For Sale - Alder King
For Sale 76 High Street, Wells, Somerset, BA5 2AJ
Retail Investment Opportunity
76 High Street, Wells 02
Investment Summary Situated in a prominent trading position on Wells’ principal shopping street.
Ground floor retail unit with two selfcontained residential flats to the upper floors. Nearby occupiers include Subway, Boots Opticians, Oxfam and Ladbrokes. Freehold. Flats sold off by way of long leasehold for a term of 125 years. Clic Sargent to enter into a new FRI lease for a term of 10 years at a commencing rent of £34,250 per annum subject to five yearly rent review. Tenant only break at year 5. Ground rent income of £100 per annum. Total rental income £34,350 per annum. Offers sought in excess of £500,000 reflecting a net initial yield of 6.56% assuming purchasers’ costs of 4.89%.
76 High Street, Wells 03
Location Location Wells is the smallest city in England. It is home to an impressive Cathedral and Bishops Palace and has a population of approximately 11,000. The city centre has a good range of multiple and regional retailers, and is a popular destination for residents and visitors.
Wells sits at the southern edge of the Mendip Hills, 20 miles south of Bristol and Bath, 6 miles north of Glastonbury and is accessible via the A37, A39 and the B3139. Bristol International Airport is 35 minutes away via the B3134.
Situation The property is situated on the northern side of the High Street, close to the junction with St Cuthbert Street. The High Street acts as a thoroughfare to and from the main routes into Wells and provides a range of independent and national retailers. The area is highly accessible and situated within the main shopping area of Wells, close to the Cathedral and public transport routes. Nearby occupiers include Boots Opticians, Subway, Oxfam and Ladbrokes. The property is also situated a short walk from Waitrose and several public car parks.
Plan for identification purposes only
76 High Street, Wells 04
Description & Tenancy Information Description The property is a Grade II Listed mid terraced two storey building with dormer windows to the front. The ground floor comprises a lock up shop with a timber framed and glazed shop front. The ground floor extends to 1,771 sq ft (164.53 sq m).
Area
Sq ft
Sq m
Sales
1,143
106.19
ITZA
682
63.34
Ancillary
628
58.34
TOTAL
1,771
164.53
The accommodation provides an open plan sales area, store room, office and kitchen/WC facilities. The rear of the property has been extended to provide an additional storage area, and has pedestrian access onto a private lane. The upper floor is accessed by way of a separate entrance to the front of the property, situated to the right of the shop front. There are two flats which have been sold on a long leasehold basis which currently pay a ground rent of £50 per annum per flat, rising to £100 per annum per flat in 2039. Proposed Lease CLIC Sargent will enter into a new lease for a term of 10 years on full repairing and insuring terms. The commencing rent will be £34,250 per annum exclusive. The lease will be subject to 5 yearly upward only rent reviews and a tenant only break at the end of year 5. Tenure The property is sold freehold, subject to the new lease detailed above and the two residential long leases. Covenant Information The lease will be taken in the name of ‘CLIC Sargent Cancer Care For Children’ - additional covenant information is available upon request. Energy Performance Certificate The property has an EPC rating of C(55). A copy of the EPC certificate is available upon request.
76 High Street, Wells 05
Contacts & Proposal Viewing Arrangements For further information or to arrange an inspection please contact : Alder King Property Consultants Pembroke House 15 Pembroke Road Clifton Bristol BS8 3BA
Rebecca Harries
Charles Russell-Smith
0117 317 1086
0117 317 1043
[email protected]
[email protected]
www.alderking.com
September 2017
Proposal Offers sought in excess of £500,000 per annum reflecting a net initial yield of 6.56% assuming purchasers’ costs of 4.89%
SUBJECT TO CONTRACT & EXCLUSIVE OF VAT
Important: Alder King for themselves and for the vendors of this property, whose agents they are, give notice that: 1. The particulars contained herein are for guidance purposes only and do not constitute either part or whole of an offer or contract. 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact, and must satisfy themselves as to their correctness. 3. No person in the employment of Alder King has any authority to make or give any representations or warranties whatsoever in relation to these properties. 4. No responsibility can be accepted for expenses incurred by intending purchasers in inspecting and considering the properties whi ch are offered. Under the Control of Asbestos Regulations 2006 (CAR 2006), the owner or tenant of the property, and anyone else who has control over it and/or responsibility for maintaining or repairing it, may be under a statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAR 2006 is an offence and could adversely affect the value of the property. The detection and management of asbestos and asbestos related compounds is beyond the scope of our expertise and does not form part of the services that we have agreed to provide in respect of the property. Accordingly: 1. Alder King do not accept any responsibility for, and you should not place any reliance on us in respect of, the detection and/or management of any asbestos and/or asbestos related compounds contained in the property. 2. We strongly recommend that you obtain advice from specialist environmental consultants in respect of asbestos related issues.
