Guide price
£420,000
Retail premises for saleJames Avenue, Calne, Wiltshire SN11
Just added
About this property
Modern Spar convenience store investment within major new housing development.
Approx 2,199 sq ft (204.24 sq m).
| Rental income of £30,631.04 per annum
| Rent review to Market Value in April ‘27
| Net initial yield of approx 7.0%
| High quality tenant fit-out
Location
The property is situated within a major housing development of 295 new homes on the eastern fringes of the town of Calne which lies on the A4 approximately 6 miles and 19 miles to the east of Chippenham and Bath respectively. Marlborough is located some 19 miles to the east. Calne lies on the edge of the North Wessex Downs, an Area of Outstanding Natural Beauty and on the River Marden. Accoringing the 2021 census the Town then had a population of 19,034.
Description
The premises comprise a ground floor convenience store with Post Office concession within a three story block, the upper parts comprising of six self-contained flats held under separate ownership. The unit has been fitted out to a high specification providing a range of chilled and frozen display cabinets and shelving. There is an automatic entrance door, vinyl flooring, a suspended ceiling incorporating LED light panels and air-conditioning units. Ancillary areas include a kitchenette facility, a WC and a single storey store with access to an external bin store at the rear. There are 6 dedicated parking bays in the parking area fronting the property.
Accommodation
Approximate Gross Internal Areas
(Note: It was not possible to take measurements to the masonry walls or the window reveals in the retail area due to the the tenant’s fit-out and so the actual floor area is likely to be larger than those specified below).
M2 ft2
Overall 204.24 2,199
Tenure
The property is to be sold bay way of the first grant of a new 999 year lease at a peppercorn ground rent.
Occupational Leases
Let on assignment of an effectively full repairing an insuring lease to Stan West Stores Ltd (with the benefit of an aga from the assignor and a personal guarantee from the tenant. The lease is for a term of 20 year from 8th April 2022 at a passing rent of £30,631.04 subject to 5 yearly upward only rent reviews to Market Value (the next being in April ‘27). There a no break options.
Price
£420,000 reflecting a net initial yield of approximately 7.00% after allowing for purchasers acquisition costs at 4.25%. Although the property is registered for VAT, it is envisaged that the the sale will be affected by way of a Transfer Of A Going Concern (togc) thereby avoiding the need for the purchaser to pay VAT on the price. The VAT status of the property will, however, remain unchanged.
Business Rates
Rateable Value: £21,250
Services
We understand that mains electricity, water and drainage are connected to the property.
Caution
Woolley & Wallis have not tested the services mentioned in these particulars.
Planning
Prospective tenants must satisfy themselves as to the permitted planning uses for the property.
Energy Performance Certificate
Energy Rating: 'B' (37)
Viewing
Strictly by appointment through the sole selling agent Woolley & Wallis Commercial. Tel:
Approx 2,199 sq ft (204.24 sq m).
| Rental income of £30,631.04 per annum
| Rent review to Market Value in April ‘27
| Net initial yield of approx 7.0%
| High quality tenant fit-out
Location
The property is situated within a major housing development of 295 new homes on the eastern fringes of the town of Calne which lies on the A4 approximately 6 miles and 19 miles to the east of Chippenham and Bath respectively. Marlborough is located some 19 miles to the east. Calne lies on the edge of the North Wessex Downs, an Area of Outstanding Natural Beauty and on the River Marden. Accoringing the 2021 census the Town then had a population of 19,034.
Description
The premises comprise a ground floor convenience store with Post Office concession within a three story block, the upper parts comprising of six self-contained flats held under separate ownership. The unit has been fitted out to a high specification providing a range of chilled and frozen display cabinets and shelving. There is an automatic entrance door, vinyl flooring, a suspended ceiling incorporating LED light panels and air-conditioning units. Ancillary areas include a kitchenette facility, a WC and a single storey store with access to an external bin store at the rear. There are 6 dedicated parking bays in the parking area fronting the property.
Accommodation
Approximate Gross Internal Areas
(Note: It was not possible to take measurements to the masonry walls or the window reveals in the retail area due to the the tenant’s fit-out and so the actual floor area is likely to be larger than those specified below).
M2 ft2
Overall 204.24 2,199
Tenure
The property is to be sold bay way of the first grant of a new 999 year lease at a peppercorn ground rent.
Occupational Leases
Let on assignment of an effectively full repairing an insuring lease to Stan West Stores Ltd (with the benefit of an aga from the assignor and a personal guarantee from the tenant. The lease is for a term of 20 year from 8th April 2022 at a passing rent of £30,631.04 subject to 5 yearly upward only rent reviews to Market Value (the next being in April ‘27). There a no break options.
Price
£420,000 reflecting a net initial yield of approximately 7.00% after allowing for purchasers acquisition costs at 4.25%. Although the property is registered for VAT, it is envisaged that the the sale will be affected by way of a Transfer Of A Going Concern (togc) thereby avoiding the need for the purchaser to pay VAT on the price. The VAT status of the property will, however, remain unchanged.
Business Rates
Rateable Value: £21,250
Services
We understand that mains electricity, water and drainage are connected to the property.
Caution
Woolley & Wallis have not tested the services mentioned in these particulars.
Planning
Prospective tenants must satisfy themselves as to the permitted planning uses for the property.
Energy Performance Certificate
Energy Rating: 'B' (37)
Viewing
Strictly by appointment through the sole selling agent Woolley & Wallis Commercial. Tel:
Mortgage calculator
Monthly repayment
£2,101 per month
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