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62-63 St. Marys Butts 5,816 sq ft Retail Property Reading RG1 2LG £1,850,000 (£318.09/sq ft) 5.85% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Entire building let to Axman Limited T/A Coconut Bar & Kitchen
- Net Initial Yield of 4.72% assuming normal purchaser’s costs
- Current Rental Income of £85,000 pax
EXECUTIVE SUMMARY
The freehold investment is available at a price of £1,695,000 subject to contract and exclusive of VAT, which equates to a net initial yield of approximately 4.72% after assuming normal purchasers costs.
The entire property has been let to AXMAN LIMITED T/A COCONUT BAR AND RESTAURANT on a full repairing and insuring lease for a term of 20 years commencing from the 18th October 2013 being subject to five yearly upward only rent reviews at a rent of £85,000 per annum exclusive. The Tenants are required to pay a rent deposit equivalent to six months rent plus VAT (£45,000). This however, has been used to pay the rent during COVID-19.
The entire property has been let to AXMAN LIMITED T/A COCONUT BAR AND RESTAURANT on a full repairing and insuring lease for a term of 20 years commencing from the 18th October 2013 being subject to five yearly upward only rent reviews at a rent of £85,000 per annum exclusive. The Tenants are required to pay a rent deposit equivalent to six months rent plus VAT (£45,000). This however, has been used to pay the rent during COVID-19.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Restaurant
Property Size
5,816 sq ft
Costar Property Class
C
Year Built
2005
Price
£1,850,000
Price per sq ft
£318.09
Yield
5.85%
NOI
£108,225
Tenancy
Single
Number of Floors
3
Plot ratio
1.34
Total Plot Size
0.10 ac
Parking
2 Spaces (0.34 Spaces per 1,000 sq ft Leased)
Frontage
27 ft on St Marys Butts St
AMENITIES
- Bus Route
- Commuter Rail
- Restaurant
- Security System
- Signage
- Wheelchair Accessible
- Accent Lighting
- EPC - D
- Roller Shutters
- Storage Space
- Car Charging Station
- Recessed Lighting
- Air Conditioning
- Fiber Optic Internet
- Smoke Detector
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62-63 St. Marys Butts
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