Vision, Zone E, Chapel Street, Devonport, Plymouth, Devon, PL1 4FY & PL1 4DU

Vision, Zone E, Chapel Street, Devonport, Plymouth, Devon, PL1 4FY & PL1 4DU

Floor Area: 3,742 Sq Ft
Price: £45,500 - £52,500
  • Ref: A0871
  • Type: Investment
  • Availability: For Sale
  • Make Enquiry
  • View Brochure
  • View EPC
  • View EPC
  • View EPC

Property Features

  • Fully let retail investment
  • Freehold
  • Prominent location on arterial route
  • Currently producing £45,500 p.a.x. rising to £52,500 p.a.x.
  • Net initial yield 8.69% to 10.03%

Property Summary

Vision, Zone E, comprises five modern ground floor retail/office units. To the rear of the building there is access for servicing and car parking. Each commercial unit benefits from one parking space. To the front of the building there are 10 visitor parking spaces for commercial occupiers.The two upper floors have been converted into residential accommodation and have been sold off on one single head lease.

Full Details

LOCATION
The units are located in a prominent location fronting both Chapel Street and Phelps Road in the suburb of Devonport and fronting the main western arterial route out of Plymouth towards Cornwall.
The location serves a substantial residential population of established and new housing forming part of the new Vision Development by Redrow Homes (7.3 ha mixed use) as well as other adjacent residential developments including Mount Wise (28 acres mixed use) and Oceansgate (35 ha commercial development) transforming Devonport.

ACCOMMODATION:
(All dimensions and areas are approximate)
Unit 1: 65.53 sq m 705 sq ft
Unit 2: 47.87 sq m 515 sq ft
Unit 3: 95.94 sq m 1,033 sq ft
Unit 4: 67.67 sq m 728 sq ft
Unit 5: 70.71 sq m 761 sq ft

SERVICES:
We understand that mains water, electricity and drainage are connected to the property.

RATEABLE VALUES:
The units have been assessed under the 2017 Rating List as having Rateable Values as follows:
Unit 1: £8,400
Unit 2: £6,300
Unit 3: £12,250
Unit 4: £8,600
Unit 5: £8,800
We recommend that you make your own enquiries into the actual liability. Guidance can be obtained at www.voa.gov.uk

PROPOSITION:
The premises are available for sale freehold subject to the existing tenancies. Offers are invited in excess of £500,000 reflecting an initial yield of 8.69% rising to 10.03%

VAT:
All figures within these terms are exclusive of VAT where chargeable. It is anticipated that the sale will be treated as a Transfer of a Going Concern for VAT purposes.

LEGAL COSTS:
Each party will be responsible for their own legal costs incurred in the transaction.

EPC:
All Energy Performance Certificates will be available from the agents. The units have been assessed as follows:
Unit 1: A20
Unit 2: A24
Unit 3: A21
Unit 4: A21
Unit 5: A21

VIEWING AND FURTHER INFORMATION:
Strictly by prior appointment through joint sole agents:-

Vision, Zone E, Chapel Street, Devonport, Plymouth, Devon, PL1 4FY & PL1 4DU

Floor Area: 3,742 Sq Ft
Price: £45,500 - £52,500
  • Ref: A0871
  • Type: Investment
  • Availability: For Sale
  • Make Enquiry
  • View Brochure
  • View EPC
  • View EPC
  • View EPC

Property Features

  • Fully let retail investment
  • Freehold
  • Prominent location on arterial route
  • Currently producing £45,500 p.a.x. rising to £52,500 p.a.x.
  • Net initial yield 8.69% to 10.03%

Property Summary

Vision, Zone E, comprises five modern ground floor retail/office units. To the rear of the building there is access for servicing and car parking. Each commercial unit benefits from one parking space. To the front of the building there are 10 visitor parking spaces for commercial occupiers.The two upper floors have been converted into residential accommodation and have been sold off on one single head lease.

Full Details

LOCATION
The units are located in a prominent location fronting both Chapel Street and Phelps Road in the suburb of Devonport and fronting the main western arterial route out of Plymouth towards Cornwall.
The location serves a substantial residential population of established and new housing forming part of the new Vision Development by Redrow Homes (7.3 ha mixed use) as well as other adjacent residential developments including Mount Wise (28 acres mixed use) and Oceansgate (35 ha commercial development) transforming Devonport.

ACCOMMODATION:
(All dimensions and areas are approximate)
Unit 1: 65.53 sq m 705 sq ft
Unit 2: 47.87 sq m 515 sq ft
Unit 3: 95.94 sq m 1,033 sq ft
Unit 4: 67.67 sq m 728 sq ft
Unit 5: 70.71 sq m 761 sq ft

SERVICES:
We understand that mains water, electricity and drainage are connected to the property.

RATEABLE VALUES:
The units have been assessed under the 2017 Rating List as having Rateable Values as follows:
Unit 1: £8,400
Unit 2: £6,300
Unit 3: £12,250
Unit 4: £8,600
Unit 5: £8,800
We recommend that you make your own enquiries into the actual liability. Guidance can be obtained at www.voa.gov.uk

PROPOSITION:
The premises are available for sale freehold subject to the existing tenancies. Offers are invited in excess of £500,000 reflecting an initial yield of 8.69% rising to 10.03%

VAT:
All figures within these terms are exclusive of VAT where chargeable. It is anticipated that the sale will be treated as a Transfer of a Going Concern for VAT purposes.

LEGAL COSTS:
Each party will be responsible for their own legal costs incurred in the transaction.

EPC:
All Energy Performance Certificates will be available from the agents. The units have been assessed as follows:
Unit 1: A20
Unit 2: A24
Unit 3: A21
Unit 4: A21
Unit 5: A21

VIEWING AND FURTHER INFORMATION:
Strictly by prior appointment through joint sole agents:-