For Sale – Commercial/Residential Premises
£775,000 Freehold | 1,774.00 ft2 sq. ft. | Commercial Premises, Residential | St Helier
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LOCATION
12 La Motte Street is located within the commercial heart of the town centre, in the Parish of St Helier. The prime retail throughfares of Queen Street and King Street are a moments walk away. La Colomberie, Bath Street and Hill Street are also nearby. We attach a location plan for reference purposes.
Providing both commercial and residential elements, 12 La Motte Street provides an early-mid 19th century building arranged over ground and three upper floors. As currently arranged, the property provides as follows:
Commercial Accommodation:
Ground Floor Retail (1,070 Sq.Ft. NIA) & 1st Floor Retail (714 Sq.Ft. NIA) The ground floor retail space enjoys its own, dedicated entrance and benefits from a large, attractive glazed frontage onto La Motte Street. Internally, the ground floor provides attractive trading space and is fitted out to a good standard including freshly painted walls, commercial-grade flooring and a volume of mixed lighting and shop fixtures and fittings. A small kitchenette is also provided. To the rear of the ground floor is a modern staircase leading to a further trading area on the 1st floor which is fitted out to the same, good standard and also provides a further kitchenette, W.C. and store.
Residential Accommodation:
The upper 1st, 2nd and 3rd floors then provide 3 x individual apartments; all currently let. Each apartment presents well, is a fair size and fitted to a good standard including kitchens, bathrooms and separate services and would be readily re-lettable / saleable. • 1st floor – Apartment 1 – studio • 2nd floor – Apartment 2 – 1-bed • 3rd floor – Apartment 3 – 1-bed
LETTING/INCOME SCHEDULE
The property is currently fully let and income producing providing a Gross Rental Income of £62,303 p/a by way of 1 x commercial lease and 3 x residential leases as follows:
Ground & 1st floor retail unit – Let to Alves Trading Ltd on a 9-year IRI lease to expire 30/07/35 (subject to a break option on 30/07/32). Passing rent is£30,000 p/a. A rent review in line with the JRPI (capped at 10.00%) will apply on 31/07/29 and then annually thereafter, in line with the JRPI, un-capped. The tenant reimburses 40.00% of the cost of fire-alarm expenses, gutter cleaning and management fees and 33.33% of buildings insurance premium.
1st floor – apartment 1 (studio) – Let to “Tenant A” on a residential lease to expire 31/05/27. Passing rent is £9,438 p/a. Deposit of £640 held with the deposit protection scheme. £10.00 p/m service charge contribution.
2nd floor – apartment 2 (1-bed) – Let to “Tenant B” on a residential lease to expire 30/11/27. Passing rent is £11,100 p/a. Deposit of £875 held with the deposit protection scheme.
3rd floor – apartment 3 (1-bed) – Let to “Tenant C” on a residential lease to expire 30/09/29. Passing rent is £11,665 p/a. Deposit of £925 held with the deposit protection scheme.
OPPORTUNITY
The opportunity exists to acquire the freehold interest in 12 La Motte Street subject to the leases noted within these details for a consideration of £775,000 exclusive of GST as applicable. A purchase at this level would reflect a Gross Yield on the Gross Current Income of 8.04%. Alternatively, a purchaser may wish to split out and sell the individual units, releasing additional capital return in the process.
LEGAL COSTS
Each party to bear their own legal costs and any other cost incurred in the letting of this property, whether or not a transaction completes.
VIEWING
Strictly by appointment with the vendor’s sole agent, Quérée Property Consultants Ltd by contacting Jonathan C Quérée MRICS or Lucy Schooling MRICS.