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Agent's details

The Market Inn

For sale: POA|2,246 Sq Ft|General Retail, Retail

Property details

FOR SALEPOA
SIZE2,246 Sq Ft
ADDRESSThe Market Inn, Petersfield, GU32 3HJ
TYPEGeneral Retail, Retail
TENUREFor Sale Freehold
POSTED ON8th April 2021

Description

Key Points

  • 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
  • Summary

    retail For Sale, Petersfield

    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).

    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.

    Location

    marker
    Location: The Market Inn, Petersfield, GU32 3HJ

    Petersfield (0.3 miles)

    Liss (3.4 miles)

    Liphook (7.5 miles)

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