40 High St 589 sq ft Retail Property Emsworth PO10 7AW £360,000 (£611.21/sq ft) 7.64% Net Initial Yield

LOCATION
Emsworth is a small coastal town located in south Hampshire, being approximately 11 miles west of Chichester and 9 miles east of Portsmouth. The property is situated in the centre of the village on High Street, where a variety of independent and national retailers are represented including Lloyds Pharmacy, Costa Coffee, The Co-Operative Food Store, British Redcross and Coral. A Google Street View of High Street can be viewed online through Google Maps by typing in the property’s postcode PO10 7AW
DESCRIPTION
The property comprises a retail shop and 1-bedroom, self-contained flat above, the flat is accessed at the rear. The property benefits from a generous garden plot at the rear offering the potential to develop an outbuilding, subject to obtaining planning permission. A PDF floor plan can be made available by email on request.
ACCOMMODATION
Commercial aspect (net internal areas)
Ground Floor
Retail sales area 589 sq ft (54.7 sq m)
Kitchen 104 sq ft (9.7 sq m)
Total 693 sq ft (64.4 sq m)
Residential aspect (measurements in feet & inches)
First Floor
Lounge / Kitchen 8’8 x 22’9
Bedroom 8’8 x 10’2
Bathroom 5’6 x 6’9
TENANCIES
Commercial Shop (Trading as Carpet 1st)
The premises are let to Meadrock Limited on a 7-year lease term from the 14th of December 2022(expiry 13th of December 2029) at a passing rent of £18,000 per annum exclusive. Carpet 1st is a well established local trader (1971) with outlets in Chichester and Midhurst, we understand they have traded from these premises since 2008.
Residential Flat
The flat is let on a 6 month Assured Shorthold Tenancy agreement to a private individual at a rent of £9,900 per annum (£825.00 PCM). The tenancy is now periodic.
Total Net Income £27,500 per annum exclusive.
TENURE
Freehold interest, subject to the above tenancies.
PRICE
£360,000
ENERGY PERFORMANCE RATINGS
Commercial Shop Band B (65)
Residential Flat Band D (63)
EPC certificates can be made available by email on request or downloaded on-line from GOV.UK website portal.
ANTI-MONEY LAUNDERING
In accordance with Anti-Money Laundering requirements, upon an agreement of Heads of Terms, a mandatory Tenant/Purchaser, Know Your Customer (KYC) documentation request will be made.
VIEWING ARRANGEMENTS
Strictly by appointment through with sole selling agents Henry Adams Commercial. A video tour of the flat can be made available via WhatsApp.
CONTACT
Andrew Algar – Head of Commercial Property
01403 282 519
07868 434 449
andrew.algar@henryadams.co.uk