Commercial Properties For Sale in Romsey, Hampshire
Paid partnerships can play a role in listing order
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The premises are situated within Budds Lane which is a mainly industrial estate located on the northern edge of Romsey. It's approx. one mile from Romsey town centre and about half a mile from the train station. Access to the estate is restricted by a narrow railway bridge with a max height of 13 ft
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Romsey is an affluent market town located in Hampshire. The town has easy access to Winchester (9.5 miles northeast), Southampton (7.5 miles south-east) and the New Forest via A3090, M271 and M27 respectively. The location offers a comprehensive selection of commercial premises including retail shops, restaurants, cafés and beauty salons. Major national retailers nearby include Boots, Waterstones and TSB. The asset is well positioned just off the prime position of Market Place and well located for nearby car parks, Romsey Abbey, excellent public transport links and benefits from good footfall along the main retail area. The property comprises a centre terraced building of traditional brick construction beneath a pitched slate tiled main roof. It provides two well configured lock up shops at ground level, with extensive glass frontage and rear access. The uppers are a self-contained two level residential flat which is sold off separately.
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This mixed use investment property comprises a three-storey Grade II listed building generating a total income of £32,270 per annum. One flat is let on an assured periodic tenancy at an annual rent of £12,420 per annum. The other flat is sold off on a long lease. The owner pays a ground rent of £50 per annum. The 712 sq ft shop has frontage to Church Street and is visible from Market Place. It is let to Tidal Vapes Limited on a 7-year lease from April 2023, expiring April 2030, at a rent of £19,800 per annum. There is a tenant break clause and a rent review in March 2028. Tidal Vapes offers a very good covenant, operating from 34 stores and pursuing an active expansion programme through a retained acquisition agent, with seven new store openings in the past 2 years. Creditsafe reports a Risk Score of 79, placing the company within the upper 25% of 22,420 comparable businesses, together with an International Score of 'A', indicating very low risk. Approximately £6,000 per annum is recovered from the tenants by way of service charge, contributing towards communal costs and ongoing property maintenance / repairs. Please find the tenancy schedule overleaf.
