Attractive Newly-constructed Retail Investment
67 Sycamore Road | Regents Place Amersham | HP6 5EQ
subject to contract
Highly affluent town within the London commuter belt
Prominent retailing pitch
Part of new commercial and residential development
Main shoppers’ car park immediately to the rear
In excess of 14 years unexpired lease term
£945,000, subject to contract
7.0% net initial yield
Amersham is an affluent town which forms part of the London commuter belt. It is situated approximately 45 km (28 miles) north-west of Central London, 18 km (11 miles) east of Watford and 13 km (8 miles) north-east of High Wycombe.
The town benefits from good road communications being served by the A413 which provides direct access to the M25 Motorway approximately 13 km (8 miles) to the south-east. The M40 Motorway is approximately 9.6 km (6 miles) to the south. The town is also connected to the national railway network with direct services into London Marylebone with a fastest journey time of 30 minutes. London Underground Metropolitan Line trains run direct from Aldgate to Amersham, via Baker Street, with a journey time of approximately 50 minutes.
Heathrow Airport is approximately 29 km (18 miles) to the south and Luton Airport is 35 km (22 miles) to the north-east.
The property comprises part of the new Regent Place development, occupying a prominent, retail pitch on Sycamore Road in the heart of Amersham town centre. Amersham railway station is 0.3 km (0.2 miles) to the south. Nearby occupiers include Superdrug, Waterstones, little Waitrose, Marks & Spencer, Holland & Barrett, Greggs, WH Smith and Caffe Nero.
The Sycamore Road car park, a large 265 space public car park, is situated immediately to the rear of the subject property. Access to Sycamore Road from the car park runs immediately adjacent to Regent Place.
The property comprises “Retail Unit 3” within the new Regent Place development, a recently completed scheme of three retail units on ground floor plus 36 highly specified studio, one and two bedroom apartments on the upper floors, along with a basement car park. The first new build in Amersham for over 15 years, Regent Place is a new landmark in the town. www.regentplaceamersham.com.
The property comprises a retail unit on ground floor which has been fitted out by the tenant to provide a high quality hairdressers. The adjoining units in Regent Place have recently been let to Boots Opticians and FatFace.
Architect plans are provided within the data room from which we calculate the property to provide the following areas.
|Gross Frontage||10.51 m||34 ft 6 inches|
|Built Width (front)||9.62 m||31 ft 7 inches|
|Built Depth||29.77||97 ft 8 inches|
|Ground Floor Net Internal Area||307.27 sq m||3,307.42 sq ft|
The property is held on a 999 year leasehold at a peppercorn, with obligations to pay a fair proportion of the service charge and building insurance.
The current cost of building insurance for Regent Place is £14,620. The long leaseholder’s share of this costs is £1,400 which is included in the total service charge detailed below.
The service charge estimate for the year ending 31st December 2019 is £82,209 including the building insurance. The long leaseholder’s share is anticipated to be £5,680
Note that the costs of insurance and service charge are passed to the occupying tenant. Details of the insurance and service charge are held within the data room.
It should also be noted that the freeholder benefits from a latent defects insurance policy and construction warranties, providing full comfort in respect of the freeholder’s obligations.
The property is let on an effective Full Repairing and Insuring lease to Gatsby & Miller Limited for a term of 15 years from 5th November 2018, expiring on 4th November 2033 (in excess of 14 years unexpired).
The current rent is £70,000 per annum (equating to £52 Zone A). The lease benefits from five yearly upwards only rent reviews, the next being on 5th November 2023. As part of the letting, the tenant pays half-rent for the first 12 months, hence expiring 5th November 2019.
Gatsby & Miller re-located to the property from another location within Amersham town centre.
The tenant has provided a rent deposit of £84,000, equivalent to 12 months rent plus VAT.
Established in 2011, Gatsby & Miller is an upmarket salon dedicated to providing a refreshing approach to hairdressing. The company offers a wide range of hair and beauty services including a nail bar, massages, barbering zone plus a café serving snacks, coffees and cocktails. www.gatsbyandmiller.co.uk.
In September 2019 Gatsby & Miller reached the shortlist for the Best New Salon in Creative Heads’ Most Wanted Awards and Salon of the Year in Hairdressing Journals’ British Hairdressing Business Awards and Best Independent Hair Salon.
The property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
Our client is seeking a figure of £945,000 (Nine Hundred and Forty Five Thousand Pounds), subject to contract, reflecting a net initial yield of 7.00%, after allowing for standard purchaser’s costs of 5.69%.
Please note that a purchaser will be re-charged the cost of the searches which are provided in the data room.
Please note a purchaser will be charged a Transaction Fee of £5,000 plus VAT.
An opportunity to acquire a retail investment in a highly affluent town within the London commuter belt;
Let to an established tenant with in excess of 14 years unexpired lease term;
The property occupies a prominent retailing pitch in front of the main shoppers’ car park;
The property forms part of a prestigious new commercial and residential development;
A purchase at the asking price reflects an attractive net initial yield;
Attractive lot size for an investor.
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