LOCATION
The premises are located in a busy position in Bridge Street, just off Andover High Street, and close to several town centre car parks.
DESCRIPTION
Three-storey retail/office premises with shared WCs on the first floor and possible long-term conversion of upper floors to residential subject to planning consent.
Ground & First Floors let to Grilled Cheese Cafe Ltd at £22,000 pax. Second Floor Offices currently vacant - ERV £8,100 pax.
Offers invited in the region of £325,000 - No VAT.
ACCOMMODATION
| |
m2 |
[ft2] |
| Ground Floor |
40.5 |
[364] |
| First Floor |
34.0 |
[366] |
| Second Floor |
44.3 |
[477] |
| TOTAL |
118.8 |
[1,279] |
SERVICES
Mains electricity, gas, water and sewerage.
RATING ASSESSMENT
| GROUND & FIRST FLOORS |
|
| Description |
Cafe & Premises |
| Rateable Value |
£12,250.00 |
| Business Rates Payable 2025/26* |
£6,112.75 |
| With Small Business Rate Relief* |
£509.40 |
| Billing Authority Reference |
03210255040014 |
| |
|
| SECOND FLOOR |
|
| Description |
Office & Premises |
| Rateable Value |
£3,750.00 |
| Business Rates Payable 2025/26* |
£1,871.25 |
| With Small Business Rate Relief |
£0.00 |
| Billing Authority Reference |
03210255040015 |
| |
|
| Billing Authority |
Test Valley |
* These figures 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]
The premises are within a BID and are subject to a charge of 2% of the Rateable Value per year if the Rateable Value is £10,000 or more.
ENERGY PERFORMANCE CERTIFICATE
C51 - valid until 12/03/2033.
TENURE
Freehold.
LETTINGS
GROUND & FIRST FLOORS
Let to Grilled Cheese Cafe Ltd [Company Number 11636499] on a 10 year effectively FRI lease from 17/12/2019 - 16/12/2029 subject to a non-downward rent review on 17/12/2024 [not activated], at a current rent of £22,000 pax [VAT is not currently charged] and with security of tenure excluded at the end of the term.
SECOND FLOOR
Offices to let at £675 per month [VAT is not currently charged] plus business rates and electricity for the office suite together with a share of the electricity, gas & water to the common parts.
TERMS
Offers invited in the region of £325,000 which will show a purchaser a net initial yield, once the second floor offices have been let, of about 8.94% after deducting purchaser's costs at 1.75% and SDLT.
LEGAL COSTS
Each party to bear their own legal costs.
Ref: 3140C
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