7-9 High Street, Llangefni, Gwynedd, LL77 7LT
Freehold Betting Office Investment and Residential Ground Rent
Features
- Let to William Hill Limited on a new FR&I 15 year lease ending 22nd May 2038
- Passing rent of £15,100 per annum
- CPI linked rent increase in the 5th year (cap & collar 5% - 10%)
- Well located, close to Boots, HSBC and Betfred
- Upper floor sold off on a long lease
- VAT not applicable
- Freehold - £189,000, reflecting a NIY of 7.82%
Location
The property occupies a prominent mid parade position along the High Street in Llangefni. Llangefni is the county town of Anglesey in Wales and In close proximity to the A55 North Wales Expressway (Junction 6), linking Holyhead to Bangor, Chester and the M53 Motorway The property is situated on the north side of the High Street between its junctions with Field Street and Church Street Occupiers close by include SPAR, Boots, HSBC and Betfred. The town is near the centre of Anglesey, on the River Cefni, 10 miles west of Bangor.Description
The property comprises a ground floor retail shop with three upper floors of residential accommodation (sold off long leasehold). The ground floor shop currently trades as a successful William Hill bookmakers and extends to 1,965 sq. ft. (182.52.sq m) or thereabouts.
Price
Offers over £189,000 are sought for the freehold interest. A purchase at this level represents a net initial yield of 7.82%Tenancy
The ground floor is let to William Hill on a new FRI 15 year lease ending 22nd May 2038 at a passing rent of £15,000 per annum. There is a CPI linked increase in the 5th year (cap and collar 5% -10%) and then open market review in the 10th year. There is a tenant option to break every third anniversary.The 1st and second floors are subject to a lease of 125 years from 11/2/2020 at a ground rent of £50 pa.
The third floor are subject to a lease of 125 years from 28/11/2018 at a ground rent of £50 pa.
The total passing rent is £15,100 per annum.
A copy of all lease documents are available upon request.
