7-9 Church Street, Romsey, SO51 8BT

£395,000 for sale

Overview

Retail
Property Type

Description

Location

Romsey is an affluent market town located in Hampshire. The town has easy access to Winchester (9.5 miles northeast), Southampton (7.5 miles south-east) and the New Forest via A3090, M271 and M27 respectively.
The location offers a comprehensive selection of commercial premises including retail shops, restaurants, cafés and beauty salons. Major national retailers nearby include Boots, Waterstones and TSB.
The asset is well positioned just off the prime position of Market Place and well located for nearby car parks, Romsey Abbey, excellent public transport links and benefits from good footfall along the main retail area.
The property comprises a centre terraced building of traditional brick construction beneath a pitched slate tiled main roof. It provides two well configured lock up shops at ground level, with extensive glass frontage and rear access.
The uppers are a self-contained two level residential flat which is sold off separately.

No. 7 Sales Area 309 Sq Ft (28.67 Sq M)
No. 7 Kitchen Area 45 Sq Ft (4.18 Sq M)
Total Net Internal Area 354 Sq Ft (32.85 Sq M)
No. 9 Sales Area 322 Sq Ft (29.91 Sq M)
No. 9 Kitchen Area 47 Sq Ft (4.37 Sq M)
Total Net Internal Area 369 Sq Ft (34.28 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 - No.7 - C (64)
Asset Rating - No.9 - C (52)

7 - Rateable Value £10,000
9 - Rateable Value £9,800
Source www.gov.uk/find-business-rates

Price of £425,000 subject to contract for the freehold interest subject to subsisting tenancies. If looking to buy through a personal pension plan/SIPP/SSAS, we could structure a sale of a long leasehold of the commercial only.
A purchase at this level will show an attractive net initial yield of 7.44% after allowance for buyer's costs at 4.33%.
VAT is applicable however all parties are advised to make their own enquiries regarding the treatment of VAT in the purchase of this investment.

Two Retail Shop Units

£425,000 for the Freehold

Attractive Net Initial Yield 7.44%

Total Current Annual Income £33,000, increasing to £34,000

Residential Uppers Sold Off On Long Leasehold

Ideal Trading Position

Mixed-Use Investment Opportunity