Tesco, Subway & 4 Residential Apartments67 Portland Road, Wyke Regis, Weymouth, DT4 9BE

Description
Developed in 2018 the property has been purpose built to provide two commercial units on the ground floor with full height fenestration. There are 4 flats above at first floor which are accessed independently.
The building is brick built rendered in part with Trespa ‘slate’ cladding. Juliet balconies are provided to the flats along the south west (front) and north west (side) elevations. The 4 flats comprise 2 x 2 beds and 2 x 1 beds and all are fitted to a high specification.
Externally, the property benefits from 18 car parking spaces, with 4 reserved for the 4 flats. In the far rear corner adjacent to properties running along the north east edge of the site, there is a bin store for the flats and a cycle store.
Floor Plans are available upon request.

Tenure
Freehold.
The property occupies a site of 0.4 acres.

Covenant Information
Tesco Stores Limited (Co. No. 0519500).
Tesco is the UK’s largest supermarket with 27.3% market share (Sainsbury’s are second with 15.8%).
Tesco have over 3,780 stores and over 340,000 staff in the UK and ROI.

Subway Realty Limited (Co. No. 04174473).
The Subway brand is the world’s largest submarine sandwich chain with more than 44,000 locations worldwide. Today there are over 2,400 Subway outlets across the United Kingdom.

VAT
The property has been elected for VAT and therefore it is intended that the property will be sold as a ‘Transfer of a Going Concern’ (TOGC).

EPC
The units have the following EPC Ratings:-

Tesco Stores Limited: A 24
Subway Realty Limited: B 49
Residential - Flat 1: B 85
Residential - Flat 2: B 84
Residential - Flat 3: B 84
Residential - Flat 4: B 83

A copy of all the EPC’s are available upon request.

Residential Values
Residential Values
We are advised the open market value of residential flats are as follows;

Flat 1: £160,000
Flat 2: £165,000
Flat 3: £200,000
Flat 4: £190,000
Total: £715,000

Proposal
We are instructed to seek offers in excess of £2,500,000 (Two million, five hundred thousand pounds), subject to contract. A purchase at this level with the following apportionments reflects;
• £1,850,000 for the commercial element equating to a blended Net Initial Yield of 5.09% (based on 5.0% Net Initial Yield for Tesco and 6.0% for Subway), and;
• £650,000 for the residential element equating to £162,500 per flat.

Further Information
Further information is available on request.