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The mixed use investment property comprises a four-storey town house with a retail unit on the ground floor, office accommodation on the first and second floors and a spacious apartment on the third floor with a roof terrace. The property is fully let with a total gross income 60,400 pa, with JRPI linked rent reviews in January 2024 (upward only).
LOCATION
The property lies in a prominent position on Don Street, within a popular area for office, retail and residential uses. It is within close proximity to all town centre amenities including the primary retail pitches of King Street and Queen Street, the central market, as well as Minden Place multi storey car park.
ACCOMMODATION
The retail unit has direct access from the street, whilst the office accommodation and the apartment enjoy separate access via an internal staircase, also accessed via Don Street. There is an internal staircase to the rear providing access between ground and first floor.
The building provides a good level of specification throughout, and a new electric heating system has been installed through throughout the building.
The Net Internal Area of the floor areas are as follows:
Ground floor (retail) 763 sqft (70.94 m2)
First floor (office) 778 sqft (72.29 m2)
2nd floor (office) 792 sqft (73.62 m2)
Third (apartment) Living/dining room, kitchen, bathroom, one double bedroom, connecting bedroom/study and balcony.
Total 2,333 sqft (216.74m2)
TENURE
The Gross current rent income for the whole building is therefore 60,400 per annum.
ASKING PRICE
The opportunity exists to acquire the freehold of 50, Don Street, subject to the above noted leases, for a consideration of 895,000 exclusive of GST as applicable. A sale at this level would reflect a Gross Yield on the Gross Income of 6.748%.
LEGAL COSTS
Each party to bear their own legal costs and any other cost incurred in the sale of this property.
VIEWING
Strictly by appointment with the Lessors joint sole agents.
Nick Trower MRICS
Director Commercial
T. +44 (0)1534 880770
M. +44 (0)7797751558
nick@broadlandsjersey.com
www.broadlandsjersey.com
DISCLAIMER
Broadlands Estates Limited for themselves and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. These particulars do not constitute, nor constitute any part of, an offer or contract. 2. None of the statements contained in these contained in these particulars as to the property are to be relied on as statements or representations of fact. 3. Any intending purchaser or lessee must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither Broadlands Estates Limited nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to this property. Unless otherwise stated all prices and rents are quoted exclusive of GST. These details are believed to be correct at the time of compilation but may be subject to subsequent amendment.
