The property has been measured by BKR Floor Plans and provides the following accommodation:
|Gross Frontage||11.66 m||38’3”|
|Net Frontage||11.20 m||36’9”|
|Ground Floor||184.69 sq m||1,988 sq ft|
|Zone A||62.61 sq m||674 sq ft|
|Zone B||63.82 sq m||687 sq ft|
|Zone C||54.72 sq m||589 sq ft|
|Remainder||3.44 sq m||37 sq ft|
|First Floor||156.54 sq m||1,685 sq ft|
|Total Net Internal Area||341,22 sq m||3,673 sq ft|
|Second Floor (flat)||88.44 sq m||952 sq ft|
|Total Gross Internal Area||88.44 sq m||952 sq ft|
A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £690 + VAT.
The ground and first floor is let to Trespass Retail Properties Limited (t/a Trespass) on a full repairing and insuring lease for a term of 5 years from 1st August 2020 subject to a Schedule of Condition.
The current passing rent is £32,500 per annum which, based on our analysis (in which no reliance is offered and the buyer must form their own views in this respect), equates to £25 Zone A. Note this is a rebased rent; the tenant was previously in occupation paying £44,000 per annum.
The second floor residential flat is currently let at £10,260 with effect from June 2023 (an increase on the previous rent of £9,780 per annum).
Hence, the total income is currently £42,760 per annum.
Established in 1938, Trespass is one of the UK’s leading outdoor clothing retailers with a large number of stores across the UK and in mainland Europe as well as a network of wholesale clients across the world and a thriving e-commerce website (www.trespass.com).
The ultimate parent company of the tenant, Trespass Retail Properties Limited (Co. No. SC465265), is Jacobs & Turner Limited (Co. No. SC047678) who has reported the following figures:
|27th June 2022||27th June 2021|
The property has been registered for VAT. It is anticipated that the sale of this property will be treated as a Transfer of a Going Concern (TOGC), subject to the buyer complying with the necessary requirements to qualify.
We are instructed to seek offers in excess of £325,000 (Three Hundred and Twenty Five Thousand Pounds), subject to contract, reflecting a net initial yield of 12.8%, assuming standard purchaser’s costs of 2.33%.
Please note that a purchaser will be re-charged the cost of searches (£1,523.40) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1.0% of the Sale Price plus VAT.
An opportunity to acquire a freehold retail & residential investment in the heart of Aberystwyth town centre;
New 5 lease from August 2020 in respect of the retail unit, at which time the rent was rebased from £44,000 per annum to the current level of £32,500 per annum;
Established national tenant;
Attractive lot size to an investor;
A purchase at the asking price reflects an attractive net initial yield.