The Market Inn, Petersfield GU32 3HJ

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The Market Inn, Petersfield GU32 3HJ

Retail 2246 Sq ft For Sale 525,000

Key Points

  • Prominent Trading Location
  • Centre Of Market Town
  • Other Retailers Close By Include Waterstones, M&S Food, Mint Velvet & Waitrose
  • Opposite Laura Ashley, Caffe Nero, Fat Face & Crew
  • Let to Joules Limited until June 2023

Location

The Property occupies a prominent trading location on the Square in the centre of Petersfield and opposite The Rams Walk shopping centre and large shoppers car park. Retailers close by include WHSmith, Waterstones, Costa, Robert Dyas, Mint Velvet and Waitrose.

 

Accommodation  

The Property is arranged on basement, ground and first floors. The following areas are provided:

Ground Floor 1248 sq. ft 115.94 sq m
Basement Storage  215 sq. ft   19.97 sq m
ITZA 783 sq.ft   72.74 sq m

The two flats located on first floor are being retained by the vendor.

Tenancy

The ground and basement floors are let to Joules Ltd on a full repairing and insuring lease for 10 years from 13th June 2013 at a current rental of £38,500 per annum exclusive of rates & VAT (if applicable).

Covenant Information

Joules Ltd are an established brand for the last 30 years and now trade from 123 shops in the UK and Republic of Ireland. Their financial figures for the year ending 27th May 2018 showed turn over of up by 18% to £186 million and profit before tax of £13 million.

Terms

Our clients are seeking a price of £525,000 (five hundred and twenty-five thousand pounds) subject to contract for their freehold interest, subject to our clients leasing back the upper floor residential accommodation on a 999 year lease. A purchase at this level would reflect a net initial yield of 7% after purchase costs of 4.8%.

VAT

We understand that the property has been elected for VAT and anticipate that the sale will be treated as a transfer of a going concern (TOGC)

 

Viewing

Strictly by appointment with the sole agents

Mark Isherwood

Mark Isherwood
Consultant
07990 585666
mark@owenisherwood.co.uk

  • Retail
  • 2059 Sq ft
  • To Let
  • £45000 per annum

  • Retail
  • 1542 Sq ft
  • To Let
  • £30,000 p.a.
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