Retail Investment – St Saviour

Description

LOCATION The property is located in the Parish of St Saviour, on the south side of Princes Tower Road, close to the Five-Oaks roundabout and directly opposite Morrisons supermarket / petrol station. We attach a location plan for identification purposes. DESCRIPTION The property, which forms the ground floor only, benefits from a prominent, glazed-frontage onto Princes Tower Road incorporating a ramped pedestrian access which provides access for disabled persons. Internally, the property provides mainly open-plan retail space – currently adopted by William Hill Bookmakers as a betting office – with customer counter to the rear and ancillary space providing staff office, staff W.C., kitchenette and disabled customer W.C. The space is fitted out to a good standard providing suspended ceiling, fluorescent lighting and comfort cooling / heating. ACCOMODATION The Net Internal Area of the property is as follows: Retail Sales – 781 Sq.Ft / 72.56 Sqm Ancillary – 123 Sq.Ft / 6.10 Sqm TENURE/LEASE TERMS The Property is subject to a 20-year Full Repairing & Insuring lease commencing 22/03/24, terminating 21/03/44 (subject to tenant break options at the expiry of years 10 & 15) to “B J O’Connor Ltd”; guaranteed by “William Hill Organization Ltd”. The passing rent is £23,000 P/A; subject to upward-only rent reviews 3-yearly, in line with the JRPI (subject to a cap on any increase of 10.00%). OPPORTUNITY The opportunity exists to acquire the Property by way of flying-freehold, subject to the above noted lease, for a consideration of £315,000 exclusive of GST as applicable. A sale at this level would reflect a Gross Yield of 7.30%. LEGAL COSTS Each party to bear their own legal costs and any other cost incurred in the letting of this property, whether or not a transaction completes. VI…