Summary - UNIT 12, CASTLE PARK ROAD EX32 8PA
1 bed 1 bath Light Industrial
Freehold investment with immediate income — short lease and tenant break are key risks.
- 3,185 sq.ft warehouse plus 1,057 sq.ft mezzanine, large internal volume
- Three-phase electricity, LED lighting, 10% translucent roof panels
- Reception, meeting room, canteen, toilet and shower facilities included
- Parking apron and three front spaces; estate visitor parking available
- Tenant in occupation since 2019; current rent £18,600 pa
- Lease renewed 2024 to 2028; tenant break June 2026 (6 months' notice)
- Only four years remaining on lease — lenders may refuse mortgage finance
- Sold freehold with existing FRI lease and Schedule of Condition
A substantial end-of-terrace light industrial unit on Castle Park Road, offered with the benefit of an existing tenant and four-year lease. The building provides flexible operational space: a 3,185 sq.ft ground floor with reception, office, canteen, WCs and showers, plus a 1,057 sq.ft mezzanine. Practical features include three-phase electricity, LED lighting, insulated roof and elevation panels and a roller shutter with apron access, making it suitable for light manufacturing, trade counter or storage-with-office uses.
The property is let since 2019, producing £18,600 pa on a full repairing and insuring lease (renewed 2024). The lease includes a rent review in 2026 and a tenant break option in June 2026 (six months’ notice). The sale is for the freehold with the benefit of the existing lease, so the business operation is unaffected by the transaction.
Important investment risks are stated plainly: only four years remain on the lease and the tenant has a break option in 2026. Mortgage lenders may be reluctant to lend against a short lease; prospective purchasers should obtain lender confirmation and legal advice before bidding. The unit is sold subject to the tenant’s covenants and the Schedule of Condition annexed to the lease.
For an investor seeking immediate income and a modern, well-equipped industrial unit in a growing North Devon commercial location, this represents a straightforward purchase. For owner-occupiers or purchasers requiring mortgage finance, the short lease term and break option are material considerations that will influence finance availability and valuation.
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