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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
- Freehold
- Various asset management opportunities
- Guide Price Reflects Attractive NIY of 8.01% and a Low Capital Value of £66 per sq ft
Description
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.
Location
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.
Tenure
Freehold
Tenancy
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.
Tenant Information
Please see the Property Brochure, which can be found under "Related Documents" for a breakdown of Tenant Financials.
Legal Pack
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.
VAT
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
Contact
* 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.
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The successful purchaser will be required to pay the auctioneers administration fee of £1,800 inclusive of VAT on purchases of £20,000 and above and £600 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
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Related Documents
Agreement Documents
Additional Documents
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton April 2025
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