38 Market Street, Eastleigh, SO50 5RA

Description
The accommodation comprises a prominent two-storey corner lock up shop with return frontage to Leigh Road and Market Street.

Internally, the ground floor is fitted out to the tenant's specification with café amenities and approximately 70 covers. There are two W/Cs including a disabled W/C. The first floor has been fitted out as a coffee training area that could be used for training or opened up for a further 30 covers. There is a store room with staff facilities, W/C and office.

Externally, the tenant has outdoor covers under a canopy which provides a further 25 covers. Freehold - Title number HP424578

Location
Eastleigh is a well located town approximately 5 miles north of Southampton with is own main line railway station and excellent access to the M27 (Junction 5), M3 (Junction 13) and Southampton International Airport.

Market Street is Eastleigh's busiest shopping street and links Sainsburys supermarket and the Swan Centre. The town's central bus station and main taxi rank are on Upper Market Street.

The shop is at the northern end of Market Street near Sainsburys. Eastleigh Train Station is a 3 minute walk away which provides services to neighbouring towns and London Waterloo.

There are abundant public parking facilities close by, including the Swan Shopping Centre with 700 spaces and home to over 50 retailers.

Viewings
By appointment only via sole agents Vail Williams

Terms
We have been instructed to market the freehold interest at a price of £400,000 (Four Hundred Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 7.67%, assuming purchasers costs of 4.18%.

Tenancies
Let to Coffee#1 Limited (4027169) at a rent of £31,950 pax for a term of 20 years expiring 11 May 2034

Rent Review - Open market rent reviews every fifth anniversary.

Covenant
Founded in 2002, Coffee#1 is a UK-based coffee house chain with a strong presence across Wales, the Southwest, the South Coast, and parts of the Midlands. The company has grown significantly, expanding from 92 stores in 2019 to 119 as of May 2024, employing over 1,000 people.

The Nero Group completed its acquisition of Coffee#1, gaining full ownership in 2019. The year end of 31st May 2024 saw £51.56m of sales, representing a 15.34% growth on the previous year. Full accounts available on request.

AML & Legal Fees
In accordance with Anti-Money Laundering requirements, two forms of identification will be required from the purchaser and any beneficial owner together with evidence/ proof identifying the source of funds being relied upon to complete the transaction.

Each party to be responsible for their own legal costs incurred in the transaction.