39 The Hundred, Romsey, SO51 8GE

£325,000 for sale

Overview

Retail
Property Type

Description

Location

Romsey is an attractive and prosperous market town located 7 miles north west of Southampton and 11 miles south west of Winchester. It has excellent transport links; the bus station and railway station are only a short walk away. The property is located on The Hundred, the main retail pitch of Romsey with nearby occupiers including Waterstones, Josie's, Boots, Fat Face, Superdrug and Nero.

This property comprises a centre terraced ground floor selfcontained retail unit currently fitted out as a barbers. The ground floor also benefits from a WC towards the rear and rear access.

There is a first and second floor self-contained office at the rear of the property which also benefits from WC and kitchenette facilities.

There is longterm scope for residential use of the uppers.

Ground Floor Shop 509 Sq Ft (47.31 Sq M)
First Floor Offices 447 Sq Ft (41.56 Sq M)
Second Floor Offices 153 Sq Ft (14.19 Sq M)
Total Net Internal Area 1,109 Sq Ft (103.06 Sq M)

Under the new planning regulations, we believe the current permitted use to be use class 'E' which includes uses such as retail, professional services, café, health clinics, indoor recreation/sport and office. All parties are advised to make their own enquiries of the local authority for confirmation.

Asset Rating - D(78)

Ground Floor Shop Rating £11,750
First/Second Floor Offices Rating £9,700
Source www.gov.uk/find-business-rates

Offers considered in the region of £325,000 subject to contract for the freehold interest subject to subsisting tenancies.
A purchase at this level will show an attractive net initial yield of 7.95% after allowance for buyer's costs.
We understand VAT is applicable however all parties are advised to make their own enquiries into the matter.
We assume the sale will be a Transfer Of a Going Concern (TOGC).

Use Class 'E' Investment Opportunity

Total Net Internal Area - 1,109 sq.ft (103.06 sq.m)

Total Annual Income of £26,750 per annum

Net Initial Yield 7.95%

Affluent Market Town

Two Tenants

Longterm Scope for Residential Use of Uppers

Ground Floor Retail
The property is let by way of a lease dated 9 December 2020 for a term of 10 years, expiring 8 December 2030. This is at a passing rent of £16,000 per annum, rising too £16,500 December 2026 and then £17,000 from December 2027.
First & Second Floor Office
The property is let by way of a lease dated 10 May 2024 for a term of 5 years at a passing rent of £9,750 per annum, expiring 9 May 2029. The tenant is Romsey Cancer Support.

Both leases are drawn on effectively full repairing & insuring terms.