Little Lamb, 59 High Street, Ilfracombe, Devon, EX34

Investment Consideration:
Gross Initial Yield: 7.80%
Rental Income: £23,400 p.a.
VAT is applicable to this property
Total area size 385 sq m (4,144 sq ft)
Comprises public house/restaurant with function room and staff/letting accommodation
Property benefits from large garden at rear and basement
Occupiers close by include Co-Op Supermarket, Petrol Station, Pet Store and more.

Property Description:
Comprises ground floor bar/restaurant with additional seating area and full commercial kitchen at first floor and large staff accommodation at second and top floor. Potential to use residential area as letting accommodation and increase revenue. The property benefits from large outdoor seating area at rear, providing the following accommodation and dimensions:
Ground Floor: Open plan bar/restaurant area, prep kitchen
Basement: Cellar with customer WCs & access leading to garden
First Floor: Function room, commercial kitchen, wc`s, storage
Second Floor: 5 letting/staff rooms, kitchen, living room, bathroom
Third Floor: 2 rooms
Total GIA: 385 sq m (4,144 sq ft)

Tenancy:
The property is at present let to an Individual for a term of 6 Years 11 Months from 15th April 2025 at a current rent of £23,400* p.a. and the lease contains full repairing and insuring covenants. Rent review on 15.04.28 linked to RPI. Tenant option to determine on 15.10.27 with minimum 3 months notice. Deposit held of £3,470.
*Tenant currently pays reduced rent for Year 1 of £20,800 p.a. Fixed rental increase to £23,400 p.a. on 14.04.26. The vendor will top up rent, so the buyer receives the equivalent to £23,400 p.a. from completion

Location:
Ilfracombe is a seaside resort and civil parish on the North Devon coast, England, with a small harbour surrounded by cliffs. The town is at the southern end of the A361, the longest 3-digit A-road in England which finishes on the A5 at Kilsby on the Northamptonshire-Warwickshire border near Rugby and is the town's main connection with the South-West England motorway, the M5. The property is located on the high street within walking distance to the sea front. Occupiers close by include Co-Op Supermarket, Petrol Station, Public House, Pet Store and more.