Retail Investment in 100% prime corner location to to Grape Tree
Summary
- 100% prime corner location
- Secured on the covenant of JG Foods Ltd
- Planning consent for residential conversion of the upper parts into 3 flats
- Price : £475,000 to reflect NIY of 10% on the commercial income
Further Information
Price Offers in the region of £475,000
Rates Payable Upon Enquiry
Description
Retail investment available in 100% prime corner location on pedestrianised St Thomas Street and Bond Street. The ground and first floors are let to JG Foods Ltd (t/a Grape Tree) on effective FRI terms expiring in November 2027 at a rent of £40,000 pax.
The second and third floors are let to JG Foods Ltd on a co-terminus lease at a peppercorn rent. The lease only is outside Sections 24-28 of the 1954 L&T Act and contains a rolling landlord only break option operable at 6 months written notice.
The property will be sold by way of a new 999 year lease at a peppercorn.
Price
We are instructed to seek offers in the region of £475,000 to reflect a Net Initial Yield of 10% on the commercial income and a nominal sum of £90,000 for the vacant upper floors.
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