Stowey Arms Public House Blackthorne Rd 23,087 SF Retail Building Exminster EX6 8AT $746,269 ($32.32/SF) 10.82% Cap Rate

We are instructed to invite offers in excess of £550,000 (10.82% NIY) assuming the usual purchasers costs.
The entire property is let to a private individual on a 5 year lease from 31 July 2024 at a current rent of £29,232 per annum, and an annual tie release fee of £33,170 which are both subject to annual reviews reflecting the change in the RPI over the preceding 12 months, subject to a minimum increase of 2% and a maximum increase of 6%. A rent deposit of £3,674 is held by the landlord. The lease is contracted out of the security of tenure provisions of the Landlord and Tenant Act 1954.
The property comprises the ground and first floor of a two storey detached building with painted pebbledash elevations beneath a pitched tiled roof.
Ground Floor: The ground floor provides a games area with a private hire area to the rear. The dining area comprises a central bar servery and seating at loose tables, chairs and couches for 50 customers. Ancillary areas include a trade kitchen, customer WC's, stores and a ground floor cellar.
First Floor: The first floor comprises three double ensuite bedrooms, a single ensuite bedroom, private staff accommodation providing two bedrooms, lounge, bathroom and kitchen.
Externally: There are loose picnic benches to the front of the property for 20 customers. To the rear is a further external trade area for approximately 30 customers. There is parking to the front for 20 vehicles.
Located in the village of Exminster in the county of Devon, 4.5 miles south of Exeter and 42 miles north east of Plymouth. The Stowey Arms is situated fronting Main Road in a mixed residential and rural area, a short distance south east of Exeter city centre. The village has local businesses including; Pizza a Legna, Tesco Express, The Artisan Dog Company and Winsor Flower Studio.