About this property
- Rare opportunity to acquire a prime King Street retail unit with large floor plates
- Prominent location at the western end of King Street adjacent to Marks & Spencer, A de Gruchy, Boots and Benaton.
- Retail accommodation on ground and first floor with lift access between the floors.
- High household income and captive market results in strong retail performance.
- Footfall of 168,000 per week in 2016
- Available in July 2018
The property is located at the western end of King Street close to its’ junction with Charing Cross and Pitt Street. The property occupies a prominent corner location. King Street is St Helier’s prime retail pitch and other occupiers in the vicinity of the subject property include WH Smith, Marks & Spencer, A de Gruchy & Co Department Store and the newly open Next in New Street.
The property is also immediately east to the new development that will contain a Premier Inn Hotel and Co-Op food store.
The property comprises a three story, end of terrace building of masonry construction under a flat mineral felt covered roof. The premises are due to be measured on completion of the current tenant’s dilapidation works and comprise the following approximate net internal areas:
Ground Floor: 3,877 sq.ft (360.31 sq.m)
First Floor: 3,600 sq.ft (334.57 sq.m)
Gross Frontage: 9.70m (31ft 10in)
Net Frontage: 9.10m (29ft 10in)
Shop depth: 42.47m (139ft 4in)
The property also includes a self-contained office situated at second floor level which extends to 3,700 sq.ft. It is proposed to let this under a separate lease but it can be incorporated should a potential tenant require.
The property is available based on a “shell & core” specification by way of a new 15 year effective full repairing and insuring lease. The rental will be subject to 3 yearly, upward only rent reviews to the higher of the increase in the Jersey Retail Price Index or the Open Market Rental Value of the property.
The commencing rental will be £330,000 per annum exclusive of all other outgoings. The landlord will levy a service charge to cover the tenants due proportion of repair and maintenance to the exterior and structure and insurance.
The current lease is due to expire on the 28th July 2018 and the premises are available immediately thereafter.