According to the Valuation Office website the rateable value for the property is as follows;
|20 New George Street||£68,500|
The business rate multiplier is 51.2 pence per pound.
The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:
|Net Frontage||6.73 m||22’1”|
|Gross Frontage||7.42 m||24’4”|
|Zone A||44.13 sq m||475 sq ft|
|Zone B||51.37 sq m||553 sq ft|
|Zone C||52.67 sq m||567 sq ft|
|Remainder||51.00 sq m||549 sq ft|
|Ground Floor Total||199.18 sq m||2,144 sq ft|
|First Floor||113.15 sq m||1,218 sq ft|
|Second Floor||58.06 sq m||625 sq ft|
|Total||171.21 sq m||1,843 sq ft|
The measured survey report is available to download and will be re-addressed to a purchaser at a cost of £297.50 + VAT.
The property is held under a head lease from Plymouth City Council for a term of 125 years from 7th July 1999, expiring on 6th July 2124 (approximately 103 years unexpired) at a ground rent of 10% of rents received. There is no head rent payable if the property is vacant.
The current rent payable under the head lease is £8,300 per annum.
The ground floor is currently vacant.
The first and second floors have been let to Tanya Bader (t/a March Hair) from 28th June 2017, expiring on 29th March 2026 at a passing rent of £13,000 per annum.
The property has not been registered for VAT and therefore VAT is not applicable on the purchase price.
28 New George Street was sold in January 2022 for £490,000, reflecting a net initial yield of 15.0%. Arranged over ground, first and second floor totalling 171 sq m (1,843 sq ft), the property is let to Johar Limited (t/a The Body Shop) for a term expiring on 16th November 2023 at a passing rent of £86,000 per annum.
We are instructed to seek offers in excess of £315,000 (Three Hundred and Fifteen Thousand Pounds), subject to contract.
Please note a purchaser will be re-charged the cost of the searches (£974.50) and measured survey (£297.50) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1.0% plus VAT of the final agreed sale price.
An opportunity to acquire a city centre investment;
The property is located in the heart of Plymouth’s prime retailing centre;
No head rent payable if the property is vacant;
Attractive lot size for an investor.