For Sale

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.

Development
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

Notes
The person selling the property is a connected person to Francis Louis.

£1,570,000
15 Bedroom Detached House

Overview

Bedrooms15 Bedrooms
Bathrooms15 Bathrooms
Reception Rooms10 Receptions

Features

  • 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

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