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For Sale£1,375,000.00

FREEHOLD RETAIL INVESTMENT - Long Leases to Factory Shop Ltd & Dominos Pizza - 6,455 sq. ft. - 44 Salisbury Street, Amesbury, Salisbury. SP4 7HD

Mixed use, General Retail, Retail - High Street, Restaurant/Cafes, Other Property Types & Opportunities, Retail , 6455
Property type: Mixed use, General Retail, Retail - High Street, Restaurant/Cafes, Other Property Types & Opportunities, Retail
Tenure: For Sale Freehold
Size: 6455
Price: £1,375,000.00
Location: 44 Salisbury Street, SP4 7HD
LOCATION
Amesbury is a historic town located close to the junction of the A345 and A303 some 9 miles north of Salisbury. Stonehenge is close by which generates significant tourist interest.
The town is expanding rapidly with approximately 2,200 new homes being developed. In addition, Solstice Park (www.solsticepark.co.uk), a 160 acre mixed use business development is adjacent to the town. Recently, Home Bargains developed a 700,000 sq. ft. distribution warehouse which has created 1,200 new jobs.

SITUATION
Salisbury Street is the principle retailing pitch for Amesbury and other multiple retailers include Aldi, Boots, McColls, William Hill and Nationwide Building Society.

ACCOMMODATION
The property is arranged on ground floor only and provides the following approximately areas and dimensions:

Gross Frontage

Unit 1
Internal width 31 ft 9.45 m
widening to 75 ft 22.9 m
Shop depth 112 ft 34.1 m
Sales area 5400 sq ft 501.7 sq m
Ancillary area 807 sq ft 75.0 sq m

Unit 2
Internal width 18ft 6in 5.64 m
Shop depth 59 ft 18.0 m
Sales area 1055 sq ft 98.0 sq m

TENANCY DETAILS
Unit 1 is let to The Factory Shop Limited guaranteed by Original FS Holdings Limited on a FR & I lease, for a term expiring on the 28th October 2027. The lease incorporates an upward only rent review on the 30th October 2022. The current passing rent is £74,500 pa.

Unit 2 is let to DP Realty Limited (Domino’s Pizza) on a 20 year FR & I lease from the 27th June 2008, incorporating upward only rent reviews at five yearly intervals. The current rent is £24,000 pa.

Total rent - £98,500 pa

COVENANT INFORMATION
For the year ending 2nd April 2017 The Factory Shop Limited had a turnover of approximately £190m and net assets of £48m.

For the year ending 25th December 2016 DP Realty Limited reported a turnover of £22,479,00 and a net profit of £2,119,000. Net assets for the Company were reported as £3,355,000.

TENURE - FREEHOLD

VAT
We understand that the property is elected for VAT which will therefore be payable on the purchase price.

ENERGY PERFORMANCE
The property has an Energy Performance rating of C (61). A copy of the EPC is available to interested parties on request.

PROPOSAL
The Vendor’s are seeking a figure of £1,375,000 subject to Contract reflecting a net initial yield of approximately 6.8% after allowing acquisition costs of approximately 6%.
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