50,52,54 High Street, Staines

Investment Consideration:
Gross Initial Yield: 6.71%
Rental Income: £107,410 p.a.
Fixed rental uplifts on all units
VAT is applicable to this property
Comprises parade of 3 retail shops t/a Subway (No.50), Retail (No.52) and Ryman Stationery (No.54)
Situated opposite Elmsleigh Shopping Centre with occupiers close by including McDonald`s, Greggs, WH Smith, Caffè Nero and Lloyds, Barclays, HSBC and NatWest banks, amongst others.
Property Description:
The property comprises mid-terrace parade of 3 shops t/a Subway (No.50), Retail (No.52) and Ryman Stationery (No.54). Retail shop No.52 has been subdivided into 2 units by existing tenant t/a Mobile Phone Shop and a Jewellery Store. Each shop benefits from rear access, providing the following accommodation and dimensions:
Shop No.50: 125 sq m (1,346 sq ft)
Open plan seating, kitchen, office, storage, wc
Shop No.52: 107 sq m (1,152 sq ft)
Open plan retail, storage, wc
Shop No.54: 124 sq m (1,335 sq ft)
Open plan retail, storage, wc
Total GIA: 356 sq m (3,833 sq ft)
Tenancy:
Shop No.50 is at present let to Safa Associates Ltd t/a Subway for a term of 10 years from 13th July 2022 at a current rent of £37,000 per annum and the lease contains full repairing and insuring covenants. Fixed rental uplift to £39,000 p.a. in July 2025 and £40,000 p.a. in July 2027. Mutual option to determine in July 2027 with min 6 months notice.
Shop No.52 is at present let to Individuals for a term of 10 years from 12th October 2020 at a current rent of £28,410 per annum and the lease contains full repairing and insuring covenants. Fixed 3-yearly rental uplifts at 3% p.a. compounded. No breaks.
Shop No.54 is at present let to Ryman Limited for a term of 10 years from 29th March 2018 at a current rent of £42,000 per annum and the lease contains full repairing and insuring covenants. Fixed rental uplift to £43,000 p.a. in March 2025 and £45,000 p.a. in March 2027. Break clause in 2024 NOT exercised.
Tenure:
Long Leasehold. Held on a 999 year lease from 28th February 2019 at a ground rent of peppercorn.
Location:
Staines-upon-Thames, with a population of some 18,000, is located on the River Thames within the London commuter belt, some 18 miles west of the city centre and 4 miles south of Heathrow. The town is within the M25 Motorway, close to Junction 13 and the A30. There are regular rail services to London Waterloo (fastest journey time 35 minutes). The property is well located on the north side of High Street, close to its junction with Tillys Lane. The main entrance to the Elmsleigh Shopping Centre is diagonally opposite the property and occupiers close by include McDonald`s, Greggs, WH Smith, Caffè Nero and Lloyds, Barclays, HSBC and NatWest banks, amongst others.