City Road, Winchester, Hampshire, SO23

Investors - look this way! 6.42% mixed-use Winchester investment for sale. Brand new 15-year commercial lease to Schmidt Kitchen & Interiors (including a superb fit-out).


SITUATION
The investment property is situated on City Road, close to Winchester railway station, Jewry Street and a short walk from the pedestrianised High Street. The mediaeval city centre has a plethora of national, regional and independent businesses, as well as an excellent range of food, hospitality and entertainment offerings. Tourist attractions such as Winchester Cathedral, The Great Hall, City Mill as well as many beautiful buildings, gardens, churches, monuments and museums bring visitors year-round to this desirable City. The train station is 160m away, it is located on multiple bus routes and the M3 motorway is 1 mile to the east. Nearby businesses include The Cooperative, Gurkha?s Inn, Nirmala Foods, Lebanese House, RimJhim, Consol Tanning, Richard Steel & Partners.

DESCRIPTION
The property dates from the 1960?s and benefits from a large ground-floor retail unit and three upper floors with 6 residential units which have been sold off on long leases. The ground floor was recently leased for a 15-year term to a franchisee trading under the recognised brand of Schmidt, who have just completed an impressive and costly fit-out and are now open and trading. The lease is secured by a substantial rent deposit and PG and is signed Outside the Act. There is a part-decked, south-facing terrace to the front and off-street parking for four vehicles on Swan Lane to the rear. It is a highly-visible premises with a full height glazed frontage in a very high footfall location.

ACCOMMODATION
The ground floor comprises a net internal area of 1,336 sq ft / 124 sq m and the residential units extend to 4,865 sq ft / 452 sq m, giving a cumulative building size of 6,200 sq ft / 576 sq m.

TENURE
We are instructed to seek offers of £700,000, subject to contract, for the freehold interest in title number HP532087, to include any subsisting leases. A sale at this level equates to a gross yield of 6.42% on the existing commercial income, which will be reviewed every 5 years along with each break. There is an opportunity to generate further income by extending the upper floor residential leases, as and when required.

EPC RATING
The commercial unit is rated C (67) under certificate reference 9534-4589-2594-7847-1375, which is valid until 18th August 2034.

RATEABLE VALUE
Online enquiry via indicates a rateable value of £25,750 effective from 1st April 2023, suggesting rates payable of £12,850 pa, however the government are currently providing additional business rates relief for certain sectors, until April 2026. For more information please contact the relevant Local Authority.

LEGAL COSTS AND VAT
Each party is expected to bear their own legal costs in this transaction. We are informed that the building has not been Opted to Tax therefore VAT will not be applicable on the purchase.

VIEWINGS
All enquiries can be made via contacting the sole agent Trinity Rose Commercial on , or by emailing .