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Winchester – Prime Retail High Street Investment with Residential Development Potential

28 High Street, Winchester, SO23 9BL

Offers in excess of £2,000,000

Property Type:
Commercial
Sub Type:
Retail
Tenure:
Freehold
Net Initial Yield:
8.56%

Income

£182,000 pa

Description

  • Winchester is a picturesque, historic and affluent Cathedral City in the South of England.
  • The City is regarded as one of the most affluent Promis centres in the UK.
  • The property occupies a prime position on the High Street and benefits from high footfall.
  • Attractive Grade II Listed Georgian building.
  • The property comprises a ground floor retail unit with basement and two upper floors.
  • Total existing floor area of 4,822 sq ft.
  • The ground floor, basement and part first are let to Fat Face Limited on a lease expiring in March 2028 thus having 6.52 years to expiry (2.52 years to break).
  • Current rent of £182,000 per annum.
  • The first and second floor are vacant and benefit from separate access from the High Street.
  • Planning permission was granted in June 2017 (subsequently expired) for conversion to one 2 bed flat at first floor and one 3 bed flat at second floor.
  • Residential values in the area are achieving capital values of c.£500psf.
  • Freehold.
  • Tenant is up to date with rental payments.
  • Offers sought in excess of £2,000,000 subject to contract and exclusive of VAT.  A purchase at this level reflects a net initial yield of 8.56% assuming standard purchaser’s costs.