Purchase Price: OIEO £485,000
Gross Initial Yield: 6.96%
Rental Income: £33,750 p.a.
VAT is applicable to this property
Comprises three ground floor shops on a prominent high street location
One vacant unit - ERV: £20,000-£25,000
When fully let would represent an ~GIY of 12.11%
Asset management opportunity
Occupiers nearby include Boots, Barclays, Card Factory, Superdrug, Holland & Barrett and Lloyds Bank, amongst many more.
Comprising three ground floor shops, one being vacant, with a total size of 424 sq m (4,567 sq ft).
The properties provides the following accommodation and dimensions:
No.55: Retail - 99.40 sq m (1,070 sq ft)
Store/Staff - 76.55 sq m (824 sq ft)
No.57: Retail - 106.55 sq m (1,147 sq ft)
No.59: Retail - 141.77 sq m (1,526 sq ft)
Internal Width - 21’3’’
No.55: The shop is at present let to Sportswift Ltd t/a Card Factory for a term of 5 Years from 29th September 2019 at a current rent of £18,750 per annum and the lease contains full repairing and insuring covenants. No break clause.
No.57: The shop is at present let to CCHG Ltd t/a VPZ for a term of 10 years from 21st February 2020 at a current rent of £15,000 per annum and the lease contains full repairing and insuring covenants. Rent Review in the Fifth Year and option to determine in the Third and Fifth year subject to a 3 months` penalty.
No.59: The shop is at present vacant. ERV: £20,000-£25,000.
Gosport is a town in Hampshire on the south coast of the United Kingdom. It is situated on a peninsula on the western side of Portsmouth Harbour, opposite the city of Portsmouth, to which it is linked by the Gosport Ferry. The Gosport Ferry provides quick access to Portsmouth Harbour railway station, terminus of the Portsmouth Direct Line to London. The properties are situated on the town high street. Occupiers nearby include Boots, Barclays, Card Factory, Superdrug, Holland & Barrett and Lloyds Bank, amongst many more.