• Highly affluent town within the London commuter belt

• Prominent retailing pitch

• Part of new commercial and residential development

• Main shoppers’ car park immediately to the rear

• Lease expiring October 2028; tenant break option May 2025

• Let to Fat Face

• Open to offers, guiding £700,000, subject to contract, reflecting 9.2% net initial yield

• Guide price represents a significant discount to the capital value sale figure recently achieved on the adjoining retail unit

• The property is sold with the benefit of a 12 month rent guarantee from the vendor to ensure an investor has no issues receiving income in light of the Coronavirus Act 2020 Part 1 Section 82

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 1” 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 Boots Opticians 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 £935 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 £3,794

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 Fat Face Limited for a term of 10 years from 29th October 2018, expiring on 28th October 2028, subject to a tenant’s break option on 14th May 2025.

By way of a Deed of Variation dated 14th May 2020, the rent of £67,500 per annum has been reduced for six months from 1st April 2020 to £33,750 per annum and the tenant’s break option on 29th October 2023 has been moved to 14th May 2025.

The “headline” rent of £67,500 per annum equates to £53 Zone A. The lease benefits from five yearly upwards only rent reviews, the next being on 29th October 2023. As part of the original letting, the tenant benefitted from a 12 month rent free period and a £30,000 contribution to the shop-fitting costs. The rent is paid monthly.

The Deed of Variation also provided for advance service charge payments for the period March 2020 to June 2020 to be reduced by 50%.

The vendor will “top-up” the income so a purchaser effectively receives income at £67,500 per annum from the date of purchase.

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 open to offers, guiding a figure of £700,000 (Seven Hundred Thousand Pounds, subject to contract, reflecting a net initial yield of 9.2%, after allowing for standard purchaser’s costs of 5.81%.

Please note that a purchaser will be re-charged the cost of the searches which are provided in the data room.

Please note a purchaser will be charged a Transaction Fee of £5,000 plus VAT.

The adjoining property let to Boots Opticians was sold in November 2019. Let until May 2029 with a tenant break option in May 2024 (4.5 years hence), the property was sold at £830,000 reflecting a net initial yield of 6.56% and a £413 per sq ft. In comparison, the guide price for the FatFace unit is £317 per sq ft, a 23% discount to the sale price achieved on the Boots Opticians unit.

Access to the data room and for the ability to purchase online with speed and ease, please click the clicktopurchase® icon or the clicktopurchase® side bar. Purchasers will be able to access the complete legal package, clear verification and submit legally-binding offers to acquire the property.

Purchasers benefit from the trust, security and transparency provided by the platform. All activities, including the online contract execution, will form part of the electronic audit trail which is anchored in the clicktopurchase® Blockchain.

clicktopurchase® provides the opportunity for any investor, whether located UK or abroad, to uniquely purchase online with ease and certainty. To learn more about clicktopurchase®, view clicktopurchase guides where ample videos and guides are available.

Note: offers submitted by clicktopurchase® are legal offers to treat.  Should our client instruct us to accept the highest offer, an exchange of contracts will occur.  In order to be able to submit an offer, you need to be provided with clearance to do so.  Therefore, please note that interested parties should clear the verification process as soon as possible, regardless as to whether you choose to submit an offer.  Please do not leave this to the last minute as this may prevent you from being able to submit your proposal.