Commercial property for sale in Winchester

We are pleased to have been instructed to market this freehold investment, comprising a period, mid-terrace property housing a well-established and well-rated Asian fusion restaurant along with 4 residential units above, the total of which is presently generating rental income of £77,580 per annum. The commercial lease runs until 2031 with no breaks, and has a rent deposit plus a personal guarantee, while the apartments have been successfully rented out for many years on 12-month AST’s. An opportunity may exist to renovate the residential dwellings and re-gear the rental levels accordingly. ACCOMMODATION We have identified an approximate cumulative internal area of 3,153 sq ft, as follows: Ground floor and basement restaurant: 1,604 sq ft Upper floors: Flat 1: 247 sq ft, Flat 2: 366 sq ft, Flat 3: 506 sq ft, Flat 4: 430 sq ft TENURE We are instructed to seek offers in the region of £1.25m, subject to contract for this mixed-use freehold investment, to include the subsisting occupational leases. For reference purposes the freehold title number is HP670339 and all four apartments are held on individual 199-year leases. A purchase at this level would reflect a gross yield of 6.2% and a capital value of £396 psf before standard purchaser’s costs. Existing income summary: Restaurant: £29,400 pa, Flat 1: £580pcm, Flat 2: £1,080pcm, Flat 3: £1,175pcm, Flat 4: £1,180pcm. Total income £77,580 pa. EPC RATINGS Restaurant: C (58) Flat 1: new assessment needed, Flat 2: E (41), Flat 3: E (42), Flat 4: D (67). RATEABLE VALUE (RV) According to the Valuation Office Agency website, the commercial element has a rateable value of £16,250 valid from 1st April 2023, while the apartments are all believed to be in Band B for council tax. LEGAL COSTS AND VAT Each party is expected to bear their own legal costs in this transaction. The property is not elected for VAT purposes. VIEWINGS All enquiries and appointments to view must be made by contacting Jon Baud at Trinity Rose Commercial on or by emailing j. . The subject building is situated on the Upper High Street (B3420) near the junction of Romsey Road (B3040) close to Winchester City Centre, and in close proximity to the Winchester Law Courts, Hampshire County Council offices and the High Street. It provides excellent access to Winchester Railway Station (0.2 miles) with regular trains to London Waterloo, Southampton and Basingstoke, with direct trains to the capital in under an hour. Winchester benefits from excellent transport links with Junction 9 and 10 of the M3 motorway, located to the east, providing access to London to the north east and Southampton to the south. Southampton Airport is located 11 miles to the south with easy access off Junction 5 of the M27. The property is also well served by the local bus network.

Commercial property for sale in Winchester, England

Mixed use for sale

Description

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