Nearby occupiers include Primark, Boots, Peacocks, W H Smith, TopShop, T-Mobile and Vodafone
Six Week Completion Available
Lot 10
Auction 8th December 2011
Rent £157,500 per Annum Exclusive
Status Sold
Price £1,150,000
Sector High Street Retail
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
80 miles south-west of London, 30 miles east of Portsmouth
Roads
M27, M3, A3024, A27
Rail
Southampton Central Rail
Air
Southampton Airport
Situation
The university city of Southampton is the largest city outside London in the South-East. The property is situated on the east side of Above Bar Street, one of Southampton's principal retail thoroughfares, and benefits from being approximately 100 metres south of West Quay Shopping Centre. Nearby occupiers include Primark, Boots, Peacocks, W H Smith, TopShop, T-Mobile and Vodafone.
Tenure
Long Leasehold. Held from Southampton City Council for a term of 125 years from 22nd December 1980 at £40,625 per annum The rent is reviewed every 5 years to 12.5% of the Annual Rack Rental Value The 2010 rent review is outstanding Please see Clause 2A of the headlease
Location
Miles
80 miles south-west of London, 30 miles east of Portsmouth
Roads
M27, M3, A3024, A27
Rail
Southampton Central Rail
Air
Southampton Airport
Situation
The university city of Southampton is the largest city outside London in the South-East. The property is situated on the east side of Above Bar Street, one of Southampton's principal retail thoroughfares, and benefits from being approximately 100 metres south of West Quay Shopping Centre. Nearby occupiers include Primark, Boots, Peacocks, W H Smith, TopShop, T-Mobile and Vodafone.
Tenure
Long Leasehold. Held from Southampton City Council for a term of 125 years from 22nd December 1980 at £40,625 per annum The rent is reviewed every 5 years to 12.5% of the Annual Rack Rental Value The 2010 rent review is outstanding Please see Clause 2A of the headlease
Description
The property comprises two retail units with retail accommodation on the ground floor and ancillary accommodation on the first floor of Unit 1 and retail and ancillary accommodation on the first floor of Unit 2. The property benefits from a basement that is offered with vacant possession.
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 two retail units with retail accommodation on the ground floor and ancillary accommodation on the first floor of Unit 1 and retail and ancillary accommodation on the first floor of Unit 2. The property benefits from a basement that is offered with vacant possession.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
1
Ground First
Retail Ancillary
178.75 sq m 128.67 sq m
(1,924 sq ft) (1,385 sq ft)
JD SPORTS FASHION PLC (t/a Size) (1)
10 years from 08/02/2010
£100,000
2015
2
Ground First
Retail Retail and Ancillary
76.92 sq m 81.10 sq m
(828 sq ft) (873 sq ft)
RUSH HAIR LIMITED (3)
10 years from 08/02/2010 (2)
£57,500
2015
Basement
231.20 sq m
(2,489 sq ft)
VACANT POSSESSION
Totals
696.64 sq m
(7,499 sq ft
£157,500
(1)For the year ending 29th January 2011, JD Sports Fashion plc reported a turnover of £883,669,000, pre-tax profits of £78,629,000 and a total net worth of £125,775,000. (Source: www.riskdisk.com 31.10.2011) (2) The tenant has the option to determine the lease in February 2016. (3) As to Unit 2, the tenant has sublet the property to Hair (Southampton) Limited from 8th February 2010 until 7th February 2015 at a rent of £57,500 per annum. The sublease is excluded from the security of tenure provisions of the Landlord and Tenant Act 1954.
