St Aubin Investment
Vaux Vert is located within the heart of St Aubin, at the junction of Charing Cross, La Rue du Croquet and Le Boulevard. Immediately opposite is the recently opened “Enoteca” café and adjacent are the popular Noya Shapla and Artemis restaurants. Otherwise, within a 1-minute walk is Harbour Gallery, Chi-Chi Boutique, St Brelade Parish Hall, Costa Coffee, The Boat House restaurant and a host of other retail and food and beverage businesses.
The Property provides the following accommodation:
Ground Floor Restaurant & Kitchen – 768 sq.ft / 71.36 sqm
1st Floor – Room 1 – large bedsit
– Restaurant Store
– Shower Room
– Large House-Kitchen
2nd Floor – Room 2 – double room
– Room 3 – double room
– Room 4 – single room
3rd Floor – Room 5 – 1-bed flat
The ground floor and 1st floor store are subject to a lease between Vaux Vert Holdings Ltd (as Landlord); Vaux Vert Restaurant Limited (as Tenant) and; Sorin Marin (as Guarantor). The lease is for a period of 6-years from 01/04/21. Rent passing is £32,500 p/a, subject to a fixed increase on 01/04/23 to £36,000 p/a then JRPI based rent reviews annually.
The residential lodging house units, rooms 1, 2 & 3 are currently occupied by “Licensed” persons paying monthly rents of £775.00; £528.00 and; £475.00 respectively. Rooms 4 and 5 are occupied by “Entitled” persons on annual rental agreements subject to monthly rents of £325.00 and; £850.00 respectively. The total current rent passing therefore is £67,936 p/a subject to increase on 01/04/23 to £71,436 p/a.
The freehold of Vaux Vert sits within Vaux Vert Holdings Limited which itself benefits from the various requisite licenses facilitating the operation of the Property as a restaurant and lodging premises. It is therefore suggested that potential purchasers will be most interested in acquiring Vaux Vert Holdings Limited although if so desired, the freehold of the company may be offered for sale in isolation.
Subject to the lease and license agreements detailed herein, Vaux Vert Holdings Limited / the freehold of Vaux Vert is offered for sale at £975,000 exclusive of GST as applicable. A sale at this level would reflect a Gross Initial Yield on the Gross Income of 7.00% and a Reversionary Gross Yield from 01/04/23 of 7.33%. Further yield increases are anticipated on 01/04/24, 01/04/25 & 01/04/26 on application of JRPI based rent reviews to the ground floor restaurant 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.
For further details and viewing, please contact the vendor’s sole agent, Jonathan C Quérée MRICS at Quérée Property Consultants Ltd on 630660 (T) or 077978 40008 (M).