135 Fore Street, Exeter

• The subject property is located on a prominent pitch on Fore Street which benefits from strong retail, restaurant and leisure occupiers.
• Fore Street is situated between Cowick Street and Exeter’s High Street which experiences high footfall.
• The subject premises is a residential scheme comprising two terraces, each comprising five units and extending to an additional two storeys. An additional element comprising two single storey flats is located at the rear.
• Held on a 199 year long leasehold (173 years remaining)granted on 23 February 1998 at a peppercorn rent. 
• Leased to Sovereign Housing Association, now Sovereign Network Group, on a 40 year lease from 23 February 1998with annual rental uplift of 3.5%. 
• The property has a current rental income of £70,211 per annum. 
• Underpinned by local residential values in the region of £150,000 for 1 bed apartments and £180,000 for 2 bed apartments.

We are instructed to seek offers in the region of £1,150,000 (One Million, One Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT.

A purchase at this level reflects a net initial yield of 5.77% assuming standard purchaser's costs of 5.89%.