Tenants include Bella Italia Restaurants Ltd (t/a Bella Italia) and Rice-Up Wholefoods
Nearby occupiers include Debenhams, Britannia, Laura Ashley and Primark
Established retail area close to West Quay Shopping Centre and City Centre bus stops
Six Week Completion
Lot 18
Auction 27th March 2014
Rent £87,000 per Annum Exclusive
Status Withdrawn Prior
Price
Sector High Street Retail
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
18 miles north-west of Portsmouth, 30 miles north-east of Bournemouth
Roads
A3024, M27, M3 (Junction 14)
Rail
Southampton Central Railway Station
Air
Southampton International Airport
Situation
The property is situated in a prominent position on the southern side of Hanover Buildings, at its junction with York Buildings opposite Houndwell Park. The property benefits from a strategic position between the prime retail pitch of Above Bar Street and Debenhams, some 250 metres from the West Quay Shopping Centre. Other nearby occupiers include Britannia, Laura Ashley and Primark.
Tenure
Freehold.
Location
Miles
18 miles north-west of Portsmouth, 30 miles north-east of Bournemouth
Roads
A3024, M27, M3 (Junction 14)
Rail
Southampton Central Railway Station
Air
Southampton International Airport
Situation
The property is situated in a prominent position on the southern side of Hanover Buildings, at its junction with York Buildings opposite Houndwell Park. The property benefits from a strategic position between the prime retail pitch of Above Bar Street and Debenhams, some 250 metres from the West Quay Shopping Centre. Other nearby occupiers include Britannia, Laura Ashley and Primark.
Tenure
Freehold.
Description
The property comprises two buildings. Hanover House forms part of a parade of shops and comprises two retail units, one of which has a return frontage along York Buildings, with residential accommodation over first, second and third floors. Hanover Court, to the rear of Hanover House, comprises a former nightclub over ground and uppers.
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 buildings. Hanover House forms part of a parade of shops and comprises two retail units, one of which has a return frontage along York Buildings, with residential accommodation over first, second and third floors. Hanover Court, to the rear of Hanover House, comprises a former nightclub over ground and uppers.
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
Reviews
Hanover House No. 19 – Ground
Retail
284.84 sq m
(3,066 sq ft)
BELLA ITALIA RESTAURANTS LIMITED (1)
25 years from 23/05/2003 until 22/05/2028 (2)
£60,000 (3)
23/05/2018 and 23/05/2023
Hanover House No.20 – Ground
Retail
183.67 sq m
(1,977 sq ft)
RICE UP WHOLEFOODS LIMITED (4)
10 years from 06/03/2013 until 05/03/2023 (5)
£27,000 (6)
06/03/2018
Hanover House – Part Ground, First, Second & Third
Residential
Not Measured
BAJAR ESTATES LIMITED
150 years from 24/06/2003
Peppercorn
Hanover Court – Part Ground
Former Nightclub
Not Measured
BAJAR ESTATES LIMITED
150 years from 24/06/2003
Peppercorn
Totals
468.51 sq m
(5,043 sq ft)
£87,000
(1) For the year ending 27th May 2012, Bella Italia Restaurants Limited reported a turnover of £68,078,000, pre-tax profits of £13,145,000 and a total net worth of £69,187,000. (Source: www.riskdisk.com 26/02/2014) (2) For the purposes of clarification, the current lease to Bella Italia Restaurants Limited is for a term of 15 years from 23/05/2003 until 22/05/2018. A 10 year reversionary lease has been agreed from 23rd May 2018 until 22nd May 2028. (3) Bella Italia Restaurant Limited is currently benefiting from a rent free period due to expire on 23rd September 2014. The seller has agreed to adjust the completion monies so that the unit will effectively produce £60,000 p.a.x. from completion of sale. (4) Rice Up Wholefoods Limited is a workers’ co-operative trading as a wholefood and ethical grocer (Source: www.riceup.co.uk 26/02/2014). (5) The lease to Rice Up Wholefoods Limited provides a tenant option to determine on the fifth anniversary of the lease. (6) Rice Up Wholefoods Limited is currently benefitting from a concessionary rent period due to expire on 6th June 2015. The seller has agreed to adjust the completion monies so that the unit will effectively produce £27,000 p.a.x. from completion of the sale.
Contacts
Seller's Solicitors
Wragge Lawrence Graham & Co 4 More London Riverside London SE1 2AU
