devon which sits at the junction of the A30, A35 and A376 roads. The town is approximately 16 miles east of Exeter and linked via the A30 dual carriageway providing a direct link to Junction 29 of the M5 Motorway. Honiton has a resident population of approximately 12,000 and provides a diverse range of retail facilities represented by a number of national multiples together with independent retailers, cafes, restaurants and public houses. New Street is a central location off the High Street, home to a number of predominantly independent shops and professional services as well as Honiton Library. There is a large pay and display car park, bus stop and Honiton train station.