£265,000
Retail premises for saleWest End, Street, Somerset BA16
Just added
About this property
Morrisons convenience store investment in popular village of Street, home of Clarks Outlet Shopping Village.
| Current rent of £17,500 pa (Est. Erv in excess of £25,000 pa)
| Potential for significant rent increase in January 2029/30
| Mutual break option 5th January 2029
| Ample on-site customer parking
Location
The property is situated approximately 400 metres from the High Street in Street, Somerset’s largest village with a population of population of 12,712 (2021 census). Street is home to the popular Clarks Village, an outlet shopping village where over 90 designer and well known brands are represented in a development which links to the High Street. Street is situated just south of the A39 and lies approximately 2 miles south of Glastonbury and 13 miles east of Bridgewater.
Description
The premises comprise a detached convenience store on a site of approx 0.3 acre. The premises have various extensions and provide a principle retail area fitted out to a good standard with tiled floor, suspended ceiling with inset lighting and rear store/ ancillary areas. There are a range of refrigerated and frozen food display units as well as traditional shelving.
Accommodation
Approximate Gross Internal Areas
m2 ft2
Overall 269.89 3,196
Tenure
Freehold
Occupational Leases
Let on assignment of a full repairing and insuring lease (subject to a Photographic Schedule Of Condition) to Alliance Property Holding Ltd (part of the Morrisons Group). The lease, which is for a for a term of 10 years from 12 January 2020 incorporates a mutual break option on 5th January 2029. The passing rent is £17,000 per annum which is subject to review in on 5th January ‘29 to the greater of Market Value or compounded cpi (capped at 2% after compounding).
Price
£265,000 reflecting a net initial yield of approximately 6.45% after allowing for purchasers acquisition costs at 2.79% with a potential reversionary yield of around 8.83% based on a current Estimated Rental Value (erv) of at least £25,000 per annum.
We are advised that VAT will not be chargeable.
Business Rates
Rateable Value: £43,500
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' (38)
Viewing
Strictly by appointment through the sole selling agent Woolley & Wallis Commercial. Tel:
| Current rent of £17,500 pa (Est. Erv in excess of £25,000 pa)
| Potential for significant rent increase in January 2029/30
| Mutual break option 5th January 2029
| Ample on-site customer parking
Location
The property is situated approximately 400 metres from the High Street in Street, Somerset’s largest village with a population of population of 12,712 (2021 census). Street is home to the popular Clarks Village, an outlet shopping village where over 90 designer and well known brands are represented in a development which links to the High Street. Street is situated just south of the A39 and lies approximately 2 miles south of Glastonbury and 13 miles east of Bridgewater.
Description
The premises comprise a detached convenience store on a site of approx 0.3 acre. The premises have various extensions and provide a principle retail area fitted out to a good standard with tiled floor, suspended ceiling with inset lighting and rear store/ ancillary areas. There are a range of refrigerated and frozen food display units as well as traditional shelving.
Accommodation
Approximate Gross Internal Areas
m2 ft2
Overall 269.89 3,196
Tenure
Freehold
Occupational Leases
Let on assignment of a full repairing and insuring lease (subject to a Photographic Schedule Of Condition) to Alliance Property Holding Ltd (part of the Morrisons Group). The lease, which is for a for a term of 10 years from 12 January 2020 incorporates a mutual break option on 5th January 2029. The passing rent is £17,000 per annum which is subject to review in on 5th January ‘29 to the greater of Market Value or compounded cpi (capped at 2% after compounding).
Price
£265,000 reflecting a net initial yield of approximately 6.45% after allowing for purchasers acquisition costs at 2.79% with a potential reversionary yield of around 8.83% based on a current Estimated Rental Value (erv) of at least £25,000 per annum.
We are advised that VAT will not be chargeable.
Business Rates
Rateable Value: £43,500
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' (38)
Viewing
Strictly by appointment through the sole selling agent Woolley & Wallis Commercial. Tel:
Mortgage calculator
Monthly repayment
£1,325 per month
Whole of market comparison
70+ lenders and 10,000+ products
How much could I borrow
In partnership with
The monthly repayments provided are estimates and should be used as a guide only. The actual amount you can borrow will depend on your personal financial situation and subject to a full application. For a more precise estimate, please use the Mojo mortgage calculator. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
.png){kind=logo}