High Street Retail Investment
Summary
- Highly visible retail unit fronting Seamoor Road, Westbourne.
- Well secured investment with Tenant in occupation for in excess of 20 years.
- 15 year lease from January 2023 (ToB at Year 10).
- Freehold interest.
- Price: £285.000 exclusive
Location
Westbourne is an affluent suburb of Bournemouth, situated approximately 1 mile to the west of Bournemouth Town Centre. It features a popular local shopping centre that serves the nearby residential areas of Westbourne, Alum Chine, Talbot Woods and Branksome Park. Westbourne features a good mix of quality independent retailers and boutiques as well as numerous national multiples such as M&S Simply Food, Starbucks, Cook, Iceland, Boots, Loungers, HSBC & Costa.
The subject property is located in a highly visible position fronting Seamoor Road.
Get directions from Google Maps
Mainline Stations
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Branksome14 mins
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Bournemouth34 mins
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Parkstone (Dorset)37 mins
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Poole67 mins
Underground Station
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Reading1255 mins
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Twyford1330 mins
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Maidenhead1452 mins
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Taplow1480 mins
Further Information
Price £285,000
Rates Payable Upon Enquiry
EPC Rating This property has been graded as D (82)
Description
The property comprises an attractive ground floor retail unit that forms part of a three story building that we understand dates from the late 19th Century. The building is not listed but is located within the Westbourne Conservation Area.
Internally the ground floor shop is fitted to a high standard, commensurate with its current use as a hair salon. The property includes rear w/c and ancillary staff accommodation, basement storage and rear loading access. We have measured the property (excluding the basement) with an approximate net internal area of 98.58 sq m (1,061 sq ft).
Two residential flats are located above the ground floor retail unit. These flats have previously been sold off on long leasehold interests (see Tenancy).
Tenure
Freehold
Covenant
Scissors Franchise Company Ltd is a group company of Francesco Group (Holdings) Limited which is a well-established hair salon business with 37 salons trading in the UK. A Franchisee operates the business under the group umbrella via a Franchise Agreement.
The Tenant and Franchisee in Westbourne has been operating the business in this location for in excess of 20 years.
Tenancy
Retail Unit
Let to Scissors Franchise Company Ltd (subject to a Guarantee provided by Francesco Group (Holdings) Limited) on FRI terms for 15 years from 1st January 2023. There are open market, upward only rent reviews at every fifth anniversary of the term. The Tenant trades as ‘Francesco’.
The lease is due to expire 31st December 2037 subject to a tenant only break clause on 1st January 2033 subject to 6 months notice.
The Rent Passing is £23,000 per annum exclusive.
Residential Flats
1 Seamoor Court (First Floor)
Term: 189 years from 24/06/1988 (expires 23/06/2177)
Rent: Peppercorn
3 Seamoor Court (Second Floor)
Term: 189 years from 24/06/1988 (expires 23/06/2177)
Rent: Peppercorn
Price
£285,000 exclusive.
A sale at this level reflects a Net Initial Yield of 7.83% after allowing for
standard purchasers costs.
EPC
The property has an energy rating of D-82
A copy of the full Energy Performance Certificate is available on request.
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