High Yielding Retail Investment

29 High Street | Barnstaple | EX31 1BL


subject to contract

Click To Purchase


  • Freehold commercial property investment

  • 100% prime retailing pitch

  • Let to an established O2 franchisee

  • The tenant did not exercise their 2019 break option

  • Grade II Listed (no empty rates payable)

  • Excellent rent payment history with no arrears

  • Potential to refurbish/redevelop the upper parts, subject to planning

  • £460,000, subject to contract

  • 10.0% Net Initial Yield



Barnstaple is the principal town of North Devon, located approximately 322 km (200 miles) west of Central London, 138 km (86 miles) south west of Bristol, 96 km (60 miles) north of Plymouth and 61 km (38 miles) north east of Exeter.

The town benefits from good road communications being situated approximately 56 km (35 miles) south west of Junction 27 of the M5 Motorway, accessed via the A361. The A377 also provides a direct link to Exeter to the south west. In addition, the town is connected to the national railway network with a fastest journey time to London Paddington, via Exeter, of 3 hours 40 minutes. Exeter Airport is approximately 72 km (45 miles) to the south east.


The subject property occupies a 100% prime retailing pitch within the heart of Barnstaple town centre on the pedestrianised High Street, directly opposite Marks & Spencer. Other surrounding occupiers include WHSmith, Costa, H Samuel, Mountain Warehouse, JD Sports, Poundland and Boots. The property also benefits from being immediately adjacent to Barnstaple’s historic Pannier Market, one of Britain’s largest indoor markets and a popular visitor attraction.

The Green Lanes Shopping Centre is immediately to the north, further increasing footfall in the area. Totalling approximately 131,000 sq ft of retail and leisure space with over 40 units and a 400+ space car park, the centre has a range of stores including TK Maxx, Wilko and New Look.



The property comprises an attractive Grade II listed building providing a ground floor retail unit with ancillary accommodation on first, second and third floors. Internally, the unit has been fitted out by the tenant to their usual corporate style.


We are advised that the property provides the following approximate Net Internal Areas:

Ground Floor Retail 125.2 sq m 1,348 sq ft
ITZA     612
First Floor Ancillary 63.73 sq m 685 sq ft
Second Floor Ancillary 63.91 sq m 688 sq ft
Third Floor Ancillary 52.77 sq m 568 sq ft
Total   305.61 sq m 3,289 sq ft




The entire property is let on a full repairing and insuring lease to JT Retail Limited (t/a O2) for a term of 10 years from 25th December 2014, expiring on 24th December 2024. The tenant did not operate the 25th December 2019 break option.

The occupational lease states that tenant shall keep the Property clean and tidy and in good repair and condition, provided that works detailed in a Schedule of Dilapidation are completed. The dilapidation works were completed by the tenant and approved by the Landlord’s surveyors and appropriate documents to evidence the same will be provided.

The current passing rent is £48,000 per annum which, based on our analysis, equates to £67.00 Zone A.

All rent is paid and up to date, with no arrears.



JT Retail Limited (Co.No.06392087) is an O2 franchisee which for the year ending 31st March 2020 reported Net Assets of £22,300.

JT Retail Limited, along with Talk Talk Mobile Phone Services Limited, form the largest O2 franchise operator in the UK, trading from 37 stores and employing 370 people. The ultimate parent company is Citrine Network Limited which has reported the following figures:

  31st March 2020 31st March 2019
Turnover £50,024,150 £53,117,002
Pre-Tax Profits £2,535,293 £3,660,408
Net Assets £10,408,118 £11,847,870


The property is elected for VAT. We anticipate that the sale should be capable of being treated as a Transfer of Going Concern (TOGC).


Upper Floors Potential

Although the upper parts are demised to the tenant within their lease, the tenant does not use them. This could provide a buyer with an opportunity to take these premises back from the tenant and refurbish/redevelop them, subject to planning.

In 2014 the current owner had a feasibility study prepared for the conversion of the upper floors to provide 6 x 1-bedroom apartments as follows:

Flat 1 First Floor 25.9 sq m 279 sq ft
Flat 2 First Floor 23.37 sq m 252 sq ft
Flat 3 Second Floor 26.40 sq m 284 sq ft
Flat 4 Second Floor 28.10 sq m 302 sq ft
Flat 5 Third Floor 24.42 sq m 263 sq ft
Flat 6 Third Floor 27.52 sq m 296 sq ft

A copy of the architects plans are available to download.


We are instructed to seek a figure of £460,000 (Four Hundred and Sixty Thousand Pounds) for this commercial property investment, subject to contract, reflecting a net initial yield of 10.0%, assuming standard purchaser’s costs of 4.52%.

Please note that a purchaser will be re-charged the costs of searches (£251.30) which are provided in the data room.

Please note that a purchaser will be charged a Transaction Fee of 1.0% of the Purchase Price plus VAT.


Investment Considerations

  1. An opportunity to acquire a freehold commercial property investment in the heart of Barnstaple town centre;

  2. The property occupies a 100% prime retailing pitch;

  3. Let to an established O2 franchisee;

  4. The tenant did not exercise their 2019 break option, demonstrating their commitment to the subject property;

  5. The tenant has an excellent rent payment history with no rent arrears;

  6. Future redevelopment potential of the upper parts, subject to consents;

  7. A purchase at the asking price for this commercial property investment will provide an investor with a highly attractive net initial yield of 10.0%;

  8. Attractive lot size for an investor;

Data Room and clicktopurchase®

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Contact Us

Singer Vielle   +44 (0) 207 935 7200
Dale Henry dale@singervielle.co.uk +44 (0) 203 701 1356
Daniel Elia daniel@singervielle.co.uk +44 (0) 203 701 1353
Neil Singer neil@singervielle.co.uk +44 (0) 203 478 9120

Vendors Solicitor

DJM Solicitors  +44 (0) 179 265 6507
Michael Snowdon mjs@djm.law.co.uk