36 Church St 1,233 SF Retail Building Modbury PL21 0QR £225,000 (£182.48/SF) 7.53% Net Initial Yield

Guide price for the long leasehold interest of £225,000 reflecting a net initial yield of 7.53%.
The property is being sold with the benefit of an occupational lease of the ground floor shop and garden let to Brownston Art Limited (CRN 16167974) subject to a personal guarantee from Aimie Freeston for a term of 20 years from 7th March 2025 on a contributory full repairing and insuring basis (proportion 40%) at a rent of £17,360 per annum. The rent is reviewed on a 5 yearly basis and there is a tenants option to break at the 10th anniversary (2035) subject to 6 months prior written notice.
The property comprises the ground floor and rear garden only of a three storey end terraced/corner period building. The ground floor is well presented and provides contemporary open plan modern Art Gallery. To the rear there is a private enclosed attractive garden. The property is situated on Church Street occupying a prominent corner position with a return frontage onto Brownston Street. Nearby occupiers include independent retailers, Co-op convenience store, pubs, cafes and estate agents. Modbury is a large rural village but generally considered a market town situated within the well-regarded South Hams area of Devon with a population of approximately 1,500. The village is situated on the A379 road which links it to Plymouth and Kingsbridge. The main retail area is modest and centred around Church Street and Broad Street both of which form part of the A379 through the centre of Modbury.