PRICE: £955,000

A RARE OPPORTUNITY TO PURCHASE THE FREEHOLD OF THE PRIME RETAIL UNIT THE PRESTIGIOUS MARINA COURT DEVELOPMENT
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Summary Details
·    Located in a prime sea front position within Guernsey’s most prestigious
residential development known as Marina Court.

·    Highly visible from passing traffic

·    Sold with new 21-year FRI lease in place (tenant break at year 9)

·    Commencing rental of £60,000 per annum paid quarterly in advance on the
usual quarter days

·    Three-yearly rent reviews based on GRPI

·    Net Initial Yield of 6% (assuming purchaser’s costs of 4.75%)

The Opportunity

Location
The property is located in Marina Court on Glategny Esplanade only a short walking distance from the heart of St Peter Port’s Financial District, approximately 150 metres from Royal Bank Place. The property, with its East facing façade, overlooks the QEII Marina and the picturesque Islands of Herm and Sark. 

Marina Court is Guernsey’s most prestigious residential development which includes 31 Local Market Apartments, 8 Open Market Apartments and a Health and Leisure suite. Next door to Marina Court is Regency Court, a 60,000 sq.ft prime office building with tenants such as Butterfield Bank, Barclays Wealth and Deloitte and Touche.

There is plenty of short term car parking on Glategny Esplanade as well as long term parking located at the nearby Salerie Corner and QEII car park (known as the North Beach car park).  In addition, two unloading bays are situated to the front of the property.

Description and Accommodation
The premises have been fitted out to a very high standard and have a modern feel about them. The ground floor’s current configuration includes a large retail area for the sale of wines, the deli /café area and accompanying kitchen, a storeroom and both Male and Female cloakrooms offering a total area of 2,059 sq.ft.  There is also a mezzanine level of 1,705 sq.ft which has been created for storage. This is an incredible opportunity to acquire the freehold of this prime retail unit located within the Marina Court development.  A deli and wine retailing business has been operating successfully from these premises since 2006 and the owners of “Muse” are seeking to continue this as well as to further develop the opportunities offered by this prime site.

With ample seating within the demise, this has become a popular establishment for locals and tourists alike, all of which can enjoy the al fresco decked area located to the front of property.

Price
The property can be purchased for £955,000 (nine hundred and fifty-five thousand pounds) producing a Net Initial Yield of 6% (assuming purchaser’s costs of 4.75%).

Lease Terms
The premises are let on Full Repairing and Insuring terms for a period of 21 years from July 2009 (the tenant has the option to determine the lease after 9 years subject to a 12 month notice period).  The passing rental is £60,000 per annum and is subject to three-yearly rent reviews based on Guernsey RPI, the first review being in July 2012).

Legal Costs

Each party to bear their own legal costs.

Viewing

Strictly by appointment with the lessor's agent:

Swoffers Commercial
Estate House
Ann's Place
St Peter Port
Guernsey
GY1 2NU

Contact: Jonathan Harris
Telephone: 01481 722151
Email: jharris@swofferscommercial.co.uk

SUBJECT TO CONTRACT
Swoffers Commercial for themselves and for the vendor(s) or lessor(s) of this property whose agent they are give notice that:

1. These particulars do not constitute, nor constitute any part of, an offer or contract.
2. None of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact.
3. Any intending purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars.
4. The vendor(s) or lessor(s) do not make or give and neither Swoffers Commercial nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to this property
5. These details are believed to be correct at the time of compilation but may be subject to subsequent amendment