45 Halkett Place is located at the north-east corner of Halkett Place and Waterloo Street, in the heart of St Helier town centre, directly opposite the Central Market and a moments walk from the Fish Market, Beresford Street, Bath Street, Queen Street and King Street. We attach a location plan for reference purposes.
An imposing, ornately decorated, Victorian property constructed 1889, 45 Halkett Place is arranged over basement, ground and three upper floors. The ground floor benefits from a dedicated entrance off Halkett Place and provides bright, highly-attractive retail space split between front and rear trading areas, with an excellent window display stretching from Halkett Place to Waterloo Street. All upper floors are accessed off Waterloo Street. The first and second floors provide front and rear office areas, are decorated to a good standard, and benefit from good levels of natural light through large timber-sash windows. There is a small kitchen & W.C. on each landing. The third floor has historically been used as a large 1-bedroom apartment but recently been subject to a change of use to “office”. This consent is yet to be enacted and as such, the third floor may be adopted as either residential or office use. The third floor will require refurbishment prior to occupation in either use scenario.
Long-standing commercial tenants.
Partially let and income producing with.
Scope to add value through refurbishment of 3rd floor.
Attractive & imposing building.
The Property provides the following accommodation, measured in accordance with the RICS Code of Measuring Practice:
The basement, ground & 1st floors are subject to a lease between 34 King Stret Ltd (as Landlord) and She Likes Ltd (as Tenant). A personal guarantee is provided by a local, private individual associated with the operating business. The lease is drawn on a IRI basis (including foncier & occupier rates, communal and window cleaning and building insurance) for a term of 9-years to expire 30th September 2031; subject to a tenant break-option on 01st October 2026. Rent passing is £45,000 p/a. Rent reviews in line with the JRPI (subject to a minimum and maximum uplift of 1% and 3% respectively) fall due on the 3rd and 6th anniversary of lease commencement.
The 2nd floor is subject to a lease between 34 King Stret Ltd (as Landlord) and Quints (as Tenant). A personal guarantee is provided by a local, private individual associated with the operating business. The lease is drawn on a IRI basis (including occupier rates and communal and window cleaning) for a term of 7-years to expire 30th June 2028. Rent passing is £11,568 p/a. Rent reviews in line with the JRPI fall due annually.
The 3rd floor is currently vacant and in need of refurbishment. On completion of works, to either residential or office use, we anticipate a rental of circa £12,000 p/a.
The total current passing rent is therefore £56,568 p/a.
Potential rent passing is considered to be circa £68,568 p/a.
The freehold of 45 Halkett Place is offered for sale subject to the commercial lease agreements detailed herein at an asking price of £795,000 exclusive of GST as applicable.
A sale at this level would reflect a Gross Yield of 7.12% on the current gross rental income; not allowing for additional rental income achievable from the vacant 3rd floor upon refurbishment. Yield increases are otherwise anticipated annually with reference to the 2nd floor lease and in 2025 & 2028 with reference to the 1st floor lease .
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.
Strictly by appointment with the vendor’s sole agent, Quérée Property Consultants Ltd by contacting Lucy Schooling MRICS or Jonathan Quérée MRICS: