1 Jubilee Terrace - Rock Commercial

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Brochure

£1,200,000

1 Jubilee Terrace, St Peter Port, Guernsey

For Sale
1,778 Sq Ft

Description

The property is accessed via an entrance door immediately off South Esplanade. Internally the property comprises: A ground floor office which has a reception area, open plan office and meeting room plus kitchen and wc. There is a door and stairs down to the
basement which is currently used for file storage, it has been fully tanked and is dry useable space. From the ground floor entrance hall there are stairs to the first floor and access to the two apartments. The first floor office is open plan with windows to the front overlooking the harbour. The second floor apartment is well presented with an open plan living room with sea views and fully fitted kitchen, double bedroom to the rear and shower room. Third floor apartment has an open plan living room under a pitched roof with a large dormer window looking over the harbour and islands. It alco has a fitted kitchen, double bedroom at the rear
and shower room.

Ground Floor

810 Sq Ft

First Floor

564 Sq Ft

Basement

404 Sq Ft

Second Floor Flat 1

Sq Ft

Third Floor Flat 2

Sq Ft

Total

1,778 Sq Ft

Location

The property is situated on South Esplanade in a terrace of three similar properties. There are numerous office occupiers operating in the immediate area plus restaurants and cafes. it is a busy area. There is ample zone parking adjacent to the property, and it is opposite the bus terminus, the Town centre with all it amenities is a short walk away.

Tenure

The offices are currently let to Dunnell Robertson Partnership and have 4 years remaining on their lease. It is an internally repairing and insuring lease. They are paying a rent of £42,000 per annum which reflects a low office rent of £23.62 per sq ft offering potential reversion. The rent reviews are 3 yearly with a market or RPI review option. A review is now due. Apartment 1 is let on a rolling 3 month notice at a rent of £15,300 per annum. Apartment 2 lease expires September 26, it is expected that the tenant will renew. The rent is £17,844 per annum The total rental income from the property is £75,144 per annum.