Office for sale

Castle Street, Salisbury SP1

** investment **

Prominent office/ retail investment in the heart of the City Centre.
Overall approx 2,549 sq ft (236.83 sq m)

| Rental income of £25,250 per annum
| Lease of ground floor recently renewed
| Net initial yield of approx 8%
| No VAT

Location
Castle Street is one of the main thoroughfares into the City from the Ring Road and is a well established business district favoured by many estate agents, solicitors and other professional firms. The property is situated adjacent to an Iceland foodstore and close to a Tesco Metro. Castle Street lies on several bus routes and the Market Square is within approx 150 yards. There is nearby pay and display parking further north along Castle Street as well as in the Central Car Park and at Salt Lane.

Description
The premises comprise a traditional Grade II Listed three-storey terraced property with neo-Georgian shop front and with sash windows incorporated within the upper parts. All parts of the property are accessed via a prestigious central entrance door, the ground floor of which is let as an estate agents office and include a main sales office as well as a meeting room, additional offices a kitchen and WC facilities. The two upper floors are let to independent financial advisors / insurance brokers and comprise a total of 7 offices, a filing room, a kitchenette and WC facilities. There is a yard at the rear of the property which extends to the River Avon.

Accommodation
Approximate Net Internal Areas
m2 ft2
Ground Floor
Main sales office 52.32 563
Meeting room 13.48 145
WCs - -
Office 8.32 90
Office 18.86 203
Kitchen 3.08 33
Total 96.06 1,034

First Floor
Meeting Room 19.6 211
Office 1 8.74 94
Filing Room 13.52 146
WC

Reception 24.38 262

Second Floor
Filing Room 11.18 120
Office 2 15.58 168
Office 3 13.26 142
(plus built in store)
Kitchen 7.50 81
Office 4 27.0 291
WC - -

____ ____
Total First & Second Floors 140.76 1,515

Tenure
Freehold
Occupational Leases
Ground Floor:
Let on renewal on an internal repairing and insuring lease (plus shopfront) for a term of 3 years to Goadsby & Harding (Residential) Ltd at a rent of £13,750 per annum. A service charge is payable towards the maintenance and upkeep of the main structure and exterior of the property. Note: The tenant has occupied the premises since March 1998.
First & Second Floors:
Let on renewal on an internal repairing and insuring lease for a for a term of 10 years to Annetts & Orchard Ltd at a rent of £11,500 per annum. The lease provides for a tenant only break option on the 5th anniversary of the commencement of the terms subject to a 6 month notice period. There is a rent review to Market Rent at the end of the 5th year of the term. A service charge is payable towards the maintenance and upkeep of the main structure and exterior of the property. Note: The tenant has occupied the premises since October 2014.

Price
Offers in the region of £310,000 reflecting a net initial yield of approximately 8% after allowing for purchasers acquisition costs at 2.36%.
VAT

We are advised that the property has been elected for VAT.

Rateable Values
Ground Floor: £13,250
First/ Second Floors: £12,500

Services
We understand that mains electricity, water and drainage are connected to the units.

Caution
Woolley & Wallis have not tested the services mentioned in these particulars.

Planning
Prospective tenants must satisfy themselves as to the permitted planning uses for the property.

Energy Performance Certificate
Ground Floor Energy Rating: ‘B’ (31)
First Floor Energy Rating: ‘C’ (56)
Second Floor Energy Rating: ‘C’ (53)

Viewing
Strictly by appointment through the sole selling agent Woolley & Wallis Commercial. Tel: