Exeter Street Salisbury, SP1

Mixed use investment property for sale.

The Property
A commercial investment property for sale, the property has scope for future extension or redevelopment, subject to the necessary consents. The property is subject to a commercial lease in favour of Medivet Group Ltd, a veterinary practice occupying the ground floor and part of the first floor of the property. There are also separate Assured Shorthold Tenancies in place for the residential accommodation at first and second floor levels. The current rental income generated by the property is £64,000 per annum.

The property comprises an attached building of brick construction beneath a (mostly) pitched tiled roof, with a small section of flat roof to the rear right-hand side of the building, which was constructed within the last 20 years. There are dormer and bay windows to the front elevation and two dormer windows to the rear. The building has UPVC gutters, downpipes and associated rainwater goods and three brick chimney stacks. There are ground floor extensions to the rear with a mixture of brick elevations below a pitched tiled roof and the section of flat roof. Mains water, drainage, electricity and gas services are connected to the building. The property has a parking area with a mixed-surface finish of hardcore and concrete to the left-hand side, measuring approximately 300 sq m (3,229 sq ft), with an entrance off Carmelite Way. It is surrounded by a timber fence with a brick dwarf wall below.

Internally the property is arranged over three floors (ground, first and second), with a veterinary practice in occupation of the ground floor and part of the first floor, measuring approximately 143.42 sq m (1,544 sq ft). The remainder of the first floor and second floor comprise a generous amount of residential accommodation with three bedrooms, a bathroom, living room and kitchen, all measuring approximately 92.68 sq m (998 sq ft). The shared front entrance and the cleaning store/recess on the first floor landing measure approximately 17.01 sq m (183 sq ft). The total floor area, excluding the residential hallways/access is approximately 253.11 sq m (2,724 sq ft).

Commercial Tenancy
There is a commercial lease in favour of Medivet Group Limited dated 16th August 2021 for a term of 15 years at an annual rent of £40,000 per annum, subject to five yearly upward only market reviews. There is a break clause within the agreement operable by the tenant on the fifth and tenth anniversary. The tenant is responsible for the repair and maintenance of their premises, qualified by a schedule of condition, and are obliged to contribute towards the landlords costs in insuring the property and for the maintenance and repair of the structure and common parts.

Residential Tenancies
The residential parts of the property are subject to two Assured Shorthold Tenancies generating a combined rental income of £24,000 per annum.

Directions
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Local Authority
Wiltshire Council Tel: 0300 456 0100
Business Rates: RV £12,000/ Council Tax Band D

Tenure: Freehold

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Exeter Street, Salisbury, SP1

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