Hilary House 19 Hilary St 2,912 SF 62% Leased Office Building Jersey JE2 4SX £745,000 (£255.84/SF) 6.71% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Located in the Central Business District
- Close to King Street and Queen Street retail precincts
- Planning permission to convert top floors into flats if required
EXECUTIVE SUMMARY
The premises also have the benefit of a planning permission to convert the property to 3, 2-bedroom apartments, which is a particularly good back-up position should the offices become vacant for any reason. We attached a copy of the approved permit and floor plans for ease of reference.
The building is let to Jersey Recovery Centre Limited on an internal repairing insuring style lease, which commenced on 16th June 2023 and is to expire on 15th June 2032. The lessee has the option to break on the 16th June 2029, subject to the giving of 12 months’ written notice. Rent reviews are 3 yearly in line with Jersey Cost of Living, capped to a maximum increase over a 3 year period of 12.5%.
Whilst the lease is of an internal repairing style nature, the lessee has to meet the costs of both Occupier and Foncier rates, along with building insurance and is to maintain all doors and windows within the premises. The passing rental is £50,000 per annum.
PROPERTY FACTS
AMENITIES
- Demised WC facilities
- Suspended Ceilings
- Air Conditioning
SPACE AVAILABILITY
- SPACE
- SIZE
- SPACE USE
- CONDITION
- AVAILABLE
The property is a purpose built three storey office building providing office accommodation on ground, first and second floors. The offices are to a good standard throughout. The existing furniture can remain in place if required. The premises are available on a new 9 year effectively internal repairing lease, subject to a mutual option to break the lease (timing to be agreed) with three yearly rent reviews to Jersey Cost of Living. The tenant will be responsible for a fair proportion of the service charge for occupancy costs, including building insurance, routine maintenance and decoration, electricity, water rates, all Parish rates, communal cleaning and management costs. The landlord will be responsible for the structure and keeping the building wind and watertight. Immediately available upon completion of legal formalities.
| Space | Size | Space Use | Condition | Available |
| Ground | 1,094 SF | Office | Full Build-Out | Now |
Ground
| Size |
| 1,094 SF |
| Space Use |
| Office |
| Condition |
| Full Build-Out |
| Available |
| Now |
