5-7 Regent Street, Douglas
- PROPERTY TYPE
Detached
- SIZE
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- TENUREDescribes how you own a property. There are different types of tenure - freehold, leasehold, and commonhold.Read more about tenure in our glossary page.
Freehold
Key features
- Prime investment opportunity in Douglas city centre
- Potential for future development subject to planning
- Strong passing income of £53,000 pa
- Alpine Café currently leased at £28,000 pa with heads of terms agreed for a new 10 year lease with 5 year break clause at £32,000 pa
- Joe Jennings currently leased at £25,000 pa with heads of terms agreed for a new 10 year lease with 5 year break clause and 3 yearly rent reviews at £32,000 pa
- Total passing rent on completion of these leases will be £62,000 pa
- Significant potential to add value through refurbishment of vacant upper floors
- Balanced investment with a mix of long-term security and future flexibility
- Rare opportunity to acquire a substantial mixed-use building in a highly sought-after location
Description
Investment
The ground floor is occupied by Alpine Café, which extends to 1,525 sq ft. The café has been a tenant since 2015, and Heads of Terms have been agreed for a new 10 year lease, with no break clauses, at a fixed rental of £28,000 per annum.
The adjacent ground floor shop extends to some 843 sq ft and is leased to Joe Jennings (IOM) Limited at a historic rent of £25,000 per annum. The tenant has been in occupation since 2003 and is holding over on 15 year lease which expired in 2018. Heads of terms have been agreed for a new 10 year lease subject to a break clause at the end of the 5th year with 3 yearly rent reviews at a revised rent of £32,000 pa.
The sale could be made subject to simultaneous completion of the two new leases, giving the purchaser certainty over the revised rents.
The upper floor former restaurant extends to 2,372 sq ft across the first and second floors and is currently vacant. The accommodation requires complete refurbishment and presents an excellent...
Redevelopment
The property is bordered to the East and South by the Villiers Scheme which is currently under development and will comprise 80,000 sq ft of office, retail and leisure space plus a six-storey, 80-bedroom Travelodge hotel and new town square.
Our client has obtained from architects an
indicative scheme for redevelopment of the
property to include a new 1,938 sq ft (subject to
survey) ground floor retail / leisure unit with 7
large apartments above including a penthouse
with a rooftop garden and balcony. The drawings
provided are indicative and our client has not
sought planning consent. Copies of the sketches
are available upon request.
In view of the property's potential for
redevelopment, the current owners have agreed
heads of terms for new leases with their sitting
tenants but have not yet completed the contracts,
to maintain flexibility for a purchaser should they
seek to redevelop this prime site.
Brochures
Property BrochureFull Details- COUNCIL TAXA payment made to your local authority in order to pay for local services like schools, libraries, and refuse collection. The amount you pay depends on the value of the property.Read more about council Tax in our glossary page.
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- PARKINGDetails of how and where vehicles can be parked, and any associated costs.Read more about parking in our glossary page.
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- GARDENA property has access to an outdoor space, which could be private or shared.
- Yes
- ACCESSIBILITYHow a property has been adapted to meet the needs of vulnerable or disabled individuals.Read more about accessibility in our glossary page.
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Energy performance certificate - ask agent
5-7 Regent Street, Douglas
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Visit our security centre to find out moreDisclaimer - Property reference 12853544. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Chrystals, Isle of Man. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
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