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9 Market Pl 1,047 sq ft 100% Let Retail Property Basingstoke RG21 7LZ £510,000 (£487.11/sq ft) 5.88% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Prominently located in the town centre
- The Town is 45 miles to the southwest of London adjacent to Junctions 6 & 7 of the M3 motorway
- Nearby occupiers include McDonalds, Barclays Bank, Zizzi's Italian restaurant, Poppins cafe, Coral's Bookmakers
EXECUTIVE SUMMARY
The property comprises a ground floor retail unit which is currently let and trading as a barbers. The retail accommodation is mainly open plan and benefits from a WC, separate kitchen and a staff room to the rear. Access is provided for deliveries via a large secure yard to the rear.
The property also comprises a vacant 1st floor area and access is now via a loft hatch due to the retail Tenant expanding their retail frontage by removing the internal staircase.
Planning permission was granted on 29th August 2023 for alterations to the rear of the ground floor retail unit and structure. Erection of rear extension and conversion to provide 2 residential, 1 bedroom apartments on the 1st floor and a 1 bedroom apartment on the 2nd floor.
The ground floor retail unit is let to The House of Handsome Barbers & Grooming Ltd at a rent of £30,000 per annum exclusive from a term commencing on 6th June 2025 expiring on 5th June 2040.
The property also comprises a vacant 1st floor area and access is now via a loft hatch due to the retail Tenant expanding their retail frontage by removing the internal staircase.
Planning permission was granted on 29th August 2023 for alterations to the rear of the ground floor retail unit and structure. Erection of rear extension and conversion to provide 2 residential, 1 bedroom apartments on the 1st floor and a 1 bedroom apartment on the 2nd floor.
The ground floor retail unit is let to The House of Handsome Barbers & Grooming Ltd at a rent of £30,000 per annum exclusive from a term commencing on 6th June 2025 expiring on 5th June 2040.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Shopfront Retail / Residential
Property Size
1,047 sq ft
Costar Property Class
B
Year Built
1919
Price
£510,000
Price per sq ft
£487.11
Yield
5.88%
NOI
£30,000
Occupancy Rate
100%
Tenancy
Multiple
Number of Floors
2
Plot ratio
0.51
Total Plot Size
0.05 ac
Parking
2 Spaces (1.82 Spaces per 1,000 sq ft Leased)
Frontage
17 ft on Market Place
AMENITIES
- Signage
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NEARBY MAJOR RETAILERS
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VIDEOS
MATTERPORT 3D EXTERIOR
MATTERPORT 3D TOUR
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9 Market Pl
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