Mixed/Commercial Investment

£1,225,000
All Properties

3143

Property ID

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

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Address

  • Country: Jersey
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  • Property ID 3143
  • Price £1,225,000
  • Property Type Commercial, Residential
  • Property status All Properties
  • Parish St Helier
  • Sector Investment

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