Entirely let on assignment to Grantglen Ltd on a 125 year lease until September 2108, sublet to Moss Bros Group Plc
Rent based on 13% gearing of rents receivable
Located in the city centre opposite the historic Bargate
Six Week Completion
Lot 3
Auction 5th December 2013
Rent £6,630 per Annum Exclusive
Status Sold
Price £124,000
Sector Ground Rent
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
On behalf of Southampton City Council
Property Information
Location
Miles
75 miles south-west of London, 19 miles north-west of Portsmouth, 33 miles north-east of Bournemouth
Roads
M3, M27, A34, A36, A27
Rail
Southampton Central Station
Air
Southampton International Station
Situation
The property is situated on the western side of the High Street, close to the junction with Above Bar Street, Southampton’s prime retailing thoroughfare. West Quay Shopping Centre, which houses over 100 retailers including John Lewis, Marks & Spencer, Zara, Hollister and Apple, is located approximately 150 metres to the north. Other nearby occupiers include Burger King, Argos, Tesco Express, Costa Coffee and Superdrug.
Tenure
Freehold.
Location
Miles
75 miles south-west of London, 19 miles north-west of Portsmouth, 33 miles north-east of Bournemouth
Roads
M3, M27, A34, A36, A27
Rail
Southampton Central Station
Air
Southampton International Station
Situation
The property is situated on the western side of the High Street, close to the junction with Above Bar Street, Southampton’s prime retailing thoroughfare. West Quay Shopping Centre, which houses over 100 retailers including John Lewis, Marks & Spencer, Zara, Hollister and Apple, is located approximately 150 metres to the north. Other nearby occupiers include Burger King, Argos, Tesco Express, Costa Coffee and Superdrug.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit with ancillary accommodation on first and second floors.
VAT
VAT is not 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 ancillary accommodation on first and second floors.
VAT
VAT is not 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
Reviews
Ground First Second
Retail Ancillary Ancillary
118.89 sq m 37.22 sq m 38.09 sq m
(1,280 sq ft) (401 sq ft) (410 sq ft)
GRANTGLEN LTD (1) (2) on assignment (3)
125 years from 29/09/1983 until 29/09/2108 on a full repairing and insuring lease
£6,630
Annually, geared to 13% of rents receivable (4)
Totals
194.20 sq m
(2,091 sq ft)
£6,630
(1) For the year ending 30th June 2012, Grantglen Limited reported a turnover of £21,500, pre-tax profits of £1,017,854 and a total net worth of £8,292,444. (Source: www.riskdisk.com 23rd October 2013) (2)The property has been sublet to Moss Bros Group plc. (3)The property is let to Grantglen Ltd on assignment from Shaftesbury Securities Ltd and Netminster Ltd and Halladale Ventures (Brook Ltd). Shaftesbury Securities and Netminster Ltd remain liable under the lease due to privity of contract. (4) Please refer to Chapter 5 in the lease.
