About this property
- Freehold retail investment on Queen Street, St Helier, Jersey
- Wholly let to Redcastle Ltd t/a Dorothy Perkins
- Current Income is £93,750 per annum
- Offers in the region of £1,375,000 (One Million, Three Hundred and Seventy-Five Thousand Pounds Sterling) exclusive of GST.
The Property occupies a prominent corner position at the junction of Queen Street and Bath Street. More specifically the Property is located at the eastern end of the St Helier primary retail pitch, Queen Street, neighbouring Boots the Chemist and is highly visible from the Snow Hill and La Motte Street approaches. Nearby occupiers include Boots, Vision Express, Costa Coffee, Hotel Chocolat, Molten Brown, Jersey Telecom and Waterstones to name a few.
Within 100m to the south is the Snow Hill Car Park and beyond this is the Green Street Long Stay Car Park.
The Property would appear to be of traditional blockwork construction with cement rendered and painted external elevations built under an assumed inset shallow pitched roof with slate type covering to the front elevation and flat roof structure with bituminous felt covering to the rear.
The ground and first floors of the Property are currently used for retailing with customer changing rooms at first floor level. The basement is used for storage and is accessed via a set of stairs down from the ground floor. The second floor is partly used as a storage/stock room, a works office and kitchen/staffroom.
The Property has a recessed splayed shop front at an angle of 45 degrees to the Queen Street elevation and has full height plate glass display frontage to both the Queen Street and Bath Street facades. A breakdown of the areas are provided below (NIA):
924 sq.ft (AITZA – 727 sq.ft)
The entire property is currently occupied under a single lease for a term of 50 years expiring 29th September 2027, assigned to Redcastle Ltd, with a passing rent of £93,750 per annum. The lease includes provision for 3 yearly upwards only open market rent reviews.
The property is offered freehold subject to the existing leasehold interest.
PROPOSAL Offers in the region of £1,375,000 (One Million, Three Hundred and Seventy Five Thousand Pounds Sterling) exclusive of GST (if applicable). This represents an All Risks Yield of 6.55%.
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.
Each party to bear their own legal costs and any other cost incurred in the purchase of this Property.