Exmoor Property, Church Hill, Lynton, Devon EX35 6HY

Mon - Fri: 9.30am – 5.00pm
Sat: 10.00am – 4.00pm
Sun: By appointment

Your Local
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Estate Agent

Your Local
Award Winning
Estate Agent

The Esplanade, Lynmouth
£500,000

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  • Freehold Investment
  • 6.5% to 7% Income Yield
  • Potential to Increase Income
  • Two Shop Premises
  • Two Sea-View Flats
  • Four Parking Spaces
  • Beside The Cliff Railway & Attractions
  • Excellent Condition
  • Prime Seafront Location
  • Exmoor National Park

Attention Investors! A rare chance to obtain a freehold interest in two large shop premises, with flats and parking in a prime National Park seafront location. Generating annual income of £32,400 the investment returns a healthy 6.5% income yield, with scope to increase to 7%. (Ask agent for details.) In addition to the healthy immediate income returns, the long-term capital growth potential in this beautiful, unspoilt seaside location, makes this a highly attractive investment opportunity. Includes: Two large seafront shop premises, two 2-bedroom sea-view flats, and four parking spaces beside the property.


Location

The popular harbour-side village of Lynmouth is considered the jewel in the crown of the Exmoor National Park. A magnet for thousands of visitors throughout the year, attracted by a rich variety of shops, cafes and pubs along the seafront and harbour. Families, walkers and day-visitors provide strong trade for this busy resort village all year round. The premises offered are located beside the world famous Lynton & Lynmouth Cliff Railway. The world’s largest and steepest water-powered cliff railway is one of the top visitor attractions in the South West of England and draws tens of thousands of visitors annually, generating valuable passing trade for the leaseholder tenants.

Construction

The premises were built in 1994 and are presented in excellent condition. The walls are of concrete block faced with natural stone, under a clay tiled roof.

Viewings

Please note: To minimise disruption to these busy retail businesses, viewings are strictly by appointment with sole agents, Exmoor Property.

Terms

Available as a joint lot only, the investment breaks down as:

Shop A

Description: A large sea-front retail premises of approximately 50m². Income: £12,000pa. Lease term: Approximately 18 months remaining. Rent review date: Next review due January 2020.

Flat A

Description: A two-bedroom first floor flat (above Shop A) with direct sea views. Income: Currently £5,400pa. (Potential income, on re-letting, of £7,200pa achievable for AST and around £15,000pa, if holiday let.) Lease term: Held on AST (Now expired and holding over, with two-months’ notice required.) Rent review date: Rent review on renewal of lease.

Shop B & Flat B

Description: A large shop premises of approximately 80m², together with a two-bedroom sea view flat. Income: £15,000pa. Lease term: Approximately 3 years remaining. Rent review date: Next review due December 2019.

EPCs

EPCs are available for both shops and flats on request

Parking

Four marked parking spaces beside Shop A are alsoincluded.


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The Esplanade
Lynmouth EX35 6EQ
County: Devon
Sale Type: For Sale
Available: NOW
Ref #: EXP00463
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