No longer on the market
This property is no longer on the market
MapRetail property (high street)
Retirement
Sold STC
Retail property (high street)
1389
Features and description
- Freehold Investment For Sale
- Guide Price £299,995
- Commercial rental income £24,000 pa
- Ground rent income £1,050 pa
- Total income £25,050 pa
- Gross yield 8.3%
- Situated in the market town of Alton, Hampshire
- Part 16th Century Grade II Listed (19 & 21 Normandy Street)
- Three fully-let ground floor commercial units
- Seven apartments sold off on 125-year leases
This pretty period building comprises a terrace of three properties, two of which are Grade II Listed and date from the 16th Century. The ground floor commercial units are fully let and presently provide a cumulative rental income of £24,000 pa, while the upper floors were sold off on 125-year leases in 2011. Each apartment owner contributes £150 pa ground rent (which doubles every 25 years) while each occupier also pays a service charge and insurance rent percentage. The building was entirely re-roofed in 2021 and offers plenty of charm.
ACCOMMODATION
We have identified a cumulative Net Internal Area (NIA) of 1,390 Sq. Ft. / 129 Sq. M, comprising the following retail units: 19 Normandy Street - 362 sq ft, 21 Normandy Street - 386 sq ft, 23 Normandy Street - 641 sq ft.
EPC RATINGS
19 Normandy Street: C (56); 21 Normandy Street: C (61); 23 Normandy Street: C (73).
RATEABLE VALUE
According to the Valuation Office Agency (VOA) the commercial units have a rateable value of:
19 Normandy Street: £5,900; 21 Normandy Street: £6,300; 23 Normandy Street: £7,600, effective from 1st April 2023.
TENURE
We are instructed to seek offers of £299,995 for the freehold interest in title number SH46677 to include the existing commercial leases and residential ground rent contributions, subject to contract and exclusive of VAT. A freehold purchase at this level reflects a gross yield of 8.3%.
TENANCY SCHEDULE
Property Lease Start/End Term Rent Rent Review Breaks Tenant
19 Normandy St 25/09/18
24/09/23 5 years £6,000 None None Spirit Day Spa
21 Normandy St 20/02/18
18/02/25 7 years £6,000 None None Galleon Tattoo Studio
23 Normandy St 01/07/21
30/06/27
6 years £12,000 01/07/24 01/07/24 Alton Dance Studio
LEGAL COSTS & VAT
Each party is expected to bear their own legal costs in this transaction. The building is VAT elected however the sale can be dealt with by way of a TOGC for VAT purposes.
VIEWINGS
No direct approach to the current occupiers is permitted. For all enquiries or viewings please contact sole agent Trinity Rose Commercial or email Jon Baud [use Contact Agent Button] /[use Contact Agent Button].
Alton is a thriving Hampshire market town currently undergoing significant town centre regeneration with CALA Homes building over 220 new dwellings at the former Molson Coors Brewery while McCarthy Stone have just completed a brand-new retirement property. Alton is situated roughly equidistant between Winchester and Guildford and enjoys excellent road links thanks to the nearby A31 and also has trains to/from London Waterloo in 75 minutes.
The subject property is located within a Conservation Area on Normandy Street, close to the junction with Victoria Road. Normandy Street leads to Alton High Street, a few minutes’ walk away, and both locations are popular with local, regional and national occupiers.
ACCOMMODATION
We have identified a cumulative Net Internal Area (NIA) of 1,390 Sq. Ft. / 129 Sq. M, comprising the following retail units: 19 Normandy Street - 362 sq ft, 21 Normandy Street - 386 sq ft, 23 Normandy Street - 641 sq ft.
EPC RATINGS
19 Normandy Street: C (56); 21 Normandy Street: C (61); 23 Normandy Street: C (73).
RATEABLE VALUE
According to the Valuation Office Agency (VOA) the commercial units have a rateable value of:
19 Normandy Street: £5,900; 21 Normandy Street: £6,300; 23 Normandy Street: £7,600, effective from 1st April 2023.
TENURE
We are instructed to seek offers of £299,995 for the freehold interest in title number SH46677 to include the existing commercial leases and residential ground rent contributions, subject to contract and exclusive of VAT. A freehold purchase at this level reflects a gross yield of 8.3%.
TENANCY SCHEDULE
Property Lease Start/End Term Rent Rent Review Breaks Tenant
19 Normandy St 25/09/18
24/09/23 5 years £6,000 None None Spirit Day Spa
21 Normandy St 20/02/18
18/02/25 7 years £6,000 None None Galleon Tattoo Studio
23 Normandy St 01/07/21
30/06/27
6 years £12,000 01/07/24 01/07/24 Alton Dance Studio
LEGAL COSTS & VAT
Each party is expected to bear their own legal costs in this transaction. The building is VAT elected however the sale can be dealt with by way of a TOGC for VAT purposes.
VIEWINGS
No direct approach to the current occupiers is permitted. For all enquiries or viewings please contact sole agent Trinity Rose Commercial or email Jon Baud [use Contact Agent Button] /[use Contact Agent Button].
Alton is a thriving Hampshire market town currently undergoing significant town centre regeneration with CALA Homes building over 220 new dwellings at the former Molson Coors Brewery while McCarthy Stone have just completed a brand-new retirement property. Alton is situated roughly equidistant between Winchester and Guildford and enjoys excellent road links thanks to the nearby A31 and also has trains to/from London Waterloo in 75 minutes.
The subject property is located within a Conservation Area on Normandy Street, close to the junction with Victoria Road. Normandy Street leads to Alton High Street, a few minutes’ walk away, and both locations are popular with local, regional and national occupiers.