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Hébergement
La propriété a été mesurée par les plans d'étage BKR et offre les superficies de plancher suivantes :
| Hébergement | pieds carrés | M² |
| Façade nette | 22 ft 2 in’s | 6.76 m |
| Façade brute | 24 ft 8 in’s | 7.51 m |
| Ground Floor (NIA) | ||
| Zone A | 427 | 39.63 |
| ZoneB | 388 | 36.06 |
| ZoneC | 287 | 26.64 |
| Reste | 242 | 22.49 |
| Total Ground floor | 1,344 | 124.82 |
| First Floor (GIA) | 1,221 | 113.43 |
| Second Floor (GIA) | 827 | 76.79 |
| Third Floor (GIA) | 682 | 63.35 |
| TOTAL | 4,074 | 378.39 |
A set of floor plans is available to download, and the measured survey report will be re-addressed to a purchaser at a cost of £645 + VAT.
Mandat
La propriété est détenue en pleine propriété.
Location
Le rez-de-chaussée est loué à DP Immobilier Limitée (Company No. 02882513) trading as Domino’s on a full repairing and insuring lease for a term of 20 years from 20 November 2023 expiring on 19 November 2043, providing an unexpired term of approximately 17 years.
The lease contains a tenant-only break option exercisable on 19 November 2033, providing a minimum term certain of approximately 7 years.
Le loyer de passage actuel est 31 000 £ par an.
Rent reviews are on an upward-only, open market basis at five-yearly intervals throughout the term. The next rent review is on 20 November 2028.
Our client has owned the property for over 10 years and granted a new lease to DP Realty Limited in 2023. We understand that throughout their ownership, the rental income from the ground floor has consistently been in line with the current passing rent.
Planification
The upper parts of the property benefit from full planning consent granted by East Devon District Council under reference 25/2078/FUL for the conversion of the first, second and third floors to two self-contained residential comprising a two-bedroom flat on first and a duplex two-bedroom flat on the second and third floor.
The consented scheme provides a purchaser with an immediately actionable residential development opportunity without the uncertainty of a planning application.
The appropriate page on the East Devon District Council Planning Portal is available here
Upon commencement of the development a Community Infrastructure Levy (CIL) will be due to East Devon District Council of £17,897.30. Further information is available in the data room.
The property benefits from a large rear car park which remains unaffected in its entirety by the planning permission outlined above and is therefore capable of further development potential, subject to the necessary consents.
Valeurs imposables
The rateable value of the ground floor is currently £30,500.
The upper parts have been removed from the rating list. Therefore, the property is not subject to empty rates.
The decision notice is available to download in the data room.
Engagement
DP Realty Limited (Company No. 02882513) has been established for approximately 32 years. The company’s registered office is at 1 Thornbury, West Ashland, Milton Keynes, Buckinghamshire, MK6 4BB.
DP Realty Limited operates as the captive property holding arm of Domino’s Pizza Group plc, the UK and Ireland master franchisor for the Domino’s brand. Its role within the group is the securing, holding and development of real estate for the Domino’s store network across the United Kingdom.
DP Realty Limited has reported the following financial figures for the last 3 years:
| 28-Dec-25 | 29-Dec-24 | 31 décembre 2023 | |
| Revenu | £3,640,000 | £3,347,000 | £3,196,000 |
| Bénéfice avant impôts | -£59,000 | £728,000 | £1,600,000 |
| Shareholders’ Funds | £7,262,000 | £7,305,000 | £6,783,000 |
DP Realty Limited is a subsidiary under the significant control of Domino’s Pizza Group plc. Domino’s Pizza Group plc (Company No. 03853545) is a public limited company listed on the London Stock Exchange (AIM), operating a network of over 1,400 stores across the UK and Ireland.
A rent payment history is available in the data room, showing the quality of the investment on offer.
Dépense
Works were carried out to the building in 2024 by the vendor which included external and internal remediation. A schedule of works is available within the data room. Therefore, beyond the cost of converting the vacant upper parts to residential there is no foreseen expenditure for an investor in maintaining the property.
Valeurs résidentielles
Recent flat sales on the High Street range from approximately £110,000 to £160,000. A newly converted 2-bedroom flat at Central Place was marketed at offers over £145,000 and is now sold. Refurbished and purpose-built 2-bedroom flats nearby, at Kerslakes Court and Carrington Place, have been marketed at circa £170,000.
Local agents’ advice suggests the flats within the subject property would command the upper end of this range. Therefore, on this advice and evidence, we estimate the completed flats within the subject property would each have a value of £175,000, giving a combined gross development value in the region of £350,000.
Honiton benefits from steady rental demand for 2-bedroom flats in the town centre. Advice from a local agent suggests the completed flats would let at approximately £1,200 pcm / £14,400 pa per flat. This would reflect an attractive gross yield against the GDV of 8.2%, and therefore the flats would also appeal to buy-to-let investors as well as owner-occupiers.
CPE
The ground floor has an EPC rating of E-102.
The accompanying Recommendation Report suggests a number of modest, low-cost improvements that could further enhance energy efficiency. These include solar shading to windows, upgraded heating controls, cavity wall insulation and secondary glazing, together with a review of the existing heating and cooling systems. A full copy of the EPC and Recommendation Report is available within the data room.
The upper floors have an EPC rating of C-68.
T.V.A.
The property is elected for VAT. We anticipate that the sale should be capable of being treated as a Transfer of a Going Concern (TOGC).
Proposition
Nous sommes chargés de rechercher offers in the region of £495,000 (Four Hundred and Ninety-Five Thousand Pounds), subject to contract.
With the exit of the residential flats estimated to be in the region of £350,000, we suggest it is reasonable to assess the apportioned purchase price for the upper floors at £125,000, leaving an attractive developers profit in implementing the planning permission.
Un achat au prix demandé reflète une Net Initial Yield of 8.00% on the current passing rent after attributing the notional value of £125,000 to the vacant upper floors which benefit from full planning consent for conversion to two residential apartments.
The rear car park which provides additional asset management potential has been assigned nil-value.
Please note a purchaser will be re-charged the cost of the measured survey (£645 + VAT) and Searches which are provided in the data room.
Veuillez noter que des frais de transaction de 1,0% du prix d'achat plus TVA seront facturés à l'acheteur.
Considérations d'investissement
- A prominent freehold investment on the prime retail pitch of Honiton High Street
- Secure long-term income from DP Realty Limited t/a Domino’s – a wholly owned subsidiary of Domino’s Pizza Group plc, the UK and Ireland master franchisor
- Full planning consent for the conversion of the upper floors to two self-contained residential apartments provides a purchaser with an immediately actionable development opportunity
- The large rear car park represents a further opportunity for a purchaser, subject to any necessary consents
- A purchase at the asking price reflects an attractive Net Initial Yield after applying a notional £125,000 the upper floors.
- The opportunity provides a purchaser with a blend of secure income and add-value in an established and popular market town.
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