Block J Commercial Centre Prewett Road, Peggs Way, Park Village 4 Unit Apartment Building £2,400,000 (£600,000/Unit) 7.70% Net Initial Yield Basingstoke RG24 9RG

The property, developed in 2013 comprises a single and three-storey building with the ground floor commercial units benefiting from aluminium framed glazed shop fronts and rear loading. The elevations above Units 1 and 2 incorporating the residential apartments are finished in a combination of red facing brick, white render, and vertical timber cladding, surmounted by a flat roof.
The ground floor comprises five retail units let to three tenants providing a total of approximately 9,256 sq ft of retail accommodation with four self-contained flats above which have been sold off on long leases to individuals.
There are 16 car parking spaces to the front of the property including two designated EV charging bays.
The property has been measured in accordance with the RICS Code of Measuring practice and provides the following approximate floor areas.
The property retail element is let to three tenants on effective FRI terms, producing an income of £189,580 per annum subject to 5 yearly open market and RPI rent reviews. Southern Co-Operative Ltd who have recently renewed their lease have underlet Unit 4A to Bombshell Hair and Beauty and Unit 4B to Barnardo’s since 2015.
Additionally, there are 2 EV charging bay stations producing £6220 per annum and at first and second floor levels above units 1 and 2 there are four selfcontained flats which have been sold off on long leases to individuals generating ground rents of £940 per annum.
The combined income is £196,740 per annum with the retail rents equating to a modest £20.50 per sq ft overall.
The interest is freehold.
We are seeking offers for our client’s freehold interest of £2,400,000 (Two Million Four Hundred Thousand Pounds) subject to contract and exclusive of VAT reflecting a net initial yield of 7.7% allowing for purchaser’s costs of 6.3%.