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The property comprises a high yielding retail investment let to Scrivens and occupying a prime pedestrianised pitch.
Arranged across ground and first floors, the property is fully let to Scrivens Limited on a five year lease expiring 07.07.2026 and paying £15,000 per annum.
The current rent reflects £14.16 per sq ft, and we therefore consider the property offers evident asset management potential via renewal of the lease upon expiry and improvement of rents, with the nearby 7 Market Street recently letting for £20,000 per annum reflecting £19.01 per sq ft).
The lease includes the upper parts which are used as ancillary/storage space, but we consider there may be potential to convert to alternative uses, including residential (subject to the existing leases and any requisite consents).
The property benefits from a prominent pitch fronting the prime, pedestrianised, Market Street. Nearby occupiers include Greggs, Boots, Holland & Barrett and Subway.
Tenure
Freehold
Tenancy
The property is let to Scrivens Limited on a five year lease expiring 07.07.2026 and paying £15,000 per annum.
The tenant is a long standing occupier of 10+ years with the current lease being a renewal of a previous lease.
The lease is on full repairing and insuring terms.
Scrivens Limited