Office Investment – £1,475,000
- 9-Year Lease – 24/09/31
- Rental – £91,886 p/a
- 3-Yearly JRPI Rent-Reviews ➢ Excellent Covenant
- 6.01% Net Initial Yield
Sommerville House is located within St Helier town centre, opposite the head-office of RBSI and The Arts Centre. The location is undergoing a significant period of regeneration with the commercial and residential redevelopment of Ann Court and development of a significant part of Bath Street by Le Masurier providing a 122-bed Premier Inn (complete), circa 3,000 sq.ft. of retail premises (complete) and 124 residential units (due to complete later in 2022).
The Net Internal Area of the 1st floor is approximately as follows (measured to IPMS):
Main Offices – 3,355 sq.ft / 311.70 sqm
Gallery – 955 sq.ft. / 88.73 sqm
Gallery Offices – 336 sq.ft / 31.21 sqm
The 1st Floor Offices, Sommerville House are subject to an effectively Full Repairing & Insuring lease to “Axis Mason Limited” for a term of 9-years 25/09/22 – 24/09/31 (subject to a tenant break option 25/09/27). Rent Passing is £91,836 p/a with rent reviews 3-yearly in line with the JRPI.
The opportunity exists to acquire the flying-freehold interest in the 1st Floor Offices, Sommerville House, subject to the above noted lease, for a consideration of £1,475,000 exclusive of GST as applicable. A sale at this level would reflect a Net Initial Yield of 6.01% and Reversionary Yield of 6.61% (years 3-6) and 7.27% (years 7-9) assuming a 10% uplift in rental at each review.
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).
Send download link to:
- Country: Jersey
- City / Town: St Helier
- Property ID 3245
- Price £1,475,000 / Freehold
- Property Type Commercial
- Property status All Properties, Under Offer
- Size 4,646 SqFt
- Label New
- Number Of Offices 1 - 5
- Parish St Helier
- Sector Offices