What is a Sourced Approved Investment?
These properties have been carefully sourced and packaged by experienced property investment specialists and trusted Sourced Partners.
- Pre-vetted for investment potential
- Due diligence carried out
- Tailored for investor goals
- Backed by Sourced's expertise and network
Key financials
GDV£430,200
Profit£95,200
ROCE65%
Purchase £ £66,500
Property description
Strategy: Conversion
Mixed-Use Conversion - Devon (91 High Street, Barnstaple, Devon, EX31 1HR)
Sourced is pleased to present a rare opportunity to acquire a freehold mixed-use High Street investment in Barnstaple at a significant discount to market value. Offered at £250,000 against a £315,000 valuation, this property comprises a ground floor retail unit generating £14,400 per annum plus vacant upper floors with strong income and conversion potential. Investors can either implement an 8-room strategy delivering c.19% gross yield (post £40k conversion) or convert to 3 self-contained 1-bed flats (pre-app supported) for a solid long-term income model. With immediate built-in equity, multiple exit strategies, and strong rental demand, this is a high-upside asset ideal for yield-focused or value-add investors.
Executive Summary
Freehold mixed-use High Street property offered at a strong discount with immediate income and clear value-add conversion potential.
• Retail unit + upper floors
• Prime High Street location
• Pre-application support for 3 × 1-bed flats
• Vacant upper parts
• Motivated vendor – quick sale
Pricing & Value
• Asking price: £250,000
• Current valuation: £315,000
• Immediate equity: £65,000 (21% BMV)
https://themovemarket.com/tools/propertyprices/91-high-street-barnstaple-ex31-1hr
Option 1 – Convert to 3 × 1-bedroom flats (Pre-App Supported)
• IRental Assumptions
3 flats × £800 pcm = £2,400 pcm
= £28,800 per annum
• IGround floor retail: £14,400 per annum (currently tenanted)
• ITotal Gross Income: £43,200 per annum
Conversion Cost (Flats)
• I£75,000 (assumed)
Total Project Cost
• Purchase: £250,000
• Stamp Duty (Mixed-Use): £2,000
• Legals: £2,000
• Sourcing Fee: £6,000
• Conversion: £75,000
• Total investment: £335,000
• Gross yield: £43,200 ÷ £335,000 = 12.9% Gross Yield
OPTION 2 – 8 ROOM LET MODEL
Rental Assumptions
• 8 rooms × £450 pcm = £3,600 pcm
= £43,200 per annum
• Ground floor retail = £14,400 per annum
• Total Gross Income: £57,600 per annum
• Conversion Cost (Rooms)
• £5,000 per room = £40,000 (assumed)
• Total Project Cost
• Purchase: £250,000
• Stamp Duty: £2,000
• Legals: £2,000
• Sourcing Fee: £6,000
• Conversion: £40,000
• Total Investment: £300,000
• Gross yield: £57,600 ÷ £300,000 = 19.2% Gross Yield
Investment Highlights
• 21% Below Market Value entry
• Existing income from day one
• Strong High Street position
• Two clear value-add strategies
• Mixed-use SDLT advantage
• Freehold
• Refinance or exit flexibility
Sourcing Fee: £6,000 payable upon successful exchange
For further information, or to purchase, please get in touch.
Sourced reference: 892188334984847
Due diligence
No information supplied.
Location
Disclaimer
Sourced endeavour to make our particulars accurate and reliable, however, they do not constitute or form part of an offer or any contract and are not to be relied as statements of representation or fact. The selling agent may or may not be the sole agent and will provide confirmation upon request. Any services, systems and appliances listed in this specification have not been tested by us and no guarantee as to their operating ability or efficiency given. All measurements have been taken as a guide and are not precise, please be aware some of the details may be waiting vendor approval. If you require confirmation or further information, please contact the selling agent. Fixtures and fittings are to be confirmed with the seller and not relied upon when listed. Sourced are not responsible for any loss of monies due to the purchase or purchase process with any property listed.
Key financials
GDV£430,200
Profit£95,200
ROCE65%
Purchase £ £66,500
Sales Agent
Mush Fazel
MJF Property Ltd
Smart support to move your deal forward
Review the numbers
We've pre-crunched the figures for you.
What is a Sourced Approved Investment?
These properties have been carefully sourced and packaged by experienced property investment specialists and trusted Sourced Partners.
- Pre-vetted for investment potential
- Due diligence carried out
- Tailored for investor goals
- Backed by Sourced's expertise and network