55 King Street – For Sale

LOCATION

55 King Street is located in a 100% prime retail location in the heart of St Helier town centre. Directly opposite are J.D. Sports, NEXT and the main entrance to A. De Gruchy department store. Within a 1-minute walk are Mountain Warehouse, Schuh, Jojo Maman Bébé, Paperchase, Clarks and Voisin department store.

DESCRIPTION

A landmark St Helier property, operating as “Esprit” clothing store for the past 6- years, 55 King Street is arranged over ground and three upper floors with the ground and 1st floors providing retail space and the two upper floors, a large, 1- bedroom duplex apartment with separate access off Broad Street.

Having recently undergone a comprehensive programme of internal and external refurbishment, the property is presented in excellent condition throughout. The property’s primary facade benefits from an attractive, fully glazed shop-front onto King Street with arched and ornate, dual-bay windows to the 1st and 2nd floors.

Internally, a new steel floor has been installed to the 1st floor providing clean space and substantial floor-loadings suitable for modern retailing. In addition to new floors, walls, ceilings, electrics and plumbing, the property also benefits from full disabled access to the 1st floor by way of new, DDA compliant lift. Both the ground and 1st floors enjoy DDA compliant changing rooms and the ground floor has a DDA complaint W.C. also.

The ground and 1st floor retailing areas are bright and spacious and fitout is to a very high standard incorporating quality floor and wall coverings, commercial lighting and air-conditioning. The 1-bedroom flat to the 2nd and 3rd floors has never been occupied and as such, is presented in newly refurbished condition.

• Excellent, open-plan retail space to ground and 1st floors.
• Large, 1-bedroom duplex apartment to 2nd and 3rd floors.
• Recently, comprehensively refurbished throughout to a very high-standard.
• High-quality shop fit-out.
• DDA compliant access.
• 100% prime location.
• Readily re-lettable.

ACCOMMODATION

The Net Internal Area of the ground and 1st floors are as follows:

Ground – 684 sq.ft / 63.59 sqm
Ground (ITZA) – 580 sq.ft / 53.88 sqm
First – 626 sq.ft / 58.14 sqm
Total – 1310 sq.ft / 121.70 sqm
The 2nd & 3rd floors provide a large, 1-bedroom duplex flat.

TENURE

The property is held freehold.

OPPORTUNITY

Esprit has operated from 55 King Street under a franchise arrangement for circa 6- years, having previously operated from 23 King Street for 9-years. In total, the business has been operational under the same management for 15-years.

55 King Street is owned by the franchisee and with the current 6-year internal lease about to expire, a new, 6-year FRI lease at a rental of £100,000 per annum (subject to a schedule of condition and tenant break-option at the expiry of year- 3), will be granted upon sale of the Property.

The opportunity exists to acquire the freehold of 55 King Street by way of sale and leaseback, subject to the above noted lease, for a consideration of £1,750,000, exclusive of GST as applicable. A sale at this level would reflect a NIY of 5.50%, allowing for purchase costs of 4.00%. The freehold of the Property is held within an SPV which may be available by separate negotiation.

LEGAL COSTS

Each party will bear their own legal costs and any other costs incurred in the acquisition 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:

55 King Street

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