Shop let to Sailors’ Society on new 10 year lease (subject to option)
Located on Eastleigh’s Busy Market Street
Residential Flat above on AST
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 40
Auction 8th December 2016
Rent
Status Sold Post
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
6 miles north of Southampton, 21 miles north-west of Portsmouth, 73 miles south-west of Central London
Roads
M3, M27
Rail
Eastleigh Railway Station
Air
Southampton Airport
Situation
The property is situated in Eastleigh town centre on the eastern side of Market Street which runs parallel to High Street. Swan Shopping Centre is a short walk to the south and houses 40 retailers including Boots, New Look, TK Maxx and Next. Other nearby occupiers include Burton Menswear, Carphone Warehouse, Superdrug, Santander and Costa Coffee.
Tenure
Freehold.
Location
Miles
6 miles north of Southampton, 21 miles north-west of Portsmouth, 73 miles south-west of Central London
Roads
M3, M27
Rail
Eastleigh Railway Station
Air
Southampton Airport
Situation
The property is situated in Eastleigh town centre on the eastern side of Market Street which runs parallel to High Street. Swan Shopping Centre is a short walk to the south and houses 40 retailers including Boots, New Look, TK Maxx and Next. Other nearby occupiers include Burton Menswear, Carphone Warehouse, Superdrug, Santander and Costa Coffee.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit with a 1 bedroom residential flat on the upper floors, accessed from Mitchell Road.
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 a 1 bedroom residential flat on the upper floors, accessed from Mitchell Road.
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
99.03 sq m
(1,066 sq ft)
SAILORS' SOCIETY (1)
10 years from November 2016 (2 )
£26,000 (3)
November 2021 (November 2026)
First
Residential
1 Bedroom Flat
INDIVIDUAL
1 year from 31/08/2016
£7,500
30/08/2017
Total Approximate Commercial Floor Area
99.03 sq m
(1,066 sq ft)
£33,500
(1) Founded almost 200 years ago in 1818, Sailors’ Society is a Christian charity supporting and caring for seafarers. (Source: www.sailorssociety.org 08/11/2016) (2) The lease is due to complete imminently. The lease provides a tenant’s option to determine on the fifth anniversary of the term. (3) For the purpose of clarification, the tenant will benefit from an initial 3 month rent free period followed by a 50% concessionary rent for 4 months. The rent will then increase to £24,000 per annum for the remainder of the first year, increasing to £25,000 per annum in Year 2 and £26,000 per annum in Year 3. The Seller has agreed to adjust the completion monies so that the unit effectively produces £26,000 per annum from completion of the sale.