The property is located on the  Bordage next to Tower Hill steps. This is a busy area with other occupiers in the vicinity including Skipton Financial Services, Creasey’s Toy Shop, the Co-Op and many other smaller shops and offices.

Property Features

• Fully let investment
• 1,400 sq ft Barber Shop and Bar
• Three-bedroom flat
• Six-year lease to Barber Jay
• Long-standing residential tenant
• Development potential at rear of property
• 9.03% gross yield

Accommodation

The premises comprise approximately 1,400 square feet of commercial space over three floors. The ground floor is open plan and used as a sports bar, measuring 650 sq ft, and offers good window frontage. The first floor measures 546 sq ft and is used as a barbers, with a waiting area and cutting area with five cutting stations. The third floor, which measures 204 sq ft, has ladies’ and gents’ toilets.

On the floors above there is a three bedroom flat spread out over three floors. Access is via Tower Hill steps.

The flat comprises an open plan lounge/diner with windows to both the front and back. Stairs to the first floor lead to a fully fitted kitchen comprising a 1 1/2 bowl single drainer sink unit, an electric oven and hob with extractor hood over and space for a washer/dryer.

From the landing there is access to a  bathroom which comprises a three piece suite of corner bath with shower over, wash hand basin and WC, plus bedroom one. There are two further bedrooms in the attic.

At the rear of the first floor in the Barbers, there is a staircase to a store room and outside door with access to Tower Hill steps. The area could be developed into an independent flat subject to planning consent.

Asset Management

The Bar and Barbers are let on a six-year lease with a break at year three. The current income is £37,202.52 per annum, subject to annual RPI rent increases.

The residential flat has been let for many years to the same tenant. They are on a six-year lease and currently pay £21,465 per annum, subject to annual RPI rent increases.

The total rental income is £58,667.52 per annum.

There is potential to develop the rear area of the property into a residential unit, subject to planning consent.

VAT

There is no VAT payable in Guernsey.

Proposal

The freehold of the property is available with a quoting price in excess of £650,000 which is a 9.03% gross yield.