76 High Street, Barnstaple

Description

The property is arranged on ground and first floor to provide a retail unit with ancillary accommodation. It benefits from rights of access to a rear service area and has a goods lift providing access from the ground floor to the first floor storage area. The property also benefits from hosting a Post Office hub. VAT is applicable.

Accommodation

Ground Floor: 431.7 sq m (4,647 sq ft); First Floor: 384.29 sq m (4,136 sq ft); Total: 815.99 sq m (8,783 sq ft).

Location

Barnstaple is the main commercial, administrative and economic centre of North Devon and a popular tourist destination on the North Devon coast, approximately 34 miles north-west of Exeter. The property is situated on the west side of the High Street, close to its junction with Joy Street. Nearby occupiers include Costa, Accessorize, Marks & Spencer, Cex, O2, Mountain Warehouse, Café Nero, Trespass and JD Sports. Barnstaple is located on the A361, which provides a direct link to the M5 Motorway and the A377 to Exeter. Barnstaple Railway Station provides regular rail services to Exeter.

Tenure / Property Information

Investment Analysis

The property is a substantial freehold town-centre retail investment let to TG Jones Retail Holdings Limited (t/a WHSmith) at a stated passing rent of £65,000 per annum under a five-year FR&I lease from April 2025 to March 2030. The £550,000 guide implies an annual gross yield of approximately 11.82%, before buyer fees, VAT and other acquisition costs. Sold comparables on High Street range from £300,000 to £3,000,000, but the evidence does not provide sufficient detail on their size, accommodation, tenant income, lease terms or condition to derive a reliable adjusted market value or GDV. No formal valuation yield, EPC, condition report or buyer fee is supplied.

Investment Snapshot

Strategy Recommendation

Consider only as an income-led commercial investment after reviewing the full lease, tenant covenant, VAT treatment, special conditions and evidence supporting value beyond the guide. Do not underwrite a BRRR or flip strategy without an independent valuation and cost review.

Works Required

No specific repair or refurbishment works are evidenced. The property should be inspected, with particular attention to the retail accommodation, first-floor storage, goods lift, access rights and FR&I lease obligations. No works allowance has been assumed.

Rental & Market Context

Sold Comparables

The following completed sales were identified within approximately 5 miles:

Potential BRRR Position

A BRRR assessment cannot be completed reliably because no GDV, valuation yield, refurbishment budget, buyer fee or total acquisition cost is supported. At the guide price, the contracted rent provides an initial gross income benchmark, but the lease expires in March 2030 and refinance value cannot be established from the supplied evidence.

Buy-to-Let Analysis

The stated passing rent is £65,000 per annum, producing an 11.82% gross yield against the £550,000 guide price before fees and VAT. A net yield cannot be calculated because acquisition costs, operating costs and finance costs are not supplied. Income security depends on the lease and tenant continuing beyond March 2030; no renewal or post-expiry rent evidence is provided.

Flip Analysis

A flip appraisal is not supported by the evidence. The property is tenanted, no refurbishment requirement or resale allowance is supplied, and the sold comparables are insufficiently detailed to establish a resale value. VAT and unspecified buyer or third-party charges would also affect project cost.

Investor Risks & Due Diligence

• The FR&I lease expires in March 2030, with no renewal or post-expiry income evidence supplied.

• Tenant covenant strength and lease compliance have not been independently evidenced.

• VAT is applicable and the buyer premium is unspecified; additional seller or third-party charges may apply.

• No EPC, condition, heating or operating-cost information is supplied.

• The supplied sold comparables vary substantially in price and lack sufficient detail for reliable adjustment.

• The value and income contribution of the Post Office hub arrangement are not separately evidenced.

Recommendation

Consider only as an income-led commercial investment after reviewing the full lease, tenant covenant, VAT treatment, special conditions and evidence supporting value beyond the guide. Do not underwrite a BRRR or flip strategy without an independent valuation and cost review.

Strategy Rating

Analysis Confidence

The passing rent, lease term, tenure, accommodation and guide price are supplied, but commercial valuation yields, condition, EPC, buyer fees, VAT treatment of the purchase price and comparable-property details are incomplete.