Property Information
Address:
16 16A16B & 16C Latimer Street, Romsey, Hampshire
, SO51 8DG
, Hampshire
, United Kingdom
Price: Buy: POA
Size: 2545 sq ft236 sqm
Primary Category: Investment
All Categories:
Investment,
Property Ref/Movehut: MH683361
Property Ref/Agent: 583
*Please use the agent ref when calling the agent directly.
Property Date Information
Last Updated: May 9, 2024
Property description
An opportunity to buy a freehold investment with an established tenant in the Market Town of Romsey. This two storey mid-terrace property is highly visible from Latimer Walk linking the town centre with Waitrose and car parks. The ground floor trades as Dish delicatessen with 9 years unexpired; they have been trading from the unit for 12 years. Two first floor flats have been sold on long 125 year leases. There 2 car parking spaces.
The retail unit has a new lease with 9 years unexpired (tenant only break at sixth anniversary). The current rent payable is £38,900 with 3 yearly rent reviews. There is a rent deposit of £9,725. The lease is fully repairing and insuring by way of service charge.
There are two first floor flats sold on 125 year long leases from 1st April 2006 expiring 30 March 2131. Flat 16B has two bedrooms and Flat 16C has one bedroom. Both have a kitchen and a living room. The ground rent is £150 pa per flat which doubles every 25 years, eventually rising to a combined total income of £4800 per annum.
£520,000 / 7.19% Net Initial Yield
Delicatessen/café with two long lease flats
Shop lease renewed in 2023 with 9 years unexpired (tenant break in 6 years)
Total rent income £39,200 pa
Effective FRI tenancies
2 car parking spaces in rear yard
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