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Aberystwyth – Freehold Retail Investment

For sale: £450,000.00|5,671 Sq Ft|General Retail, Retail - High Street, Retail

Property details

FOR SALE£450,000.00
SIZE5,671 Sq Ft
ADDRESS33-35 Great Darkgate Street, Aberystwyth, Ceredigion, SY23 1DE
TYPEGeneral Retail, Retail - High Street, Retail
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON20th November 2021

Description

Investment Consideration:
Guide Price: £450,000+
Gross Initial Yield: 9.56%
Rental Income: £43,000 p.a.
To be sold in Allsop Commercial Auction on 8th December 2021. LOT 127
Let to Sense on a new 15 year lease
5 yearly RPI linked Rent Reviews
Comprises ground floor shop with ancillary accommodation above
VAT is applicable to this property
Located within short walk to Aberystwyth train station
Nearby occupiers include Greggs, Subway, Holland & Barrett, Poundland, New Look and Waterstones, amongst others.

Property Description:
The property comprises ground floor charity shop with ancillary accommodation at basement, first, second and third floor.
The property provides the following accommodation and dimensions:
Ground Floor: Shop 194.70 sq m (2,096 sq ft)
First Floor: Ancillary 120.70 sq m (1,299 sq ft)
Second Floor: Ancillary 92.60 sq m (997 sq ft)
Third Floor: Ancillary 37.30 sq m (401 sq ft)
Basement: Ancillary 81.60 sq m (878 sq ft)
Total area size: 526.90 sq m (5,671 sq ft)

Tenancy:
The property is at present let to Sense, The National Deafblind and Rubella Association* for a term of 15 years from 22nd November 2021 at a current rent of £43,000 per annum and the lease contains full repairing and insuring covenants. Rent review linked to RPI every 5th Year (subject to a 1% collar and 10% cap in each review). Tenant option to determine every 5th Year, subject to a penalty of £23,750 if exercised. There is a 3-month rent free period from completion of the lease. The Vendor will top-up the rent such that the purchaser effectively receives £43,000 p.a. from completion

Tenant Background:
Website: www.sense.org.uk. For the year end 31st March 2020 Sense, The National Deafblind and Rubella Association reported a pre-tax loss of £3,265,000 shareholders funds and a net worth of £31,663,000
(Experian: 28.06.2021)

Location:
Aberystwyth is a university town and community in Ceredigion, Wales. The distance to Swansea is 55 miles (89 km); to Shrewsbury 60 miles (97 km); to Wrexham 63 miles (101 km); to Cardiff 76 miles (122 km); and to London 180 miles (290 km). The A44 and A487 meet with much traffic between North Wales and South West Wales passing through the town. The A4120 links the A44 and A487 between Llanbadarn Fawr and Penparcau, allowing through traffic to bypass the town centre. The property is located within short walk to Aberystwyth train station. Nearby occupiers include Greggs, Subway, Holland & Barrett, Poundland, New Look and Waterstones, amongst others.

Location

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Location: 33-35 Great Darkgate Street, Aberystwyth, Ceredigion, SY23 1DE

Aberystwyth (0.2 miles)

Borth (5.5 miles)

Aberdovey (9.1 miles)

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