LOCATION
The premises are located in a busy position in the pedestrianised Union Street, just off Andover High Street, and close to several town centre car parks.
DESCRIPTION
Single-storey retail premises let to the same tenants since 1998 with possible long-term addition of first floor flat subject to planning consent.
Rent £11,500 pax - Offers invited in the region of £140,000 - No VAT.
ACCOMMODATION
| |
m2 |
[ft2] |
| Ground Floor Shop |
33.8 |
[364] |
| Kitchenette/Store |
6.6 |
[71] |
| WC |
|
|
| TOTAL |
40.4 |
[435] |
SERVICES
Mains electricity, water and sewerage.
RATING ASSESSMENT
| Description |
Shop & Premises |
| Rateable Value |
£7,500.00 |
| Business Rates Payable 2025/26* |
£3,742.50 |
| With Small Business Rate Relief |
£0.00 |
| Billing Authority Reference |
03211355011007 |
* This figure could be reduced by 40% in the 2025/26 rating year if the occupier qualifies for the relief scheme for retail, hospitality and leisure properties up to a maximum of £110,000 per business.
BID [BUSINESS IMPROVEMENT DISTRICT]
Whilst the premises are within a BID they are not subject to a charge of 2% of the Rateable Value per year as the Rateable Value is below £10,000.
ENERGY PERFORMANCE CERTIFICATE
C57 - valid until 11/03/2033.
TENURE
Freehold.
LETTING
Julie Wakeham & Theresa Holloway have occupied the premises since 1998 and terms for a new 6 year FRI lease from 25 March 2025 have been agreed subject to a non-downward rent review after 3 years, tenants’ option to break at the 3 year point with 6 months’ notice, security of tenure excluded at the end of the term and at a commencing rent of £11,500 pax.
TERMS
Offers invited in the region of £140,000 which will show a purchaser a net initial yield of about 8.07% after deducting purchaser's costs at 1.75%.
LEGAL COSTS
Each party to bear their own legal costs.
Ref: 3883C
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