Winchester – Prime Retail High Street Investment with Residential Development Potential

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.