Wessex House 9-11 Gervis Pl 5,705 SF 100% Leased Retail Building Bournemouth BH1 2AL $1,303,926 CAD ($228.56 CAD/SF) 9.01% Cap Rate

Offers are invited in the region of £700,000 for the freehold interest, representing a total annual income of £62,100 rising to £63,100 per annum.
9 Gervis Place - is let to Bones Restaurant Group Ltd trading as 7 Bone https://7bone.co.uk/ by way of a full repairing and insuring lease granted for a term expiring 7th August 2034. The current passing rent is £32,500 per annum, exclusive and the lease provides for an upwards only rent review on 8th August 2029. There is an option for the tenant to break the lease on 8th August 2029 subject to granting the landlord not less than 6 months’ prior written notice.
11 Gervis Place - is let to a private individual trading as Puro Gusto (Italian & Seafood Restaurant) https://purogusto.online/ by way of a full repairing and insuring lease granted for a term of 10 years commencing 14th December 2020 and expiring 13th December 2030.
The current passing rent is £28,000 exclusive, rising to £29,000 exclusive during the year commencing 14 December 2024 and then £30,000 exclusive during the year commencing 14 December 2025. There will then be a rent review with effect from 14 December 2026 until lease expiry.
Ground Rents - We are advised that ground rents totalling £600 per annum are receivable from three flats. Each of the other flats pay a peppercorn rent. All are held on concurrent leases granted for a term of 125 years from 01 January 2022.
Total current income: £62,100 per annum, rising to £63,100 on 14/12/25.