Property photos
Just added
£125,000
(£219.30/sq. ft)
Parking/garage for sale
King Street, Exeter EX1570 sq. ft
Local area information
Property location
Nearby amenities
- Exeter Cathedral School 0.2 miles
- St David's CofE Primary School 0.3 miles
- Exeter St Thomas 0.4 miles
- Exeter Central 0.4 miles
These distances are calculated in a straight line. The actual route and distance may vary.
Read our area guide for Exeter to find out more about the local area.
Features and description
- Exeter City Centre location
- 1 workshop plus 3 lock up garages
- All currently tenanted
- Opportunities for rent increases
- Potential future development - (STP)
Situation and description
The premises are located off of King Street, in the heart of the City to the rear of Fore Street and the Inner Bypass. A number of the adjoining commercial buildings have been converted or re-developed for apartments in what’s an up and coming residential area. The premises have generally been long term tenanted by either local residents or businesses in the area seeking City centre parking / storage. The premises are within easy walking distance of Princesshay and the Guildhall centre, the main City retail areas, plus Southernhay which is the main City office area, making these ideally suited for local offices dead file storage.
The premises comprise 4 lock up garages, although they do not all adjoin each other. They are arranged at each end of the terrace with 2 adjoining each other in the middle. The premises are all let and producing a useful income. The site has the potential to form part of a larger re-development of this area at some point in the future, subject to the usual consents, with the owner than being well placed to participate and benefit from such a re-development of the area.
Accommodation
Brief details of the accommodation are as follows: -
The 4 garages are located in at each end of the terrace plus 2 further garages adjoining each other in the centre. As shown on the Promap below, they are in a very central City location.
Planning
We understand that no planning consent has been sought on these premises to date, but that they could form part of a larger redevelopment of the area in the future.
Current tenancies
We are advised that all 4 garages are let to long term tenants. Three of these garages have been let at rental rates established in 1996 with no increase, while the fourth garage was reassessed in 2008. The garages are let on a monthly tenancy agreement via a simple rent book, with most rents paid by standing order.
Rental income potential
The total current annual rental income from the garages amounts to £4,740 pa. There is potential for significant rent increases, as the existing rents have not kept pace with inflation. As an example, if the rents were adjusted in line with the Retail Price Index (rpi) the annual rent would now be in excess of £10,000 per annum.
VAT
We have been advised that VAT is not chargeable on the sale of this property.
Price
Offers are invited in the region of £125,000 for the freehold of the 4 garages subject to and with the benefit of the tenancies as at completion, with the potential for either continued lettings but at increased rental levels, or the possibility of a comprehensive re-development of the area in the future. Individual sales of the garages would be considered, full details on request.
Legal costs
Each party to bear their own legal costs in this instance.
Viewing
Strictly by prior appointment only with the sole agents, for the attention of Tony Noon Ref (0173)
The premises are located off of King Street, in the heart of the City to the rear of Fore Street and the Inner Bypass. A number of the adjoining commercial buildings have been converted or re-developed for apartments in what’s an up and coming residential area. The premises have generally been long term tenanted by either local residents or businesses in the area seeking City centre parking / storage. The premises are within easy walking distance of Princesshay and the Guildhall centre, the main City retail areas, plus Southernhay which is the main City office area, making these ideally suited for local offices dead file storage.
The premises comprise 4 lock up garages, although they do not all adjoin each other. They are arranged at each end of the terrace with 2 adjoining each other in the middle. The premises are all let and producing a useful income. The site has the potential to form part of a larger re-development of this area at some point in the future, subject to the usual consents, with the owner than being well placed to participate and benefit from such a re-development of the area.
Accommodation
Brief details of the accommodation are as follows: -
The 4 garages are located in at each end of the terrace plus 2 further garages adjoining each other in the centre. As shown on the Promap below, they are in a very central City location.
Planning
We understand that no planning consent has been sought on these premises to date, but that they could form part of a larger redevelopment of the area in the future.
Current tenancies
We are advised that all 4 garages are let to long term tenants. Three of these garages have been let at rental rates established in 1996 with no increase, while the fourth garage was reassessed in 2008. The garages are let on a monthly tenancy agreement via a simple rent book, with most rents paid by standing order.
Rental income potential
The total current annual rental income from the garages amounts to £4,740 pa. There is potential for significant rent increases, as the existing rents have not kept pace with inflation. As an example, if the rents were adjusted in line with the Retail Price Index (rpi) the annual rent would now be in excess of £10,000 per annum.
VAT
We have been advised that VAT is not chargeable on the sale of this property.
Price
Offers are invited in the region of £125,000 for the freehold of the 4 garages subject to and with the benefit of the tenancies as at completion, with the potential for either continued lettings but at increased rental levels, or the possibility of a comprehensive re-development of the area in the future. Individual sales of the garages would be considered, full details on request.
Legal costs
Each party to bear their own legal costs in this instance.
Viewing
Strictly by prior appointment only with the sole agents, for the attention of Tony Noon Ref (0173)
More information
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