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FOR SALE

38 High Street,
Emsworth,
Hampshire,
PO10 7AW

Retail and Leisure, Investment

449 Sq Ft (41.71 Sq M)

Features

  • Situated in busy retail centre
  • Ground floor shop, with three flats sold off
  • Let to strong tenant in St Wilfrid's (D&B rating 4A)
  • Let on FRI terms until 2027
  • Shop rent £11,000 pax, plus £600 pax ground rent from flats
  • Total rent £11,600 pax
  • Freehold
  • Price £200,000 STC
  • Nearby occupiers Lloyds Pharmacy, Costa, Coop, British Redcross & Coral

Location

Emsworth is a busy village located 11 miles west of Chichester and nine miles east of Portsmouth. The property is situated in the centre of the village on High Street, where a variety of independent and national retailers are represented including Lloyds Pharmacy, Costa, The Co-Operative Food Store, British Redcross and Coral.

Description

Fully Let Retail Investment
Total Size 41.71 sq m (449 sq ft)

Accommodation

The property comprises a detached two-storey building, which is arranged as a ground floor lock-up shop and three flats over ground and first floors (which have all been sold off on long leases).

We have measured and calculate the ground floor lock up shop to have an Net Internal Area (NIA) of 41.71 sq m (449 sq ft).

We have not inspected or measured the flats.

Planning

We understand that the ground floor shop benefit from Class A1 use within the Use Classes Order 1987 (as amended).

VAT

Rents and prices are quoted exclusive of, but may be subject to VAT.

Legal Fees

Each party to bear their own legal costs incurred.

Terms

The ground floor shop is let to St Wilfrid's (South Coast) Limited on an effectively full repairing and insuring lease for a term of 10 years from 01 August 2017, expiring 31 July 2027. There is a break option on 31 July 2022, which is subject to six months' notice. The passing rent is £11,000 per annum exclusive, which is subject to an open market (upward only) rent review on 01 August 2022. The lease is contracted outside the Landlord and Tenant Act 1954.

The three flats have been sold off on long leases for terms of a 125 years from 01 June 2002. The current ground rent receivable is £200 per annum per flat for the first 25 years, doubling every 25 years thereafter. The total ground rent is therefore £600 per annum at present.

The total rent is currently £11,600 per annum exclusive.

We have been instructed to market the property and quote a price of £200,000 for the freehold interest subject to the leases and contract.

Energy Performance Rating

To be confirmed.

Key Contacts

Contact Photo

Mary Jackson

01243 929140