Summary - Flat 1, 102 High Street EX34 9NH
4 bed 2 bath Terraced
Town-centre freehold with income now and refurbishment upside for investors..
Freehold mixed-use building: ground-floor shop plus two self-contained flats
1-bed flat currently let, providing immediate income
3-bed maisonette requires refurbishment before re-letting
Projected combined rental income approx £17k–£19k pa (gross)
Electric storage heaters; likely no wall insulation (stone walls)
Small overall footprint (528 sq ft) and small plot size
Located town-centre; easy access to local amenities and transport
Area has above-average crime and high deprivation — consider management needs
This freehold mid-terrace property on High Street, Ilfracombe, combines a ground-floor lock-up shop with two self-contained flats above — a one-bedroom first-floor flat already let and a three-bedroom maisonette on the upper floors that requires updating. The building’s period character (bay and arched windows, high ceilings) gives it appeal for rental demand in town-centre locations, while the separate entrance and communal hallway keep the residential units self-contained.
Current income is driven by the shop (£350 pcm) and the let one-bed (£485 pcm). Once refurbished and re-let, the three-bed maisonette is estimated to achieve around £750 pcm, producing projected combined rental income in the region of £17k–£19k per year (gross). That level of income gives strong headline yields versus the asking price and may suit a buy-to-let portfolio or pension-style investment, subject to refurbishment costs and letting demand.
Practical realities are clear: the maisonette needs renovation, heating is by electric storage heaters, and the building is older stone construction likely without cavity insulation. The property sits in an area with higher crime and marked deprivation statistics, which can affect tenant profiles and management requirements. The retail unit’s small rateable value may qualify it for small business rate relief, but buyers should confirm business rates and EPC/shop details.
An investor who accepts refurbishment work and on-going management could unlock immediate rental income from the shop and one-bed flat and add value by improving the three-bed maisonette. For owner-occupiers looking for a family home, the mixed-use layout and tenancy will limit immediate occupation options without rehousing tenants and converting usage.
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