£320,000
(£449.44/sq. ft)
Property for saleChurch Street, Romsey, Hampshire SO51
712 sq. ft
Available immediately
Freehold
About this property
Town Centre Location
Initial Yield of 10.08% excluding purchasers costs.
Listed Building With Character Features
Strong Retail Tenant Covenant
This mixed use investment property comprises a three-storey Grade II listed building generating a total income of £32,270 per annum.
One flat is let on an assured periodic tenancy at an annual rent of £12,420 per annum. The other flat is sold off on a long lease. The owner pays a ground rent of £50 per annum.
The 712 sq ft shop has frontage to Church Street and is visible from Market Place. It is let to Tidal Vapes Limited on a 7-year lease from April 2023, expiring April 2030, at a rent of £19,800 per annum. There is a tenant break clause and a rent review in March 2028.
Tidal Vapes offers a very good covenant, operating from 34 stores and pursuing an active expansion programme through a retained acquisition agent, with seven new store openings in the past 2 years. Creditsafe reports a Risk Score of 79, placing the company within the upper 25% of 22,420 comparable businesses, together with an International Score of 'A', indicating very low risk.
Approximately £6,000 per annum is recovered from the tenants by way of service charge, contributing towards communal costs and ongoing property maintenance / repairs.
Please find the tenancy schedule overleaf.
One flat is let on an assured periodic tenancy at an annual rent of £12,420 per annum. The other flat is sold off on a long lease. The owner pays a ground rent of £50 per annum.
The 712 sq ft shop has frontage to Church Street and is visible from Market Place. It is let to Tidal Vapes Limited on a 7-year lease from April 2023, expiring April 2030, at a rent of £19,800 per annum. There is a tenant break clause and a rent review in March 2028.
Tidal Vapes offers a very good covenant, operating from 34 stores and pursuing an active expansion programme through a retained acquisition agent, with seven new store openings in the past 2 years. Creditsafe reports a Risk Score of 79, placing the company within the upper 25% of 22,420 comparable businesses, together with an International Score of 'A', indicating very low risk.
Approximately £6,000 per annum is recovered from the tenants by way of service charge, contributing towards communal costs and ongoing property maintenance / repairs.
Please find the tenancy schedule overleaf.
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