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4 Bridge St 1,279 SF 63% Leased Retail Building Andover SP10 1BH $434,870 ($340.01/SF)
Investment Highlights
- Freehold retail/office investment for sale
- Ground & first floors let to Grilled Cheese Cafe Ltd
- Possible long-term conversion of upper floors to residential
- Just off Andover High Street
- Second floor offices vacant
- No VAT
Executive Summary
DESCRIPTION
Three-storey retail/office premises with shared WCs on first floor and possible long-term conversion of upper floors to residential subject to planning consent.
LETTINGS
GROUND & FIRST FLOORS
Let to Grilled Cheese Cafe Ltd [Company Number 11636499] on a 10 year effectively FRI lease from 17/12/2019 - 16/12/2029 subject to a non-downward rent review on 17/12/2024 [not activated], at a current rent of £22,000 pax [VAT is not currently charged] and with security of tenure excluded at the end of the term.
SECOND FLOOR
Offices to let at £675 per month [VAT is not currently charged] plus business rates and electricity for the office suite together with a share of the electricity, gas & water to the common parts.
TERMS
Offers invited in the region of £325,000 which will show a purchaser a net initial yield, once the second floor offices have been let, of about 8.94% after deducting purchaser's costs at 1.75% and SDLT.
Three-storey retail/office premises with shared WCs on first floor and possible long-term conversion of upper floors to residential subject to planning consent.
LETTINGS
GROUND & FIRST FLOORS
Let to Grilled Cheese Cafe Ltd [Company Number 11636499] on a 10 year effectively FRI lease from 17/12/2019 - 16/12/2029 subject to a non-downward rent review on 17/12/2024 [not activated], at a current rent of £22,000 pax [VAT is not currently charged] and with security of tenure excluded at the end of the term.
SECOND FLOOR
Offices to let at £675 per month [VAT is not currently charged] plus business rates and electricity for the office suite together with a share of the electricity, gas & water to the common parts.
TERMS
Offers invited in the region of £325,000 which will show a purchaser a net initial yield, once the second floor offices have been let, of about 8.94% after deducting purchaser's costs at 1.75% and SDLT.
Property Facts
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Storefront Retail/Office
Building Size
1,279 SF
Building Class
B
Year Built
1901
Price
$434,870
Price Per SF
$340.01
Percent Leased
63%
Tenancy
Multiple
Building Height
3 Stories
Amenities
- Bus Line
- Security System
1 1
Nearby Major Retailers
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4 Bridge St
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