No longer on the market
This property is no longer on the market
MapIndustrial unit
Features and description
- Excellent central corner location
- Retail warehouse premises let to Laid Flooring
- Annual income of £42,000 per annum
- GIA - 4,088 sq.ft (379.79 sq.m)
- Potential redevelopment opportunity (subject to the usual consents being sought)
The Property comprises a substantial warehouse of steel frame construction with part block walls, with cement rendered and painted facades under a profile metal sheet roof which includes a number of skylights. The floor is solid concrete. There is a roller shutter door to the western elevation and a retractable wooden full height door to the northern elevation. There is fluorescent strip lighting throughout. Internally the premises have been split in half with a wooden partition and the eastern part provides a display showroom style area with timber partitioned offices, WC and kitchen along the southern elevation. The remaining part of the building is used for storage/distribution of goods for the Laid Flooring business which operates from this busy location. The Property provides an approx ridge height of 8.47m and eaves height of 3.64m.
Rooms
Location
The Property occupies a corner location at the junction of Charles Street and Wesley Street.
The Property is bordered to the south and east by residential developments. To the west, a former office building called First Island House which has been converted to residential units and to the north west is the Randall’s Earl Granville Public House. There is a large amount of residential development underway in the immediate vicinity and this will include substantial upgrades to the public realm.
The location is characterised by a mix of residential uses whilst being on the edge of the centre of St. Helier so there are a large number of commercial users in the vicinity including the Entertainer, Iceland, Jersey Gas (Island Energy Group) and RBSI.
Public car parking is provided a short distance to the north west within the Minden Place car park.
Description
The Property comprises a substantial warehouse of steel frame construction with part block walls, with cement rendered and painted facades under a profile metal sheet roof which includes a number of skylights. The floor is solid concrete. There is a roller shutter door to the western elevation and a retractable wooden full height door to the northern elevation. There is fluorescent strip lighting throughout.
Internally the premises have been split in half with a wooden partition and the eastern part provides a display showroom style area with timber partitioned offices, WC and kitchen along the southern elevation. The remaining part of the building is used for storage/distribution of goods for the Laid Flooring business which operates from this busy location.
The Property provides an approx ridge height of 8.47m and eaves height of 3.64m.
Accommodation
The Property has been measured in accordance with the RICS Code of Measuring Practice and provides a gross internal floor area of 4,088 sq.ft (379.79 sq.m)
Use
The Property benefits from a storage and showroom consent (Ref: P/2019/1671)
Tenure
The Property is let to SPF Limited t/a Laid Flooring on a 9 IRI year lease which expires on 31st October 2028 at a rental £42,000 pa and the lease provides for 3 yearly rent reviews to the higher of the open market rental value of the premises or increases in the Jersey Retail Price Index but we understand the rental for the unit was not increased in 2022. The tenant has a break option 31st October 2024 (subject to 6 months’ prior written notice) in the lease.
Asking Price
The opportunity exists to acquire the freehold interest of the property, subject to the above noted lease, for a consideration over £800,000 exclusive of GST as applicable.
Legal costs
Each party to bear their own legal costs and any other cost incurred in the sale of this property.
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