The two flats located on first floor are being retained by the vendor.
Tenancy The ground and basement floors are let to Joules Ltd on a full repairing and insuring lease for 10 years from 13th June 2013 at a current rental of £38,500 per annum exclusive of rates & VAT (if applicable).
Covenant information Joules Ltd are an established brand for the last 30 years and now trade from 123 shops in the UK and Republic of Ireland. Their financial figures for the year ending 27th May 2018 showed turn over of up by 18% to £186 million and profit before tax of £13 million.
Terms Our clients are seeking a price of £525,000 (five hundred and twenty-five thousand pounds) subject to contract for their freehold interest, subject to our clients leasing back the upper floor residential accommodation on a 999 year lease. A purchase at this level would reflect a net initial yield of 7% after purchase costs of 4.8%.
VAT We understand that the property has been elected for VAT and anticipate that the sale will be treated as a transfer of a going concern (togc).
The Property occupies a prominent trading location on the Square in the centre of Petersfield and opposite The Rams Walk shopping centre and large shoppers car park. Retailers close by include WHSmith, Waterstones, Costa, Robert Dyas, Mint Velvet and Waitrose.
For more information about this property, please contact Wadham & Isherwood, GU1 on +44 1483 665861 * (local rate)
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