Restaurant for sale

Bank Street, Teignmouth TQ14

Investment Consideration:
Gross Initial Yield: 6.83%
Rental Income: £21,840 p.a.
VAT is not applicable to this property
Comprises ground floor takeaway and a self-contained 1-bedroom cottage at rear Clampet Lane
Teignmouth is a seaside town, fishing port and civil parish in the county of Devon
The property is situated in the heart of the town centre within short walk from Teignmouth Train Station, with occupiers nearby including Costa Coffee, Poundland, Greggs and more.

Property Description:
Comprises mid-terrace ground floor shop t/a Takeaway and self-contained 1-bedroom cottage at rear (Clampet Lane), providing the following accommodation and dimensions:
Ground Floor Takeaway: 60 sq m (645 sq ft)
Open plan retail, storage, ancillary, wc
Ground/First/Second Floor Cottage: 92 sq m (990 sq ft)
1 bedroom, kitchen/living room, bathroom
Total gia: 152 sq m (1,635 sq ft)

Tenancy:
The shop is at present let to an Individual for a term of 5 years from 12th April 2023 at a current rent of £13,500 p.a. P.a. And the lease contains full repairing and insuring covenants. Lease renewal. Tenant in occupation since 2018
The cottage is at present let on apt to an Individual at a current rent of £8,340 p.a. Deposit held of £801.

Location:
Teignmouth is a seaside town, fishing port and civil parish in the English county of Devon. It is on the north bank of the estuary mouth of the River Teign, about 12 miles south of Exeter. The property is situated in the heart of the town centre within short walk from Teignmouth Train Station, with occupiers nearby including Costa Coffee, Poundland, Co-Op Food, Greggs, Holland & Barrett and many more.