The Property is situated within Horizon South, fronting directly onto Rue de L'Etau. The Property was completed in Q3 2023 to a shell & core specification with a single double door access off the pedestrianised walkway between the Horizon West & Horizon South buildings.
The tenant has fitted out the unit into an open plan bar area with a kitchen / storage area and WC facilities at the rear. There is a demised al-fresco area situated outside the front of the Property.
Location
The Property is situated on the Horizon waterfront commercial & residential development, located off Rue de L'Etau, fronting Elizabeth Marina with stunning views over St Aubin's Bay and adjacent to the Radisson Blu Hotel, Castle Quay development, and the Waterfront Leisure Park.
Nearby commercial operators include Fenn & Co, TLC Home, Island Wellness, Coopers Coffee, Prosperity 24/7 to name afew. The Property location within the waterfront residential developments houses approx. 2,500 residents as well as approx. 8,000 workers within St Helier's prime office district only 500m away.
Lease Terms Summary
• Tenant: Pablo's Jersey Limited with a guarantee from the sole owner
• Lease Start Date: 27/09/2024
• Lease Expiry Date: 26/09/2033
• Rental Per Annum: £37,792 (£30,688 internal / £7,104 al fresco area)
• Rental PSF: £30 internal / £15 al fresco area
• Next Rent Review: 27/09/2027 (RPI linked, rounded up to the nearest £10)
• Break Option: 26/09/2030 (subject to 9 months' notice & 6 months break penalty)
• Permitted Use: Bar, cafe or restaurant
Further lease details, service charge & covenant information is available upon request.
Tenure
The property is held on a flying freehold basis.
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 £555,000 subject to contract and exclusive of GST (if applicable).
A purchase at this level reflects a net initial yield of 6.50%, assuming freehold purchase costs of 5%.
Additional Information
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
| Name/Floor | Sq Ft | Sq M | Price | Availability |
|---|---|---|---|---|
| Ground Retail | 1,023 | 95.04 | On Application | Let |
| Ancillary Al Fresco Area | 474 | 44.04 | On Application | Let |
| Total | 1,497 | 139.08 |
