Offers in excess of £1,000,000 The property is held by a clean, UK domiciled SPV set up for the sole purposes of holding the asset. The sale is to be via a tax advantageous share sale for 100% interest in the SPV. Stamp duty will apply at the rate for shares rather than SDLT. A contract for sale has been prepared and will be available in the data room (access available on request). Offers are invited in excess of £1,000,000 for a 100% interest in the SPV. Rental income of £56,200 p.a reflecting 5.49% Net Initial Yield. Assuming standard SPV purchasers cost.

15-17, North Street

Emsworth, PO10 7BY

The Space

Freehold Convenience Store & Ground Rent Investment. Offers invited in excess of £1,000,000

At a glance

Property Type Retail
Tenure For Sale
Size 4,211 sq ft
Price Offers in excess of £1,000,000 The property is held by a clean, UK domiciled SPV set up for the sole purposes of holding the asset. The sale is to be via a tax advantageous share sale for 100% interest in the SPV. Stamp duty will apply at the rate for shares rather than SDLT. A contract for sale has been prepared and will be available in the data room (access available on request). Offers are invited in excess of £1,000,000 for a 100% interest in the SPV. Rental income of £56,200 p.a reflecting 5.49% Net Initial Yield. Assuming standard SPV purchasers cost.
Energy Performance Rating This property has been graded as C (67)

Emsworth
4 mins


Southbourne
24 mins


Warblington
26 mins


Havant
38 mins


Reading
814 mins


Tadworth
833 mins


Twyford
838 mins


Tattenham Corner
846 mins


Key Points

  • Tesco Stores Limited (5A2 Covenant) in occupation since 2004
  • 15 year FRI Lease from February 2012
  • 4 long leasehold residential flats
  • Current rental income £56,200 pa
  • Attractive affluent seaside town
  • Prominent corner position
  • 8 allocated car parking spaces at the rear
  • Large public car park to the rear
  • A short walk to Mainline Emsworth Train Station, Emsworth High Street and Chichester Harbour
  • Adjacent to a popular nature reserve

Description

The property benefits from a prominent corner position, fronting onto main retail parade on North Street and Palmers Road in a mixed-use location. A detached building comprising a self-contained ground floor convenience store, a retail unit (sub-let to Henry Adams) and four flats on the first floor held by way of long leaseholds. There is parking for 8 cars at the rear, 4 of which are demised to long leaseholders.

Available area

The accommodation comprises of the following: Tesco Stores Limited (www.tesco.com) 15 years from 10.02.2012 (4.5 years remaining, with no breaks). FR&I lease, sublet in part to Henry Adams Ground (Tesco) 278.72 sq m 3,000 sq ft Ground (Estate Agents) 112.5 sq m 1,211 sq ft Subtotal 391.22 sq m 4,211 sq ft 4 Flats Each subject to a lease for a term of years expiring in 3015 at £50 p.a. £200 p.a. Fixed uplifts in 2041 to £300 p.a.

Name Sq ft Sq m Availability
Ground - Tesco 3,000 278.71 Let
Ground - Henry Adams 1,211 112.51 Let

The Location

Emsworth is an attractive affluent seaside town nestling on the north end of Chichester harbour, with narrow streets, Georgian houses, walled gardens and a mill pond. The village is popular with sailors, artists and naturalists and its stunning waterside views, makes it an attractive place to visit. Emsworth is located midway between Chichester and Portsmouth on the south coast. The town is located on the A27 which provides access to the A3(M) Motorway leading to Guildford/ London. The property is on the east side of North Street and benefits from one of the main public car parks to the rear and benefits from being adjacent to the popular Broadmeadow Nature Reserve.

Nearby occupiers include Leaders Estate Agents, Boots and a number of local traders. The property is within a mixed-use location of residential, retail and commercial.

Offers in excess of £1,000,000 The property is held by a clean, UK domiciled SPV set up for the sole purposes of holding the asset. The sale is to be via a tax advantageous share sale for 100% interest in the SPV. Stamp duty will apply at the rate for shares rather than SDLT. A contract for sale has been prepared and will be available in the data room (access available on request). Offers are invited in excess of £1,000,000 for a 100% interest in the SPV. Rental income of £56,200 p.a reflecting 5.49% Net Initial Yield. Assuming standard SPV purchasers cost.