Eastleigh property housing Coffee#1 sold

A commercial property housing a Coffee#1 has been sold in a freehold investment deal.

Located at 38 Market Street in Eastleigh, the two-storey unit was sold by property consultancy Vail Williams on behalf of a private client.

Coffee#1 remains unaffected by the change in ownership.

The property is let on a 20-year lease expiring in 2034, with an annual rent of £31,950.

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Ben Duly, an associate at Vail Williams, said: “A purchase at the quoted £400,000 reflects a net initial yield of just under 7.67 per cent, assuming purchasers’ costs of 4.18 per cent.

“What is clear is that the UK’s coffee market is worth billions of pounds a year, with demand for properties in busy retails areas, such as 38 Market Street.”

He described Eastleigh as a “well-located town five miles north of Southampton” with strong transport links and a busy retail environment.