• Undoubted Income - Let to Santander UK PLC

• In excess of 5.5 years unexpired lease term

• Prime retailing pitch opposite Marks & Spencer and close to a Waitrose store

• Affluent town and popular tourist destination

• Tenant been in occupation since 2000

• Freehold

• £625,000, subject to contract

• 6.5% Net Initial Yield

The property occupies a prime retailing pitch on High Street, the town’s main retailing thoroughfare. Other nearby occupiers include Marks & Spencer (opposite), Waitrose, Greggs (adjacent), HSBC, Barclays and Caffe Nero.

The property also benefits from being next to the entrance to the Saxon Square Shopping Centre. Comprising 28 shops the centre is occupied by a mixture of national brands and independent retailers with occupiers including Holland & Barrett, Boots, WH Smith, Costa, Argos, Poundstretcher and The Works.

Housing association Aster Group has obtained full planning consent for a mixed used regeneration scheme on the site of the former magistrates’ court and police station near the Fountain Roundabout, a few minutes’ walk from the subject property. The development will provide 169 homes including a range of one, two, three and four-bedroom homes. For further information see www.asterchristchurch.co.uk.

The property comprises a ground floor retail unit configured as an open-plan banking area with office/meeting rooms on the first floor. The unit has been fitted out by the tenant, Santander, in their usual corporate style.

Freehold.

The property is entirely let to Santander UK PLC on a full repairing and insuring basis for a term of 10 years from 25th December 2015, expiring on 24th December 2025 at a current passing rent of £42,750 per annum. There is an upwards only rent review on 25th December 2020.

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

We are instructed to seek a figure of £625,000 (Six Hundred and Twenty Five Thousand Pounds), subject to contract, reflecting a net initial yield of 6.5%, assuming standard purchaser’s costs of 5.12%.

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