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7 Halkett Street, St. Helier, Jersey

Freehold Retail Investment

Offers in the region of £ 675,000

Retail
Address:

7 Halkett Street

Total Area: 1,892 ft2
Availability:
Immediately

About this property

DESCRIPTION

The Property occupies a good position towards the southern end of Halkett Street near to its junction with Queen Street. More specifically the Property is located at the eastern end of the St Helier primary retail pitch, Queen Street, neighbouring Boots the Chemist. Nearby occupiers include Boots, Vision Express, Costa Coffee, Dorothy Perkins, Hotel Chocolat, Molten Brown, Jersey Telecom, McDonalds, Brummels 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.

ACCOMMODATION

The Property would appear to be of traditional masonry construction with cement rendered and painted external elevations built under an assumed pitched roof with slate type covering. The Property is currently used as a hairdressers on the basement, ground and first floors. There are beauty rooms on the second floor and the third floor is used as an ancillary office along with storage. There are eves restrictions within the 3rd floor and the stairwell leading up to the 3rd floor. There are WC facilities on all floors except the ground floor and there are kitchenettes on the first and second floors. The Property has a full height plate glass display frontage to the Halkett Street facade. There are 2 access points into the Property, one to the south western corner which provides access to the ground floor, and one to the north western corner which provides access to the upper floors via a stairwell. There is an internal door from the ground floor retailing area to the main stairwell. There is also a spiral staircase within the ground floor providing access to the basement. A breakdown of the areas are provided below (NIA):
Basement (retail):                375 sq.ft
Ground (retail):                    421 sq.ft (421 sq.ft ITZA)
First (retail anc):                  428 sq.ft
Second (retail anc):              478 sq.ft
Third (office/storage):         190 sq.ft
Total NIA:                               1,892 sq.ft

TENANCY

The entire property is currently let under a single lease for a term of 9 years expiring 24th December 2025 to Toni & Guy (Jersey) Limited with a passing rent of £40,000 per annum. The rent is due to increase to £42,000 from 25th December 2019.The lease includes provision for 3 yearly upwards only open market rent reviews. The lease has a Personal Guarantee from Shaun Rouse.

TENURE

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

PROPOSAL

Offers in the region of £675,000 (Six Hundred and Seventy-Five Thousand Pounds Sterling) exclusive of GST (if applicable).This represents an All Risks Yield of 5.75%.VATVAT 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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