We have merged with CG Commercial. Learn how our clients benefit from it HERE

51-53 King Street & 8-10 Broad Street – Leisure

£3,650,000
Ref B77C
2282 sq ft
St. Helier
KEY FEATURES
  • 100% Prime Investment Opportunity
  • Landmark property situated in the centre of King Street
  • Restaurant with 9 residential units
  • Fully refurbished to an excellent standard in 2022
  • Let on a 9 year FRI lease at £230,000 per annum
  • Asking £3.65m (NIY of 6%)
  • Sole agent - nick@broadlandsjersey.com

100% Prime Investment Opportunity

Let on a 9 year FRI lease at £230,000 per annum

Asking £3.65m (NIY of 6%)

Location
The Property occupies a 100% prime position on the southern side of King Street and the building also fronts the small urban square in Broad Street.

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.

Description
This landmark property is a mid-terrace property of traditional masonry construction under a mix of roof types.

The property was completely refurbished in 2022 to an exacting standard to provide an exceptional restaurant and ancillary areas over basement, ground and first floors and there are 9 residential units over the first, second and third floors along with some additional staff facilities.

The residential units can be accessed via a separate entrance from Broad Street.

The restaurant holds a 1st and 3rd Category License and provides 70 covers plus 15 in the bar.

There are al-fresco areas to the King Street and Broad Street elevations (under separate licenses with the Parish of St. Helier).

The Property is included within the Schedule of Listed Buildings as a Grade 4 listed (HE155).

Accommodation
We set out below the approximate Net Internal Areas and accommodation provided within the property.

Basement Cellar 803 sq.ft.
Ground Floor Restaurant 2,287sq.ft.
First Floor Ancillary 1,583 sq.ft. plus 1 residential bedroom
The second floor has been converted to provide staff laundry, kitchen, locker room, storage, a self-contained bedsit and 4 no residential bedrooms and communal bathroom. On the third floor there are 2 no self-contained bedsits, a residential bedroom and communal bathroom.

There is a roof terrace at fourth floor level.

Rental
9-year full repairing and insuring lease between Jazit Limited and Colmar Limited with a commencing rental of £230,000 per annum. The rent is subject to 3 yearly upward only rent reviews with the increase in the JRPI, subject to a cap of 5% and a minimum 2% increase. The Lease is dated 19th July 2023 and the commencement date is the same. There are personal guarantees in place on the lease.

A longer lease term can potentially be agreed with the existing occupier subject to negotiation.

Asking Price
The opportunity exists to acquire the Freehold of this property for a consideration of £3,650,000 exclusive of GST as applicable. This pricing reflects a NIY of 6%.

Legal costs
Each party to bear their own legal costs and any other costs incurred in the purchase of this property.

Viewing
Strictly by appointment with the Vendor’s sole-agent.
Nick Trower MRICS
Director – Commercial
T. +44 (0)1534 880770
M. +44 (0)7797751558
nick@broadlandsjersey.com
www.broadlandsjersey.com

KEY FEATURES
  • 100% Prime Investment Opportunity
  • Landmark property situated in the centre of King Street
  • Restaurant with 9 residential units
  • Fully refurbished to an excellent standard in 2022
  • Let on a 9 year FRI lease at £230,000 per annum
  • Asking £3.65m (NIY of 6%)
  • Sole agent - nick@broadlandsjersey.com
Documents Brochure
Viewing
Please contact us on 01534 880 770 if you wish to arrange a viewing appointment for this property, or require further information.
Disclaimer
Broadlands endeavour to maintain accurate depictions of properties in Virtual Tours, Floor Plans and descriptions, however, these are intended only as a guide and purchasers must satisfy themselves by personal inspection.
414751-53 King Street & 8-10 Broad Street – Leisure
Interested? Let’s talk

Nick Trower MRICS

Director
Contact Nick on 07797 751558
or via email Nick@broadlandsjersey.com

Providing a fresh perspective on the commercial market

About Broadlands Commercial

Buying or leasing commercial property can be a complicated process, but that’s where Broadlands come in. Well established, and with many years experience, our friendly and knowledgeable team are more than ready to help you find the right commercial property for you

All content © 2024 Broadlands Estates Limited Reg no: 22366 Company address: Broadlands, 1 Library Place, St Helier, JE2 3NL

Request a valuation

Learn what your home is worth

Start the selling process with an honest valuation.
The first step to selling is an accurate assessment of your home’s value.

Please fill out and return this form, and we will be in touch within one working day with a knowledgeable and honest valuation. We will also include our recommendations for your next steps in the selling process and how we can guide you so you can move forward with knowledge and confidence.

By submitting this form, you agree that we may contact you about your enquiry using the details you have provided.