Retail Investment Opportunity
76 High Street, Wells 02
Investment Summary Situated in a prominent trading position on Wells’ principal shopping street.
Ground floor retail unit with two selfcontained residential flats to the upper floors. Nearby occupiers include Subway, Boots Opticians, Oxfam and Ladbrokes. Freehold. Flats sold off by way of long leasehold for a term of 125 years. Clic Sargent to enter into a new FRI lease for a term of 10 years at a commencing rent of £34,250 per annum subject to five yearly rent review. Tenant only break at year 5. Ground rent income of £100 per annum. Total rental income £34,350 per annum. Offers sought in excess of £500,000 reflecting a net initial yield of 6.56% assuming purchasers’ costs of 4.89%.
76 High Street, Wells 03
Location Location Wells is the smallest city in England. It is home to an impressive Cathedral and Bishops Palace and has a population of approximately 11,000. The city centre has a good range of multiple and regional retailers, and is a popular destination for residents and visitors.
Wells sits at the southern edge of the Mendip Hills, 20 miles south of Bristol and Bath, 6 miles north of Glastonbury and is accessible via the A37, A39 and the B3139. Bristol International Airport is 35 minutes away via the B3134.
Situation The property is situated on the northern side of the High Street, close to the junction with St Cuthbert Street. The High Street acts as a thoroughfare to and from the main routes into Wells and provides a range of independent and national retailers. The area is highly accessible and situated within the main shopping area of Wells, close to the Cathedral and public transport routes. Nearby occupiers include Boots Opticians, Subway, Oxfam and Ladbrokes. The property is also situated a short walk from Waitrose and several public car parks.
Plan for identification purposes only
76 High Street, Wells 04
Description & Tenancy Information Description The property is a Grade II Listed mid terraced two storey building with dormer windows to the front. The ground floor comprises a lock up shop with a timber framed and glazed shop front. The ground floor extends to 1,771 sq ft (164.53 sq m).
Area
Sq ft
Sq m
Sales
1,143
106.19
ITZA
682
63.34
Ancillary
628
58.34
TOTAL
1,771
164.53
The accommodation provides an open plan sales area, store room, office and kitchen/WC facilities. The rear of the property has been extended to provide an additional storage area, and has pedestrian access onto a private lane. The upper floor is accessed by way of a separate entrance to the front of the property, situated to the right of the shop front. There are two flats which have been sold on a long leasehold basis which currently pay a ground rent of £50 per annum per flat, rising to £100 per annum per flat in 2039. Proposed Lease CLIC Sargent will enter into a new lease for a term of 10 years on full repairing and insuring terms. The commencing rent will be £34,250 per annum exclusive. The lease will be subject to 5 yearly upward only rent reviews and a tenant only break at the end of year 5. Tenure The property is sold freehold, subject to the new lease detailed above and the two residential long leases. Covenant Information The lease will be taken in the name of ‘CLIC Sargent Cancer Care For Children’ - additional covenant information is available upon request. Energy Performance Certificate The property has an EPC rating of C(55). A copy of the EPC certificate is available upon request.
76 High Street, Wells 05
Contacts & Proposal Viewing Arrangements For further information or to arrange an inspection please contact : Alder King Property Consultants Pembroke House 15 Pembroke Road Clifton Bristol BS8 3BA
Rebecca Harries
Charles Russell-Smith
0117 317 1086
0117 317 1043
[email protected]
[email protected]
www.alderking.com
September 2017
Proposal Offers sought in excess of £500,000 per annum reflecting a net initial yield of 6.56% assuming purchasers’ costs of 4.89%
SUBJECT TO CONTRACT & EXCLUSIVE OF VAT
Important: Alder King for themselves and for the vendors of this property, whose agents they are, give notice that: 1. The particulars contained herein are for guidance purposes only and do not constitute either part or whole of an offer or contract. 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact, and must satisfy themselves as to their correctness. 3. No person in the employment of Alder King has any authority to make or give any representations or warranties whatsoever in relation to these properties. 4. No responsibility can be accepted for expenses incurred by intending purchasers in inspecting and considering the properties whi ch are offered. Under the Control of Asbestos Regulations 2006 (CAR 2006), the owner or tenant of the property, and anyone else who has control over it and/or responsibility for maintaining or repairing it, may be under a statutory obligation to detect and manage any asbestos or asbestos related compounds contained within the property. Failure to comply with the CAR 2006 is an offence and could adversely affect the value of the property. The detection and management of asbestos and asbestos related compounds is beyond the scope of our expertise and does not form part of the services that we have agreed to provide in respect of the property. Accordingly: 1. Alder King do not accept any responsibility for, and you should not place any reliance on us in respect of, the detection and/or management of any asbestos and/or asbestos related compounds contained in the property. 2. We strongly recommend that you obtain advice from specialist environmental consultants in respect of asbestos related issues.
