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17 1/2 – 21 Beresford Street, St Helier, Jersey

Freehold Retail Investment

£ 1,150,000

Retail
Address:

17 1/2 – 21 Beresford Street
St Helier
Jersey

Total Area: 8,981 ft2

About this property

Investment Summary

• Freehold retail investment on Beresford Street, St Helier Jersey,

• Total Net Internal Area of approximately 8,981 sq.ft. (834.35 sq.m)

• Wholly let to Lancashire Texstyles

• Current Income is £115,000 per annum

• Offers in the region of £1,150,000 (One Million, One Hundred and Fifty Thousand Pounds Sterling) exclusive of GST

SITUATION

The property is located to the north of the main commercial and retail centre of St Helier on the northern side of Beresford Street. More specifically the property is situated midway between the intersection of Halkett Street and Bath Street with Beresford Street (which is a one way system) in close proximity to the primary retail locations along Queen Street and King Street.

Beresford Street links Bath Street and Halkett Place and the property benefits from good frontage directly onto Beresford Street. Halkett Street is a pedestrianised shopping street that links with Queen Street to the south and runs parallel with Halkett Place.

Notable retailers in the locality include Jaeger, HSBC, McDonalds, Apple and Alliance Tesco in addition to a number of local retailers. The Fish Market (just to the north of the property) and the Central Market (to the west) are in close proximity.

DESCRIPTION

The property forms a substantial and prominent building dating from the late 1800’s – early 1900’s that was built as two separate structures that interlink on certain levels.

The property is of masonry construction with cement rendered and painted facades under a mix of pitched slate and flat felt type roof coverings. The Property appears to be set between 2 buildings, 17 ½ – 19 and 21, that have been interlinked.

17 ½ – 19 Beresford Street comprises ground floor retail, first floor retail to the rear and storage/ancillary offices to the remainder of the upper floors including mezzanine levels and an office within the roof space.

21 Beresford Street comprises a three storey building with accommodation arranged as ground floor retail, ancillary storage space within the first and second floors and roof void.

The Property is listed on the States of Jersey website as a Grade 4 Listed Building.

ACCOMMODATION

A breakdown of the areas are provided below (NIA):

Ground (retail): 4135 sq.ft

Ground (storage): 467 sq.ft

Ground Floor ITZA: 2,694 sq.ft

First (retail): 751 sq.ft

First (storage): 1,883 sq.ft

Second (storage): 809 sq.ft

Second (kitchen): 57 sq.ft

Mezzanine (storage): 74 sq.ft

Mezzanine (storage): 300 sq.ft

Roof space (offices): 336 sq.ft

Roof space (storage): 169

Total NIA: 8,981 sq.ft

TENANCY

The entire property is currently occupied under a single lease granted to Lancashire Texstyles Limited for a term expiring on 31 July 2020 at a current rent reserved of £145,200 pa. We understand there is an informal agreement in place between the Vendor and the Tenant for the Tenant to pay a reduced annual rent of £115,000 per annum.

The lease also has a personal guarantee from Mr Peter Jones.

TENURE

The property is offered freehold subject to the existing leasehold interest.

DEVELOPMENT POTENTIAL

There may be the possibility of redeveloping the Property to provide retail on the ground floor and residential or office uses on the upper floors (subject to planning permission).

The Vendor has had initial discussions with the States of Jersey Planning Department and details of these can be provided on request.

PROPOSAL

Offers in the region of £1,150,000 (One Million, One Hundred and Fifty Thousand Pounds Sterling) exclusive of GST (if applicable).

VAT

VAT is not levied in Jersey, however, a Goods & Services Tax (GST) may be applicable. All figures quoted in this brochure are exclusive of GST and we would recommend that any prospective purchasers make their own enquiries in the regard.

LEGAL COSTS

Each party to bear their own legal costs and any other cost incurred in the purchase of this Property.

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