Market Place, Basingstoke, Hampshire, RG21

Prominent Retail Investment with vacant upper parts and Planning Permission for Extension / Conversion for 3 Residential Apartments 2,048 sq ft (190.27 sq m).

Prominent Retail Investment with vacant upper parts & Planning Permission for Extension / Conversion for 3 Residential Apartments 2,048 sq ft (190.27 sq m).

• Retail tenant renewed for 15 years expiring 5th June 2040 at £30,000 pax

• Attractive RPI linked cap and collar rent reviews

• Prominent Market Place trading position

• Substantial yard / car parking to the rear

PRICE
£510,000 plus VAT

DESCRIPTION
9 Market Place is situated in a prominent location facing Market Place - the main market square in the Old Town Centre, linking Winchester Street and London Street, directly opposite Church Street and Wote Street, which leads into the Festival Place Shopping Centre, 150m north of the property.

The property comprises a ground floor retail unit which is let and trading as a barbers. The retail accommodation is mainly open plan and benefits from a WC, separate kitchen and a staff room to the rear. Access is provided for deliveries via a large secure gated yard to the rear.

The property also comprises a vacant 1st floor office space.

Basingstoke is a major centre for commerce and industry with a Borough population of approximately 180,000. The Town is 45 miles to the southwest of London adjacent to Junctions 6 & 7 of the M3 motorway. There is a frequent rail service to London Waterloo, timetabled at 45 minutes.

Market Place is situated within the Basingstoke Top of Town area which provides for the popular Basingstoke market held every Wednesday & Saturday. Nearby occupiers include McDonalds, Barclays Bank, Zizzi's Italian restaurant, Poppins cafe, Coral's Bookmakers to name but a few.

TERMS
The ground floor retail unit is let to The House of Handsome Barbers & Grooming Ltd at a rent of £30,000 per annum exclusive for a term commencing on 6th June 2025 expiring on 5th June 2040. The lease is subject to 5 yearly upwards only rent reviews which are linked to the increase in the Retail Price Index (RPI) to a minimum increase 13.1% or maximum increase (cap) 27.6%. The lease is contracted inside the Landlord & Tenant Act 1954 Part II (as amended).

PLANNING
Planning permission was granted on 29th August 2023 for the erection of a rear extension and conversion to provide 3 residential, 1 bedroom apartments which includes provision for cycle and refuse storage along with car parking spaces for the ground floor retail unit. Planning ref. no. 2400503FUL. (Basingstoke & Deane Borough
Council)