Prominent position on Southamptons prime retailing thoroughfare
Located diagonally opposite the Marlands Shopping Centre
Nearby occupiers include Burger King, Lloyds Bank, Boots Opticians and Starbucks
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 51
Auction 13th October 2016
Rent £42,500 per Annum Exclusive
Status Sold
Price £570,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
On Behalf of a Major Fund Manager
Property Information
Location
Miles
19 miles north-west of Portsmouth, 23 miles south of Salisbury
Roads
A33, M3 (Junction 14), M27 (Junctions 3 & 4)
Rail
Southampton Central Station
Air
Southampton International Airport
Situation
The property is situated in a prominent location on the eastern side of Above Bar Street, Southampton’s prime retailing thoroughfare. Marlands Shopping Centre is located diagonally opposite the property and houses retailers including Poundland, Shoe Zone and The Disney Store with West Quay Shopping Centre also a short walk away. Other nearby occupiers include Burger King, Lloyds Bank, Boots Opticians and Starbucks.
Tenure
Freehold.
Location
Miles
19 miles north-west of Portsmouth, 23 miles south of Salisbury
Roads
A33, M3 (Junction 14), M27 (Junctions 3 & 4)
Rail
Southampton Central Station
Air
Southampton International Airport
Situation
The property is situated in a prominent location on the eastern side of Above Bar Street, Southampton’s prime retailing thoroughfare. Marlands Shopping Centre is located diagonally opposite the property and houses retailers including Poundland, Shoe Zone and The Disney Store with West Quay Shopping Centre also a short walk away. Other nearby occupiers include Burger King, Lloyds Bank, Boots Opticians and Starbucks.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit with self-contained residential flats on the first and second floors which have been let on a long lease.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor retail unit with self-contained residential flats on the first and second floors which have been let on a long lease.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/(Reversion)
Ground
Retail
160.76 sq m
(1,730 sq ft)
COFFEE#1 LIMITED (1)
20 years from 14/07/2016 (2)
£42,500
14/07/2021 and five yearly (13/07/2036)
First & Second
Residential
Not Measured
-
150 year lease from completion
Peppercorn
(2166)
Total Commercial Area
160.76 sq m
(1,730 sq ft)
£42,500
(1) For the year ending September 2015, Coffee#1 Limited reported a turnover of £17,875,458, pre-tax profits of £1,661,263 and a total net worth of £3,702,535. (Source: Experian Group 12/09/2016) Coffee #1 first opened in 2001 and they now have 50 coffee shops (Source: coffee1.co.uk 19/09/2016). (2) The lease provides a tenant option to determine on 13/07/2026 and 13/07/2032.