117-121 High Street, Street, Somerset, BA16 0EY
Guide Price* : £775,000
Non-VAT, Value-Add Investment Opportunity
- Detached Terrace of Three Retail Units
- Let to Proper Job, Edinburgh Woolen Mill and William Hill
- Producing £65,250 per annum, a low average rent of £5.60 per sq ft
- WAULT of 1.23 years to Expiry
- Net Internal Area of 11,700 sq ft
- Various asset management opportunities
- Guide Price Reflects Attractive NIY of 8.01% and a Low Capital Value of £66 per sq ft
A purpose built detached terrace of three retail units with former factory warehouse to rear producing a total rent of £65,250 per annum. The buildings comprise a series of single and two storey brick and stone built buildings across a site of 0.22 acres under various flat and pitched tiled roof areas. Each retailer has fitted out their unit to the corporate livery.
Proper Job trades from ground and first floor. The first floor retail area is situated above 117-121 High Street. This upper floor can also be accessed from the High Street. To the rear there is a store room with staff facilities and an additional first floor store room. Delivery access from the rear lane off Vestry Road.
Edinburgh Woollen Mill provides ground floor retail and storage with delivery access at the rear.
William Hill is a ground floor lock up shop with emergency access onto Vestry Road.
The property is located in the large village of Street, located in the Mendips, Somerset. In 2011 Street had a population of over 11,000 residents.
Street is the home of Clarks Shoes, founded 200 years ago and remains the company’s Head Quarters today with a 1000 employees at various sites situated across the village.
The subject is situated on the south side of High Street on the corner of the junction with Vestry Road, 100 metres from Clarks Village.
Please see the Tenancy Schedule and Legal Pack (links on the right hand side of this page) for more information.
117 High Street is let to Proper Job Superstores Limited on a 10 year lease expiring 06/01/2023 and a rent of £30,000 per annum.
119 High Street is let to The Edinburgh Woollen Mill Properties Limited on a 5 year lease expiring 07/11/2023 and a rent of £21,000 per annum.
121 High Street is let to William Hill Organisation Limited with a rent of £14,250 per annum. The tenant is currently holding over with the rent reduced to its current level via a side letter with a minimum term expiring 28/09/2022. The tenant is looking to negotiate a new lease with the purchaser.
All leases are drafted within the Landlord and Tenant (1954) Act.
Please see the Property Brochure, which can be found under "Related Documents" for a breakdown of Tenant Financials.
Please note the legal pack is not yet complete. If you register your interest and are "Watching" the lot, you will receive an automatic update when it becomes available.
The property is not elected for VAT
Energy Performance Certificate
117 High Street - D-99
119 High Street - C-69
121 High Street - C-54
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton December 2023
Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any (“LSH”) for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.
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