Description
LOCATION
11A La Motte Street is located in the Parish of St Helier, within the commercial heart of the town centre. The prime retail throughfare of Queen Street and King Street beyond is a moments walk away. La Colomberie, Bath Street and Hill Street are also nearby. We attach a location plan for reference purposes.
DESCRIPTION
Providing both commercial and residential accommodation, 11A La Motte Street was completely re-built in 2011/2012 to modern construction standards incorporating a new roof, floors, shopfront and all services. As currently arranged, the property provides as follows:
- Ground floor retail unit (749 sq.ft. NIA) & basement (826 sq.ft. NIA) – The ground floor retail space currently operates as an opticians and the basement as a workshop / store. The ground floor has been fitted out to a high standard including air-conditioning, LED lighting, partitioned offices and otherwise, the usual shop fixtures and fittings.
- 1st floor 1-bedroom apartment (528 sq.ft. NIA)*
- 2nd floor 1-bedroom apartment (532 sq.ft. NIA)*
- 3rd floor 1-bedroom apartment (517 sq.ft. NIA)*
*The residential units are all large double-bedroom units fitted to a high- standard including modern kitchens, bathrooms and separate services. Each unit presents very-well and would be readily re-lettable / saleable.
LETTING / INCOME SCHEDULE
The property is currently fully let and income producing providing a Gross Rental of £54,600 p/a by way of 1 x commercial lease and 3 x residential leases as follows:
- Ground floor retail unit & basement – Let to Perspektiv Optics Ltd (subject to 2 x personal guarantees and rent deposit of £1,666) on a 9- year IRI lease to expire 26/02/23. Passing rent is £21,000 p/a. Service charge apportionment of 51.12%. Insurance, management & rates are recoverable.
- 1st floor 1-bedroom apartment – Let to “Tenant A” on a residential lease to expire 17/06/23. Passing rent is £12,000 p/a. Deposit of £1,000 held with the deposit protection scheme.
- 2nd floor 1-bedroom apartment – Let to “Tenant B” on a residential lease to expire 22/10/22. Passing rent is £10,800 p/a. Deposit of £900 held with the deposit protection scheme.
- 3rd floor 1-bedroom apartment – Let to “Tenant C” on a residential lease to expire 28/11/22. Passing rent is £10,800 p/a. Deposit of £900 held with the deposit protection scheme.
We consider that the rents passing in respect of the residential units in particular are below Market Rent and could readily be increased by 10.00%+ over passing rent.
OPPORTUNITY
The opportunity exists to acquire the freehold interest in 11A La Motte Street subject to the above noted leases for a consideration of £1.225M. A purchase at this level would reflect a Gross Initial Yield on the Gross Income of 4.46%. 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 costs incurred, whether or not a transaction completes.
VIEWING
By contacting either Jonathan C Quérée MRICS at Quérée at Property Consultants Ltd.
11a La Motte Street
Send download link to:
Address
- Country: Jersey
- Property ID 3143
- Price £1,225,000
- Property Type Commercial, Residential
- Property status All Properties
- Parish St Helier
- Sector Investment
Contact
Similar Properties
21 Seale Street
OFFICES / MEDICAL / RESIDENTIAL / GARAGING 893 sq.ft commercial grd & 1st floors Impressive studio apartment & terrace Large Garage Fitted out to a high standard LOCATION 21 Seale Street is located in the heart of town, close to the Town Hall, The Parade and Sand Street car park. The prime retail and office […]
15/17 Esplanade
LOCATION 15 / 17 Esplanade is located in the heart of St Helier’s prime business district, at the lower end of the Esplanade, towards Conway Street and Liberation Square. The location affords easy access to the centre of town, the retailing pitches of King Street and Queen Street and all amenities of the town centre. […]
AGRICULTURAL WAREHOUSE UNITS
LOCATION The property is located off La Rue de la Maitrerie in the Parish of St Martin. The Jersey Farmers Cricket Club is nearby. DESCRIPTION The property is accessed via a private, concrete driveway off La Rue de la Maitrerie and comprises a large agricultural site providing five warehouse units of varying size, specification, security […]
Capital House – Prime Offices To Let
A landmark St Helier property in a prime central location, recently acquired by a local developer, Capital House is currently undergoing a comprehensive programme of refurbishment. Externally, the listed exterior of the building including the façade and all elevations is being sympathetically restored with new windows throughout incorporating large, thermally efficient glass panels. A new formal entrance has been designed providing a bespoke, fully-integrated disabled access. As well as a new lift, a renewable energy system is being installed to enhance the building’s environmental performance. Internally, Capital House will provide five floors of high-specification offices with a new Cat-A fitout: • Open plan floor layout • Excellent levels of natural light • Suspended ceilings incorporating LED-lighting & comfort-cooling / heating • Perimeter trunking • Dedicated male / female / disabled W.C. facilities and shower to each floor (except the 4th floor which will have a single W.C.) • Kitchenette facilities to each floor • Lift access (ground – 3rd floors) • Communal roof terrace <strong>ACCOMMODATION</strong> Capital House is arranged over ground – 4th floor and provides the following areas: Ground: 1,983 sq.ft / 184 sqm First: 2,166 sq.ft / 201 sqm Second: 2,166 sq.ft / 201 sqm Third: 2,166 sq.ft / 201 sqm Fourth: 580 sq.ft / 54 sqm Total: 9,061 sq.ft / 841 sqm In addition, there is a communal external terrace to the fourth floor. <strong>AVAILABILITY</strong> The property is currently undergoing refurbishment and, it is anticipated, will be ready for occupation / tenant fitout from the 2nd quarter of 2021. <strong>TURN-KEY LETTING OPTION</strong> Subject to lease-terms, either the whole building, multiple floors or a single-floor can be made available in full, “turn-key”, occupation-ready order, fully fitted out to Tenants’ specification. This option is provided subject to lease terms. <strong>RENTAL</strong> Capital House is available at a quoting rental of £29.50 per sq.ft exclusive of all other outgoings and of GST as applicable. <strong>LEGAL COSTS</strong> 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. <strong>VIEWING</strong> By contacting either Jonathan C Quérée MRICS at Quérée at Property Consultants Ltd or otherwise, the Lessor’s joint sole agents Sarre & Company and CBRE.
Stay In Touch