58 West St 1,976 sq ft Retail Property Havant PO9 1PG £500,000 (£253.04/sq ft) 5.60% Net Initial Yield

Investment Consideration:
Gross Initial Yield: 5.60%
Rental Income: £28,000 p.a.
VAT is NOT applicable to this property
Comprises ground floor retail shop and a self-contained flat at first floor
Includes car park at rear for c. 6-7 cars
Central location close to public car parks, bus and rail stations
Nearby occupiers include McDonalds, Thomas Cook and British Heart Foundation.
Property Description:
The property comprises ground floor retail shop and residential flat at first floor. The flat is separately accessed from the rear and provides 3 Rooms, kitchen and bathroom. The property includes large car parking at rear for c.6-7 cars and provides the following accommodation and dimensions:
Ground Floor: 138 sq m (1,480 sq ft)
Open plan retail, storage, wc
First Floor Flat: 46 sq m (496 sq ft)
3 Rooms, Kitchen, Bathroom
Total GIA: 184 sq m (1,976 sq ft)
Tenancy:
The property is at present let to Malbari Limited (with personal guarantee) for a term of 10 years from 14th October 2024 at a current rent of £28,000 p.a. and the lease contains full repairing and insuring covenants. Rent review in the 5th year open market upward only. Tenant break option in the 5th year with min 6 months notice. Deposit held of £7,000. Lease within Landlord & Tenant Act 1954.
Location:
Havant is strategically located on the A27/M27/A3(M) and forms part of the extensive M27 / Solent corridor, providing easy access to Portsmouth, Southampton and London. Havant benefits from a mainline railway station with direct trains to London and the south coast. The property is situated in the centre of Havant, on the northern side of West Street. There is public car parking nearby and the railway station is located a short distance from the premises. Nearby occupiers include McDonalds, Thomas Cook and British Heart Foundation.