89-89A Broad St

Offers are being sought in the region of £3,800,000 (Three Million, Eight Hundred Thousand Pounds), Subject to Contract and exclusive of VAT, for the freehold interest which reflects a NIY of 8.00% after allowing for purchaser’s costs.
The property is an attractive period Grade II listed, former Baptist Chapel (dated in the 1700’s), which was converted into two retail units in the mid 1990’s. Internally, many of the original features have been retained creating a unique retailing environment including a galleried area in the Waterstones store. The property is arranged over basement, ground, first, second and third floors and provides a combination of sales at ground and first floors.
Tenancy:
89a Broad Street is let on a full repairing and insuring lease for a term of 10 years from 24th June 2016 to Waterstones Booksellers Ltd. The lease incorporated a rent review in 2021 which was not implemented. The current rent is £270,000 p.a. which equates to a Zone A of approx. £163 psf. A side letter to Waterstones allows the rent to be paid monthly in advance.
89 Broad Street is let on a lease for a term of 10 year from 27th September 2023 to Gadgets4UK Enterprises Ltd (t/a Fone World). The initial rent will be £55,000 p.a. for the first two years’ rising to £60,000 p.a. in year 3. The lease will have an upward only rent review in the 5th year and will also incorporate a tenant’s break option in year 5. The lease will be outside the L&T 1954 Act.