Rutland House, 76-78 King Street, St Helier, JE2 3RP

Description
Rutland House comprises a three storey, end of terrace building which fronts directly onto the junction of King Street & Charing Cross. Retail accommodation is arranged over the ground and first floor, with a self-contained office situated at second floor level. The office accommodation is accessed separately via its own dedicated entrance off Pitt Street. The building underwent a full refurbishment in 2019.

Location
Rutland House occupies a prominent pedestrianised position on the stronger western side of King Street, Jersey’s principal retail street, which houses other large retailers including WH Smith, M&S, Boots, JD Sports, Next and highly successful department stores of De Gruchy’s and Voisin’s. The multi-storey car park of Sand Street is a short walk away.

Lease Terms Summary
Ground & First Floor (retail):
• Tenant: A.S. Watson (Health & Beauty Jersey) Limited
• Guarantor: Superdrug Stores PLC
• Lease Start Date: 08/07/2019
• Lease Expiry Date: 07/07/2034
• Rental: £347,707 pa. The rental will revised to £325,000 pa from 08/07/2028
• Next Rent Review: 08/07/2031 (RPI linked, subject to cap of 10%)

Second Floor (office):
• Tenant: Santander Financial Services Plc
• Lease Start Date: 01/01/2020
• Lease Expiry Date: 31/12/2028
• Rental: £123,524.62 pa.
• Next Rent Review: N/A
Further lease details, service charge and covenant information is available upon request.

Tenure
The property is held freehold.

Legal
Each party is to bear their own legal costs and any other associated cost incurred in the sale of this property.

Proposal
Offers are sought in excess of £6,500,000, reflecting a net initial yield of 6.82% assuming purchasers costs at 6.3%.

Additional Information
• There are no unclaimed Capital Allowances. There is no VAT payable in Jersey but the island does levy GST at 5%.
• In line with D2 Real Estate’s Anti-Money Laundering Procedures, the purchaser will be required to provide standard KYC information and to satisfy the vendor on the source of the funds used to complete the transaction.