Property Type
Retail, Investments
Availability
For Sale
Size
2,246 sq ft
Price
Price On Application
Energy Performance Rating
Upon enquiry
RETAIL INVESTMENT FOR SALE
Key Features
• Prominent Trading Location
• Centre Of Market Town
• Other retaillers closeby include Waterstones, M&S Food, Mint Velvet and Waitrose
• Opposite Laura Ashley, Caffe Nero, Fat Face and Crew
• Let to Joules Limited until June 2023
Location
The Property occupies a prominent trading location on the Square in the centre of Petersfield and opposite The Rams Walk shopping centre and large shoppers car park. Retailers close by include WHSmith, Waterstones, Costa, Robert Dyas, Mint Velvet and Waitrose.
Accommodation
The Property is arranged on basement, ground and first floors. The following areas are provided:
Ground Floor
1248 sq ft
115.94 sqm
Basement Storage
215 sq ft
19.97 sqm
ITZA
783sq ft
72.74 sqm
The two flats located on first floor are being retained by the vendor.
Tenancy
The ground and basement floors are let to Joules Ltd on a full repairing and insuring lease for 10 years from 13th June 2013 at a current rental of £38,500 per annum exclusive of rates & VAT (if applicable).
Covenant information
Joules Ltd are an established brand for the last 30 years and now trade from 123 shops in the UK and Republic of Ireland. Their financial figures for the year ending 27th May 2018 showed turn over of up by 18% to £186 million and profit before tax of £13 million.
Terms
Our clients are seeking a price of £525,000 (five hundred and twenty-five thousand pounds) subject to contract for their freehold interest, subject to our clients leasing back the upper floor residential accommodation on a 999 year lease. A purchase at this level would reflect a net initial yield of 7% after purchase costs of 4.8%.
VAT
We understand that the property has been elected for VAT and anticipate that the sale will be treated as a transfer of a going concern (TOGC).
Key Features
• Prominent Trading Location
• Centre Of Market Town
• Other retaillers closeby include Waterstones, M&S Food, Mint Velvet and Waitrose
• Opposite Laura Ashley, Caffe Nero, Fat Face and Crew
• Let to Joules Limited until June 2023
Listed Features
- Storage
- Parking
- Shopping Centre
- No FRI Lease
- Multiple floors
- General Retail
- Basement
