Sold
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.