57 King Street

Mid-terraced property constructed over ground and three upper floors with a prime King Street location, accessed from both King Street and Broad Street. Retail and ancillary accommodation is arranged over ground and first floors with a 4-bedroom maisonette over the second and third floors. The residential part of the property is accessed via Broad Street.
The property is let wholly to Schuh Limited.

Location
57 King Street occupies a prominent pedestrianised position on the stronger western side of King Street, Jersey’s principal retail street, which houses other large retailers including M&S, Boots, JD Sports, Next and highly successful department stores of De Gruchy’s and Voisins. The multi-storey car park of Sand Street is a short walk away and the property is situated within close proximity to Les Sablons future mixed-use development site.

Lease Terms Summary
• Tenant: Schuh Limited
• Lease Start Date: 25/12/2021
• Lease Expiry Date: 24/12/2030
• Rental: £115,500 per annum.
• Next Rent Review: 25/12/2027 (RPI linked, subject to cap of 10%)
• Break Option: 25/12/2027 (subject to 12 months' notice)
Further lease details & covenant information is available upon request.

Tenure
The property is held freehold.

Legal
Each party is to bear their own legal costs and any other associated cost incurred in the sale of this property.

Proposal
Offers are sought in excess of £1.67m subject to contract and exclusive of GST (if applicable).
A purchase at this level reflects an attractive net initial yield of 6.50%, assuming freehold purchase costs of 6.2%.

Additional Information
• There are no unclaimed Capital Allowances. There is no VAT payable in Jersey but the island does levy GST at 5%.
• In line with D2 Real Estate’s Anti-Money Laundering Procedures, the purchaser will be required to provide standard KYC information and to satisfy the vendor on the source of the funds used to complete the transaction.

Available Area