• Highly affluent town within the London commuter belt

• Prominent retailing pitch

• Part of new commercial and residential development

• Main shopper’s car park immediately to the rear

• Let to Boots Opticians – Net Assets £150 million

• £905,000, subject to contract

• 6.0% net initial yield

The property comprises part of the new Regent Place development, occupying a prominent, retail pitch on Sycamore Road in the heart of Amersham town centre. Amersham railway station is 0.3 km (0.2 miles) to the south. Nearby occupiers include Superdrug, Waterstones, little Waitrose, Marks & Spencer, Holland & Barrett, Greggs, WH Smith and Caffe Nero.

The Sycamore Road car park, a large 265 space public car park, is situated immediately to the rear of the subject property. Access to Sycamore Road from the car park runs immediately adjacent to Regent Place.

The property comprises “Retail Unit 2” within the new Regent Place development, a recently completed scheme of three retail units on ground floor plus 36 highly specified studio, one and two bedroom apartments on the upper floors, along with a basement car park. The first new build in Amersham for over 15 years, Regent Place is a new landmark in the town. www.regentplaceamersham.com.

The property comprises a retail unit on ground floor which has been fitted out by the tenant to their usual corporate style. The adjoining units in Regent Place have recently been let to FatFace and Gatsby & Miller hairdressers.

The property is held on a 999 year leasehold at a peppercorn, with obligations to pay a fair proportion of the service charge and building insurance.

The current cost of building insurance for Regent Place is £14.620 . The long leaseholder’s share of this costs is £851 which is included in the total service charge detailed below. The service charge estimate for the year ending 31st December 2019 is £82,209 including the building insurance . The long leaseholder’s share is anticipated to be £3,452

Note that the costs of insurance and service charge are passed to the occupying tenant. Details of the insurance and service charge are held within the data room.

It should also be noted that the freeholder benefits from a latent defects insurance policy and construction warranties, providing full comfort in respect of the freeholder’s obligations.

The ground floor is let on an effective Full Repairing and Insuring lease to Boots Opticians Professional Services Limited (t/a Boots Opticians) for a term of 10 years from 15th May 2019, expiring on 14th May 2029 (in excess of 9.5 years unexpired). The lease incorporates a tenant’s break option on 15th May 2024.

The current rent is £57,500 per annum (equating to £52 Zone A). The lease benefits from five yearly upwards only rent reviews, the next being on 15th May 2024. As part of the letting, the tenant benefits from an 18 month rent free period, hence expiring 15th November 2020. The vendor will “top-up” the rent-free period by an appropriate deduction on completion to ensure that an investor does not suffer an income shortfall.

Boots Opticians re-located to the property from another location within Amersham town centre.

The property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

Our client is seeking a figure of £905,000 (Nine Hundred and Five Thousand Pounds), subject to contract, reflecting a net initial yield of 6.0%, after allowing for standard purchaser’s costs of 5.64%.

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