24 Sycamore Dr 2,950 sq ft Retail Property Salisbury SP1 3GZ £500,000 (£169.49/sq ft) 6.69% Net Initial Yield

Guide Price of £500,000, representing 6.69% NIY.
Long leasehold (125 year lease from 24 June 1998 at £100 per annum ground rent), subject to the occupational lease.
The property is let on a new 20 year FRI (effective) lease from 30 March 2023. The lease is subject to Tenant only break clauses at year 10 and 15 and is also subject to 5 yearly rent reviews. Rent Payable: £35,000 per annum.
The property comprises a two storey brick built building under a slate pitched and hipped roof. There is full height fenestration with signage to the front elevation.
To the rear side elevation there is ramped service access.
The property benefits from a large communal car park to the front, side and rear of the site and providing approximately 9 designated spaces.
Upon entering the property the convenience store is open plan with cashier counter to the right of the entrance. Back of house is located to the rear providing storage, office, kitchen and staff WC.
The subject property is located in Hampton Park which was an urban extension of 550 houses built in the 1990s and lies on a western extension of the Parish boundary to the north of Salisbury City. It is contiguous with similar developments that lie within the City boundary.