Prominent town centre retail investment .
Alton is a very popular and prosperous Hampshire market town and is the largest urban area within East Hants District Council. The town is located on the A31 which provides easy access to Guildford and Winchester. Alton railway station offers direct train services to London Waterloo, with a best journey time of 1 hr 8mins. The town lies approximately 29 miles north east of Southampton, 26 miles south of Reading, and 50 miles south west of Central London. The town has a population of just under 50,000 people within a 15 miles radius, rising to over 100,000 people within 20 minutes’ drive time. 44.6% of the 15-minute drive time catchment are within the top Acorn Group ‘Affluent Achievers’.
Prominent town centre retail investment 4,275 sq ft (420 sq m). Adjacent to Sainsbury’s Superstore and main town centre car parks. Let to Pets Corner UK Ltd and Ocean’s Eleven Fish & Chips. Current users are as A1 retail and A3/A5. Current income £63,700 p.a.x with potential to increase to £79,100 p.a.x following reviews in July 2019 and Jan 2020. Freehold. New build in 2014. Offers are sought in the region of £1,100,000 (One Million one hundred thousand pounds), subject to contact and exclusive of VAT. A purchase at this level would reflect an attractive under 5.5 %, with a reversionary yield of 6.81% (based on full ERV of £79,100 pax) and an equivalent yield of 6.63%. This reflects a low capital value of £257 psf.
Private parking is provided on site, with unit 1 having 5 parking spaces outside the main entrance. Unit 2 has space for two staff parking spaces adjoining the NE elevation. There is large public car park adjacent as well as a car park on the adjoining Sainsburys superstore site.
Let on a lease for a term of 15 years from 27th July 2014, subject to 5 yearly upward only rent reviews. Next review 27th July 2019. Held on an effective full repairing lease.
Unit 2; Let to Ocean's Eleven Fish & Chips.
Let on a lease for a term of 20 years from 29th Sept 2015, subject to 5 yearly upwards only rent reviews. Next review 29th Sept 2020. Held on an effective full repairing lease.
Current income £63,700 p.a.x with potential to increase to £79,100 p.a.x following reviews in July 2019 and Jan 2020.
We are seeking offers in the region of £1,100,000 (One million, one hundred thousand pounds) for the freehold interest, subject to contract and exclusive of purchaser’s costs (at 5.5 %.)
A purchase at this level would reflect an attractive net initial yield of just under 5.5 %, with a reversionary yield of 6.81% (based on full ERV of £79,100 pax) and an equivalent yield of 6.63% This reflects an overall low capital value of £257 psf.
Proposed new development
Alpha Park is a new proposed development on the edge of the town forming an extension to the existing successful Omega Park on Wilsom Road. The site is located to the south of Omega Park being next to the A31 dual carriageway and bounded to the east by Wilsom Road. Alpha Park will have excellent access to both the town centre and the A31 dual carriageway with vehicular access via Wilsom Road leading to Mill Lane. Alton itself lies at the centre of East Hampshire with a catchment population of over 100,000. The town has a well established commercial centre and a substantial industrial and distribution base. The site is within 1 mile walking distance of the railway station with Alton having a direct link to London Waterloo.
Alpha Park is a proposed new development for industrial, production or warehouse buildings. The whole site offers up to approximately 4 acres of land and is suitable for the development of new bespoke industrial or warehouse buildings from 10,000 sq ft up to a single HQ warehouse or production facility of circa 80,000 sq ft. Being adjacent to the successful Omega Park our clients will be planning a high quality development within an attractive landscaped enviroment.
Enquires are invited from occupiers or tenants seeking a new high quality building or HQ for employment and/or distribution uses. At this early stage of development we can consider a wide range of uses and sizes to suit your individual needs.
Enquiries for alternative commercial uses, incuding road side uses, may be considered on a subject to planning basis.Planning;
A planning application will be submitted shortly for this new development. Further information will follow thereafter.Availability
Subject to the granting of planning permission buildings could be made available for occupation by early 2017.Terms
Buidlings will be available on a freehold or leasehold basis.Viewing
Strictly by appointment wiht the sole selling/letting agents Hurst Warne - Fleet office 01252 816061.