Alphameric Portfolio

The portfolio comprises 3 prime retail units: Rutland House, Walker House and 57 King Street, all of which are situated in prominent locations in St Helier's prime retail pitch. The portfolio is fully let to four tenants, and produces a combined total income of £824,595 per annum and has an attractive WAULT of 4.58 years to break.

The limited supply of prime retail opportunities, little scope for development outside of St Helier, and increasing demand for prime retail accommodation creates opportunities for rental growth within the portfolio.

Location
57 King Street and Rutland House occupy prominent pedestrianised positions 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 Voisin’s. The multi-storey car park of Sand Street is a short walk away.

Walker House is situated in a prominent position in the centre of Halkett Street making the junction of Halkett Street and Hilgrove Street. Halkett Street is a busy pedestrian street that links to the prime retailing areas of Queen Street and King Street to the south. The property is in close proximity to the Central Market and Fish Market, and a short walking distance from the multi storey car park at Minden Place.

Rutland House
• Prime King Street retail unit with large floor plates.
• Prominent corner location at the western end of King Street with Marks & Spencer, De Gruchy, Boots and the Co-op in the immediate vicinity.
• Retail accommodation on ground and first floor with lift access between the floors.
• Ground and first floor retail space currently let to Superdrug.
• Second floor office accommodation which is let to Santander International Bank.
• The building underwent a full refurbishment in 2019.
• Within close proximity to the Les Sablons future mixed-use development scheme.

Walker House
• A modern purpose-built shop with large floor plates in the heart of St Helier.
• Retail space on the ground floor occupied by Supermarket Alliance.
• Whole building occupied by Supermarket Alliance, with retail space on the ground floor, and ancillary storage, offices and staff areas on the upper floors with lift access.
• Regular shaped floor plate providing largely column free space.
• Constructed in 2016/2017 and is located over three stories.
• Positioned on the pedestrianised Halkett street, a key part of St Helier’s retail regeneration.

57 King Street
• Mid-terraced building constructed over ground and three upper floors with a prime King Street location.
• The property is accessed from both King Street and Broad Street and access to the residential part of the property is via Broad Street.
• The property comprises ground floor retail, first floor ancillary and a four bedroom maisonette over the second and third floors and is wholly let to Schuh Limited.
• The premises has a recently reviewed passing rent of £115,500 per annum.
• Within close proximity to the Les Sablons future mixed-use development scheme.

Proposal
Offers are sought in excess of £12,000,000 (Twelve Million Pounds) subject to contract and exclusive of GST (if applicable).

A purchase at this level reflects an attractive net initial yield of 6.47%, assuming freehold purchase costs of 6.2%.

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

Additional Information
• Energy Performance Certificates (EPC) are not currently a legal requirement in Jersey and an EPC, or equivalent, and is therefore is not available.
• 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