Mixed use property for sale in Romsey

This property is marketed by:
Keygrove Chartered Surveyors

Key Features

• Town Centre Location
• Net Initial Yield of 8.02% excluding purchasers costs.
• Listed Building With Character Features
• Strong Retail Tenant Covenant 

Description

The property is a three storey listed building. The 712 sq ft shop has frontage to Church Street and is visible from Market Place. The shop provides a combination of sales and storage areas with staff facilities to the rear of the property. The shop is let to Tidal Vapes Limited on a 7-year lease from April 2023, expiring April 2030, at a rent of £19,800 per annum. There is a tenant-only break option in April 2028. The lease is on effective full repairing and insuring terms. The rent is subject to an upwards-only review in April 2028. The lease is available to review upon request. The tenant offers a very good covenant, with a Credit Safe Risk Score of 79 (placing it in the upper 25% of 22,420 comparable companies) and an International Score of 'A' (very low risk). There are two 2 bedroom flats, one of which is let on an assured shorthold tenancy at an annual rent of £11,820 per annum. The other flat is sold off on a long lease. The owner pays a ground rent of £50 per annum. Details of the current service charge and sinking fund arrangements are available upon request. 

Terms

The freehold is for sale for offers in excess of £395,000 reflecting an initial yield of 8.02% excluding purchasers costs.