Freehold retail investment for sale in Romsey

This property is marketed by:
Keygrove Chartered Surveyors

Key features

• £520,000 / 7.19% Net Initial Yield
• Delicatessen/café with two long lease flats
• Shop lease renewed in 2023 with 9 years unexpired (tenant break in 6 years)
• Total rent income £39,200 pa
• Effective FRI tenancies

Description

An opportunity to buy a freehold investment with an established tenant in the Market Town of Romsey. This two storey mid-terrace property is highly visible from Latimer Walk linking the town centre with Waitrose and car parks. The ground floor trades as Dish delicatessen with 9 years unexpired; they have been trading from the unit for 12 years. Two first floor flats have been sold on long 125 year leases. There 2 car parking spaces.

The retail unit has a new lease with 9 years unexpired (tenant only break at sixth anniversary). The current rent payable is £38,900 with 3 yearly rent reviews. There is a rent deposit of £9,725. The lease is fully repairing and insuring by way of service charge. 

There are two first floor flats sold on 125 year long leases from 1st April 2006 expiring 30 March 2131. Flat 16B has two bedrooms and Flat 16C has one bedroom. Both have a kitchen and a living room. The ground rent is £150 pa per flat which doubles every 25 years, eventually rising to a combined total income of £4800 per annum.

• £520,000 / 7.19% Net Initial Yield
• Delicatessen/café with two long lease flats
• Shop lease renewed in 2023 with 9 years unexpired (tenant break in 6 years)
• Total rent income £39,200 pa
• Effective FRI tenancies 
• 2 car parking spaces in rear yard

Energy Performance Certificate

• Shop EPC rating B-27.
• Flat 16B EPC rating D-59.
• Flat 16C EPC rating C-69.
• A copy of the EPCs is available on request.