For Sale
40 West Street,
Havant,
Hampshire,
PO9 1PG
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Investment
- Havant is strategically located on the A27/M27/A3(M)
- Situated on a fully pedestrianised High Street
- Substantial retail unit - 4,799 sf ft
- Large two bedroom flat above
- Development potential
- Total rent £45,300 per annum
- Guide price £520,000 stc
- A purchase at this level would reflect a NIY of 8.15% after usual purchaser's costs of 6.80%
- Nearby occupiers include Specsavers, Greggs, New Look, Superdrug and The Works
Location
Havant is strategically located on the A27/M27/A3(M) and forms part of the extensive M27 / Solent corridor, providing easy access to Portsmouth, Southampton and London. Havant benefits from a mainline railway station with direct trains to London and the south coast.
The property is situated on the northern side of West Street, which is fully pedestrianised. Nearby occupiers include Specsavers, Greggs, New Look, Superdrug and The Works.
Description
The property comprises a substantial ground floor retail unit which provides open plan retail space, together with storage, office and WCs.
The unit benefits from rear servicing.
There is also a large self-contained two bedroom flat above, which is accessed from the rear.
Accommodation
The accommodation has the following approximate floor areas:
| Description | Sq Ft | Sq M |
|---|---|---|
| Sales Area | 4140 | 384.61 |
| Ancillary | 659 | 61.22 |
| First Floor Flat | 1043 | 96.89 |
| Total | 5,842 | 542.72 |
Energy Performance Rating
We understand the retail unit has an EPC rating of D and the flat has a rating of E.
Planning
Interested parties should make their own planning enquiries and satisfy themselves in this regard.
Taxation
Rateable Value (2023): £38,000.
Council Tax Band: TBC.
Tenancy Information
The ground floor is let to Savers Health and Beauty Limited by way of a 5 year lease commencing 29 January 2024, inside the Act, with an effectively full repairing and insuring obligations. The tenant has a break option 3 anniversary of the lease. The passing rent is £34,500 per annum exclusive.
The flat is let on an AST at £10,800 per annum.
Therefore, the total rent is £45,300 per annum.
Covenant
Savers Health and Beauty Limited has a D&B Rating of 5A 1 and has a Tangible Net Worth of £66,537,000.
The business specialise in the sale of affordable health, home and beauty products. Their first store opened in Durham in 1988 and has since grown to over 500 stores throughout the UK. As reported on their website, Savers Health & Beauty's principles are to stock the best branded, health, home and beauty products on the high street at the best prices.
Terms
We have been instructed to market the property subject to the tenancies and quote a price of £520,000 for the freehold interest subject to contract. A purchase at this level would reflect a NIY of 8.15% after usual purchaser's costs
of 6.80%.
VAT
We understand that the property is elected for VAT and therefore it is assumed that the sale will be treated by way of a Transfer of A Going Concern (TOGC).
Legal Fees
Each party to bear their own legal costs incurred.
Anti-Money Laundering Regulations 2017
Due to Government legislation, we are legally obliged to undertake Anti-Money Laundering checks on prospective Purchasers / Tenants where a transaction has a capital value of €15,000 (Euro) or more or a rental value of €10,000 (Euro) per calendar month or more. This includes checking proof and source of funds. Please note that we need to obtain the relevant information and record this on file before a transaction can be contracted.
Flude Property Consultants for themselves and for the vendors or lessors of this property whose agents they are give notice that: i) these particulars are set out in good faith and are believed to be correct but their accuracy cannot be guaranteed and they do not form any part of any contract; ii) no person in the employment of Flude Property Consultants has any authority to make or give any representation or warranty whatsoever in relation to this property.
Please note that whilst we endeavour to confirm the prevailing approved planning use for properties we market, we can offer no guarantees in this regard. Planning information is stated to the best of our knowledge. Interested parties are advised to make their own enquiries to satisfy themselves in respect of planning issues.
We advise interested parties to make their own enquiries to the local authority to verify the above and the level of business rates payable in view of possible transitional arrangements and any reliefs.