Geralds (Tesco Stores), Main Road, Exminster, Exeter, Devon, EX6 8DB

The property comprises a Mixed-Use, terraced convenience store and 6 Self-Contained flats. Located prominently on the main road in Exminster an affluent area popular with families. There is parking at front of the building and access to the rear where two garages are located. The ground floor is a good sized retail premises occupied by Tesco, operating as a convenience store with a strong local customer base. The store includes a main sales area, rear storage, w/c and office facilities for staff. Above the ground floor retail unit are six self contained residential flats of varying size offering flexible accommodation suited to a range of tenants.

The building benefits from good visibility along a key residential area in Exminster with GP practice, school, bus stop and a quality retail offering all in close proximity. The combination of a national retailer on the ground floor with residential units above make this a well balanced and attractive investment opportunity.

Location

Exminster is an affluent area just 4 miles south from Exeter. Positioned along the A379, the village offers great connectivity into Exeter, The M5 motorway and the South West region as a whole. The area has a strong community presence with local cafes, shops and recreational facilities such as golf. Exminster benefits from good accessibility into Exeter which offers extensive retail, leisure and employment opportunities while appreciating the more relaxed village lifestyle.

The main road serves as the primary throughfare through Exminster featuring a mix of independent business and essential services. The location's visibility and accessibility make it an ideal spot for retailers to provide services for the community whilst being surrounded by residential properties ensuring a steady flow of local customers. Exminster's appeal is enhanced by the natural surroundings nearby to the countryside and the Exe Estuary, which are popular for outdoor activities and dog walkers. The village has strong transport links with regular bus routes into Exeter.

Accommodation

Vickery Holman have inspected the property and all areas are approximate and measured in accordance with the RICS Property Measurement (2nd Edition) on a Gross and Net Internal Basis:

Flat 1 - 647 sq ft (60.08 Sq m)
Flat 2 - 314 sq ft (29.20 Sq m)
Flat 3 - 416 sq ft (38.63 Sq m)
Flat 4 - 400 sq ft (37.14 Sq m)
Flat 5 - 381 sq ft (35.42 Sq m)
Flat 6 - 763 sq ft (70.90 Sq m)
Communal Areas - 399 sq ft (37.06 Sq m)
Garage 1 - 123 sq ft (11.43 Sq m)
Garage 2 - 123 sq ft (11.43 Sq m)
TOTAL AREA - 3,566 sq ft (331.29 Sq m)

Main Store - 1,614 sq ft (149.96 Sq m)
Cleaning Storage - 33 sq ft (3.07 Sq m)
Staff Room - 76 sq ft (7.02 Sq m)
Office - 95 sq ft (8.82 Sq m)
Rear Store - 438 sq ft (40.66 Sq m)
TOTAL AREA - 2,256 sq ft (209.54 Sq m)

Rent / Price

We are instructed to seek offers in the region of £950,000 which reflects a NIY of 7.40% after an allowance for purchaser's costs of 5.69%. A purchase at this level reflects a reversionary yield of 8.52% after effective asset management of the property.

Services

We understand that mains electricity, water and drainage are connected to the property however these services have not been tested by the agents. Interested parties should make their own enquiries.

EPC

Address Expiry Date Rating Band
Flat 1 Geralds, Exminster, Exeter, EX6 8DB 06 May 2029 45 E
Flat 2 Geralds, Exminster, Exeter, EX6 8DB 20 January 2030 71 C
Flat 3 Geralds, Exminster, Exeter, EX6 8DB 20 January 2030 70 C
Flat 4, Geralds, Exminster Exeter, EX6 8DB 19 May 2034 71 C
Flat 5, Geralds, Exminster Exeter, EX6 8DB 19 May 2034 77 C
Flat 6 Geralds, Exminster, Exeter, EX6 8DB 23 July 2029 78 C
Tesco Stores, Main Road, Exminster, EX6 8DB 23 May 2034 62 C

Legal Fees

Each party to be responsible for their own legal fees in relation to this transaction.

VAT

We are advised VAT is not applicable as property being sold as a Transfer of Going Concern (TOGC).