Current income circa £60,750 per annumStepped rents increase annual income to £64,750 per annum by 2025FreeholdEffective full repairing and insuring lease termsHighly prominent prime town centre retail units located on corner of Castle Street and The Borough
Castle Street Market comprises three detached retail kiosks with ornamental panel inserts, double glazed windows and solid floors beneath pitched roofs clad in lead metal sheeting. In addition there is one market stall which historically has been let to small traders on an ad hoc basis. The buildings are owned freehold and stand on a rectangular site on the corner of Castle Street and The Borough, Farnham's principle retail area.
The three kiosks are let on effective full repairing and insuring leases with a service charge to cover the cost of external building repairs and common part maintenance. There is a communal WC located within kiosk 1 with its own external access for all of the tenants to use. Kiosk 3 has the benefit of additional outside seating.
Castle Street Market is situated in the heart of the town centre within a short walk of all of the towns main short and long stay car parks.
Farnham itself is located within the borough of Waverley approximately 10 miles west of Guildford, 15 miles east of Basingstoke, 25 miles south of Reading and 42 miles south of London. The district population stands at approximately 124,000 persons with 81% of the working age population classed as economically active.
Kiosk 1 - Lease commenced 16th May 2002 expiring 31st January 2027 - tenant Castle Street Flowers Limited.
Kiosk 2 - Lease commenced 11th December 2020 expiring 19th October 2025 - tenant Gentry Grooming Limited.
Kiosk 3 - Lease commenced 30th June 2022 expiring 29th June 2027 (break option 29th June 2024) - tenant Castello Gelato.
Stall A - Let to multiple tenants on flexible short term licences, usually for around 1 week. In 2019 the income received from this stall was £3,683,2020 £4,650. Since Covid the stall has not been actively marketed so there is an opportunity to further develop this income.
Tenancy schedule detailing rents, deposits etc available on request.
We are instructed to quote offers in excess of £750,000 (net initial yield of 7.69% assuming £56,750 pa plus £4,000 potential income from Stall A. Due to the three kiosks being let on stepped rents this income rises annually. In 2025 the income will be £60,750 plus approx £4,000 for Stall A. Total income of £64,750 per annum / 8.19%.