Unit 10, Millais House, Castle Quay, St Helier
Investment, St Helier
Commercial Property Investment - N.B. SITTING TENANT's ONWARD OCCUPATION UNAFFECTED
Current rent receivable of £91,580 per annum. Asking Price of £1.3m (subject to contract) by way of an SPV sale, providing a NIY of 6.94%, allowing for typical purchase costs of 1.5%.
The unit is currently let on an FRI style lease agreement to 'Organic Kids (Castle Quay) Limited' for a term of 20 years effective from the 1st April 2013. The lease agreement is backed by both a personal guarantee and a financial security deposit of £84,520.
The lease is subject to onward triennial upward only Jersey Retail Price Index linked rent reviews, with the next review falling on the 1st April 2019.
There is a lessee provision to break on the 1st April 2023 and 2028 subject to a minimum of 12 months prior written notice being served. There is thus approximately 16 years unexpired to lease end and 6 years to break.
The current lessee (WHO IS UNAFFECTED BY THE ONWARD INVESTMENT SALE) trades as 'Organic Kids', which is an acclaimed local childcare nursery facility.
Subject to contract, offers in excess of £1,300,000 are invited (net of GST if applicable) for a SPV sale of the unit, with the benefit of the existing leasehold interest.
Unit 10 Millais House occupies a prominent corner position of Castle Quay, which constitutes one of St Helier's premier new build developments comprising of commercial, leisure and residential accommodation. The immediate vicinity is densely populated with the benefit of considerable public parking, together with popular attractions such as the Marina, Cineworld, Aqua Splash and Fitness First all close by.
Fellow occupiers within Millais itself include Coopers Coffee, Tiffin's Restaurant and The Wellness Centre, whilst Sunseeker, Castle Quay Pharmacy and the Food Hall (Sandpiper CI Limited) are in occupancy within the adjacent sister building.
- 3520 Sq Ft