7-11 North Street, Exeter
An INVESTMENT/DEVELOPMENT opportunity that is situated in the middle of Exeter City Centre. There are three commercial premises on the ground floor with a combined income of £60,000 per annum. In two of the three buildings there is planning permission for 8 apartments. There is also the potential for further development in the remaining building.
Commercial Premises (Admiral Shop)
This premises have an income of £28,000 Per Annum and the retailer has 23 years remaining on their lease.
Commercial Premises (Roundel)
This premises have an income of £10,000 Per Annum and the retailer has 1 year remaining on their lease.
Commercial Premises (The Hen House)
This premises have an income of £22,000 Per Annum and the retailer has 1 year remaining on their lease. This premises also has a late night licence.
There is full planning permission for Seven 2-bedroom apartments and One 1-bedroom apartment. The planning Reference is 15/0709/FUL.
GDV AND ERV of the Eight Apartments
We believe the potential GDV of the Eight Apartments is £2,200,000 and the ERV to be £156,000 P/A.
Total ERV of the buildings
The total ERV of the building once the apartments are built and let would be circa £216,000 P/A
The person selling the property is a connected person to Francis Louis.
- Great Investment Opportunity
- City Centre Location
- Investment / Development
- 3 Commercial Premises
- Planning Permission for 8 apartments
- There is scope to get planning on 8 to 10 more flats developed in addition to the 8 apartments already approved