Property description
LOCATION
11/12 St Johns Square is prominently located within the centre of Glastonbury, accessed primarily from the towns main car park at St Johns. Adjacent to the property is The Gauntlet, a popular destination for locals and tourists alike, and in itself forms an essential and busy passageway between St Johns car park and the High Street. The property is proudly sandwiched between The Gauntlet and The Tribunal, rich in the towns history.
Glastonbury itself is located about 25 miles south of Bristol and approximately 30 miles to the west of Warminster and boasts a population of some 9,000 (approximation based on the 2011 census) and is within 1 mile of Street, which has a population of about 12,000 (based on the 2011 census). Furthermore, Glastonbury is a popular tourist destination, arguably most famous for the Glastonbury Festival but also for its leisure attractions including not only The Gauntlet itself, but also The Tribunal (adjacent to The Gauntlet), The George & Pilgrims Hotel, Glastonbury Lake Village, Glastonbury Abbey, Somerset Rural Life Museum and Chalice Well.
DESCRIPTION
- Popular location, historical and well maintained retail unit, adjacent to The Gauntlet
- Well let with development potential for two penthouse flats on the roof STPP
- Unique investment opportunity, also available is The Gauntlet Shopping Thoroughfare stc
- The Gauntlet is an award winning development with LABC and Mendip built in awards
- Management opportunity with potential to add value through active asset management
- Facing the main public car park for Glastonbury, a high footfall thoroughfare
- Uses: 1 x residential, 1 x retail (1 has residential potential), 3 x business / storage use (commercial leases on FRI terms)
- 1,075 sq ft / 100 sq m NIA per floor, over two floors, total 2,150 sq ft / 200 sq m
- Close to the towns popular market & many attractions including The Abbey & The Tribunal
- Rental income: £20,400 pax
- Attractive 6.80% Gross Yield with development potential / opportunity to add value
- Offers sought in the region of £300,000
- Attractive 6.55% NIY with development potential / opportunity to add value
ACCOMMODATION
The building is of two storey construction, with recent repairs and maintenance of the exterior, including the roof, and all electrics. The property consists of a flat and commercial premises under four separate leases. The commercial units are currently in use as a radio station, office and storage, and alternative therapies, under use classes A1 and B8 of the Town & Country Use Classes Order 1987 (as amended).
Subject to planning, it is considered that two to four flats could be constructed on the upper parts, over the flat roof section of the building, all of about 500 sq ft each. Two car parking spaces are included within the demise.
SERVICES
Mains water, electricity and drainage are available and are believed to be connected. Prospective purchasers are advised to make their own enquiries.
TERMS
Freehold available subject to the occupational leases. All leases are held on a commercial basis on effectively full repairing and insuring terms. The combined annual rent passing is £20,400 pax.
A full rental schedule is available on request. The WAULT is currently about 2.2 years.
The property is available subject to the above terms and occupational leases at a price of £300,000 representing 6.8% NIY.
OUTGOINGS
According to the Valuation Office Agency the charging authority is Mendip and the individual premises are described as 'shop and premises' and 'offices and premises'.
The rateable values (RV) are understood to be £7,800 for the ground floor retail and £2,075 and £2,750 for the upper floor offices, for the period 2015-16. By multiplying the RV by the standard UBR (2015/16 rate is 0.493), this gives the annual rates payable. For further information / clarification please contact the charging authority.
OTHER
The property is adjacent to The Gauntlet, which is under the same ownership as 11/12 St Johns Square. Due to retirement, our client is selling both this property, and The Gauntlet which is available separately at a figure of £2,300,000. For further information on The Gauntlet and a brochure please contact MBI directly.
VIEWING
To view the premises or for any further information please contact Sue Lamarque on 020 8432 1505