• Let to Specsavers Optical Stores Limited

• Secure income – Net Assets £86 million

• Extensive return frontage

• Pedestrianised town centre retailing pitch

• Let until June 2026

• Upcoming rent review in June 2021

• £411,000, subject to contract

• 7.00% Net Initial Yield

The property is located at the start of the pedestrianised section of Market Place, the principal retail pitch in Hyde town centre. Occupiers in the vicinity include Costa Coffee, Post Office, Halifax, Betfred, Farmfoods and Poundstretcher.

Clarendon Square Shopping Centre, with more than 50 stores and a 270-space car park, is directly opposite the property and Hyde open air market is located at the end of Market Place, some 100 metres (110 yards) to the west. The open-air market is open 6 days a week, boasts 48 all-weather stalls and has been running for approximately 75 years. Hyde Central Station is located approximately 800 metres (880 yards) to the west of the property.

The property comprises a ground floor retail unit with a number of partitioned consultation rooms. At first floor level there are additional consultation rooms with ancillary accommodation including staff office, WC’s and storage. There is a basement area with a sub-1.5m head height which is not included within the floor areas.

Internally, the property has been fitted out by the tenant to their usual corporate style with consultation rooms fitted with the latest eye care equipment. Externally the property benefits from a return frontage with signage onto both Market Place and Russell Street as well as a small yard area to the rear, accessed via Russell Street .

The property is held Good Leasehold from Mr Joseph Sidebotham and Mr Joseph Booth for a term of 999 years from 10th June 1823, expiring 9th June 2822 at a ground rent of £2.75 per annum.

The headlease, although granted in 1823, was first registered at the Land Registry in 1975. The class of registered Title is Good Leasehold. The reason for this is that the freehold title was not produced to the Land Registry at the time. This could be rectified, and the title upgraded to Absolute Leasehold if the freehold title were available to produce to Land Registry, but the freehold title is not registered, freehold unregistered title is not available and the seller does not know who the freeholder is. The seller has assignable Title indemnity insurance in place, further details are available in the legal pack.

Within the Title demise a small element of the first floor has been let for the residue of the headlease term (less 1 day) at a fixed rent of £1 per annum. The area is first floor only with no access from the ground floor of 29-31 Market Place and no current access at first floor level. Access is gained from the first floor of the adjoining property, 27 Market Place. For all intents and purposes this is not in effect part of the property. This lease does not contain any obligation on the tenant to contribute towards the maintenance of the structure of the building above or below these first-floor premises .

The adjoining occupier has rights over the yard for the parking of vehicles to the rear and they are currently exercising this right.

The entire property is let to Specsavers Optical Superstores Limited on a full repairing and insuring lease for a term of 10 years from 2nd June 2016, expiring on 1st June 2026.

The current passing rent is £30,000 per annum which, based on our analysis, equates to a Zone A rate of £26.40 per sq ft. This is based upon £7.50 per sq ft on the first floor.

The tenant has an excellent payment record with no rent payment delays during lockdown. All rents are paid and up to date, with no arrears. A copy of the rental payment history is available within the legal pack.

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

We are instructed to offers in the region of £411,000 (Four Hundred and Eleven Thousand Pounds), subject to contract, reflecting a net initial yield of 7.00%, assuming standard purchaser’s costs of 4.25%.

Please note that a purchaser will be re-charged the costs of the measured survey (£345 + VAT) and searches (£770.50) which are provided in the data room.

Please note that a purchaser will be charged a Transaction Fee of 1.00% plus VAT of the final agreed sale price.

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