Sole Agent
The Property comprises a three storey with attic space terraced building, of masonry construction with cement rendered and painted facades beneath a double pitch slate roof and dormer windows. The exterior of the building (King Street elevation) is listed as a Grade 4 (HE0611) but the interior is not of interest. There is a flat roof over the rear store and there are 2 car parking spaces located to the rear of the property.
The ground floor comprises a retail unit fronting onto King Street and ancillary storage with a delivery area to its rear from Dumaresq Street.
The retail unit comprises a timber framed shopfront and internally benefits from a good specification including solid floors, A/C and spotlighting.
The upper floors comprise 1 x 2-bedroom (entitled) flat on the 1st floor and 2 x 1-bedroom (licensed) category flats on the 2nd and 3rd floors (attic space) accessed via a self-contained entrance from King Street.
Location
The Property occupies a 100% prime position on the northern side of King Street and the building also benefits from two car parking spaces with are accessed from Dumaresq Street at the rear.
The property benefits from being located in a pedestrianised area and is surrounded by a number of major retailers including Next, JD Sports, Schuh, Mountain Warehouse, M&S, Flannels and Sports Direct along with the De Gruchy and Voisins department stores.
Public parking is provided a short walk away in Sand Street car park and Pier Road car park.
Accommodation
The Property has been measured in accordance with the RICS Code of Measuring Practice and provides the following net internal floor areas :-
Ground floor: Retail - 1,012 sq.ft. (94.05 sqm)
Ancillary: Storage - 1,051 sq.ft. (97.64 sqm)
Flat 1 (First floor): Living room, Dining room, Kitchen, Bathroom and Bedroom.
Flat 2 (Second floor): Living room, Kitchen, Bathroom and Bedroom.
Flat 3 (Top floor): Living room, Kitchen, Bathroom and Bedroom.
Tenure
Ground Floor Commercial: The ground floor is occupied by Fat Face Limited on a 9-year FRI effective lease commencing 9th October 2024. There are tenant only break options on the 3rd and 6th years. The lease is subject to 3 yearly upwards only market rent reviews. The rent is £90,000 per annum and it is subject to a 6 month rent free period.
Residential flats:
Flat 1 – Let at £12,355.08 pa.
Flat 2 – Let at £10,980 pa.
Flat 3 – Let at £9,450 pa.
The total rent roll is £122,785 pa. More information can be provided on application.
Asking Price
The opportunity exists to acquire the freehold interest of the property, subject to the above noted leasehold interests, for a consideration of £1,995,000 exclusive of GST (as applicable).
Legal costs
Each party to bear their own legal costs and any other cost incurred in the sale of this property.
Viewing
Strictly by appointment with the Vendor’s sole agent.
Nick Trower MRICS
Director – Commercial
T. +44 (0)1534 874141
M. +44 (0)7797751558
nick@broadlandsjersey.com
www.broadlandscommercial.com
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