4,275 sq ft Investment Property
|Property Type||Investment Property|
|Size||4,275 sq ft|
|Energy Performance Rating||This property has been graded as 48 B|
Alton is a very popular and prosperous Hampshire market town and is the largest urban area within East Hants District Council. The town is located on the A31 which provides easy access to Guildford and Winchester. Alton railway station offers direct train services to London Waterloo, with a best journey time of 1 hr 8mins. The town lies approximately 29 miles north east of Southampton, 26 miles south of Reading, and 50 miles south west of Central London.
The town has a population of just under 50,000 people within a 15 miles radius, rising to over 100,000 people within 20 minutes’ drive time. 44.6% of the 15-minute drive time catchment are within the top Acorn Group ‘Affluent Achievers’.
The property was formerly a Hop Store, which was redeveloped in 2014 by the current owners, to provide two retail units. Both retail units were let in a shell condition.
Private parking is provided on site, with unit 1 having 5 parking spaces outside the main entrance. Unit 2 has space for two staff parking spaces adjoining the NE elevation. There is large public car park adjacent as well as a car park on the adjoining Sainsburys superstore site.
Unit 1; Let to Pets Corner (UK) Ltd, Co No 03551085, established in 1968 Pets Corner is one of the UK’s most successful pet retail store chains. Currently operating from 156 retail stores throughout the UK.
Let on a lease for a term of 15 years from 27th July 2014, subject to 5 yearly upward only rent reviews. Next review 27th July 2019. Held on an effective full repairing lease.
Unit 2; Let to Ocean's Eleven Fish & Chips.
Let on a lease for a term of 20 years from 29th Sept 2015, subject to 5 yearly upwards only rent reviews. Next review 29th Sept 2020. Held on an effective full repairing lease.
Current income £63,700 p.a.x with potential to increase to £79,100 p.a.x following reviews in July 2019 and Jan 2020.
The property is held freehold, and is subject to VAT.
We are seeking offers in the region of £1,100,000 (One million, one hundred thousand pounds) for the freehold interest, subject to contract and exclusive of purchaser’s costs (at 5.5 %.)
A purchase at this level would reflect an attractive net initial yield of just under 5.5 %, with a reversionary yield of 6.81% (based on full ERV of £79,100 pax) and an equivalent yield of 6.63% This reflects an overall low capital value of £257 psf.