7 Grand Parade, Station Road

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Key Points

Summary

INVESTMENT RETAIL / RESIDENTIAL

Description

7 Grand Parade comprises a ground floor retail unit which has been operating as a Travel agents (t/a Toucan Travel) for many years. The shop is currently arranged as a sales area with ancillary / store behind and rear access for deliveries. Staff w.c and welfare fascilities are provided to the rear. There is generous customer car parking in front of the retail parade, and rear car parking for staff / residents which is not allocated.

There is a maisonette above which is arranged at First and Second floors accessible via the stair cases either end of the parade. The maisonette is arranged with an entrance hallway with stairs leading to 3 bedrooms (2 double and 1 single), and a bathroom. The downstairs is arranged with a generous lounge / dinner and separate kitchen which leads out to an enclosed terrace / garden area. We understand there is a separate lock up garage in the block behind.

Location

7 Grande Parade forms part of a popular retail / residential parade at the junction of Station Road and London Road and within a mile of the M3 motorway (Junction 5) providing excellent road links to London, the South Coast and the West. Hook mainline station is within easy walking distance and provides a frequent service to London (Waterloo) with a journey time of approximately 45 minutes. There is a wide range of local amenities and shopping facilities including Boots adjacent, and Tesco store.

Lease/Tenancy

The retail premises has been let for many years originally to Toucan Travel, which was recently acquired by Travel Corp Midlands Limited. The lease was granted for a term of 6 years, from 18th March 2021 with a Tenant Only Break in 18th March 2024, and if the break clause is not exercised the lease is subject to an Upwards Only Open Market Rent Review on 3rd anniversary (18th March 2024). The current passing rent for the shop is £13,600 pax, payable quarterly in advance.

The Tenants in the maisonette are 2 private individuals and have been Long Standing Tenants for many years, and are currently paying £760 PCM.