9-11 North Street, Exeter
An INVESTMENT/DEVELOPMENT opportunity that is situated in the middle of Exeter City Centre. There are two commercial premises on the ground floor with a combined income of £38,000 per annum. Above the commercial premises are 3 floors with planning permission for 8 apartments.
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.
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 building
The total ERV of the building once the apartments are built and let would be circa £194,000 P/A
- Planning Permission for 8 apartments
- 2 commercial premises with a combined income of £38,000 per annum
- One of the commercial premises has over 23 years remaining on the lease
- City Centre location
- No Chain