419 - 431 Bitterne Road Southampton Hampshire SO18 5EE

419 - 431 Bitterne Road
Southampton
Hampshire
SO18 5EE

Freehold Retail Parade and Residential

Predominantly let to Savers Health & Beauty and Gannaways Greengrocers
Over 5,000 sq ft of retail accommodation
Prominently situated on pedestrianised retail thoroughfare, opposite Iceland
Other nearby occupiers include Sainsbury’s Supermarket, Specsavers, Superdrug, 99p Stores and Santander, NatWest and Lloyds Banks
Vat-free Investment
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot
39
Auction
9th July 2015
Rent
£67,600 per Annum Exclusive
Status
Sold
Price
£700,000
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Retail Parade and Residential

Predominantly let to Savers Health & Beauty and Gannaways Greengrocers
Over 5,000 sq ft of retail accommodation
Prominently situated on pedestrianised retail thoroughfare, opposite Iceland
Other nearby occupiers include Sainsbury’s Supermarket, Specsavers, Superdrug, 99p Stores and Santander, NatWest and Lloyds Banks
Vat-free Investment
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot 39
Auction 9th July 2015
Rent £67,600 per Annum Exclusive
Status Sold
Price £700,000
Sector
High Street Retail
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 2 miles east of Southampton City Centre; 12 miles south of Winchester; 75 miles south-west of London
Roads: M27 (Junction 7), M3 (Junction 14)
Rail: Bitterne Railway Station
Air: Southampton International Airport

Situation

Bitterne is an eastern suburb of Southampton, located about 2 miles from the City Centre. The property is prominently situated on the northern side of pedestrianised Bitterne Road close to its junction with Angel Crescent. Nearby occupiers include Sainsbury’s Supermarket, Iceland, Superdrug, 99p Stores, Specsavers and Santander, NatWest and Lloyds Banks. The property benefits from a public car park (approx. 120 spaces) being situated to the rear.

Tenure

Freehold.

Location

Miles: 2 miles east of Southampton City Centre; 12 miles south of Winchester; 75 miles south-west of London
Roads: M27 (Junction 7), M3 (Junction 14)
Rail: Bitterne Railway Station
Air: Southampton International Airport

Situation

Tenure

Freehold.

Description

The property comprises seven ground floor retail units currently arranged as two shops with ancillary accommodation on part first floor and seven self-contained residential flats on the first and seconds floors, accessed from Angel Crescent.

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

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 Part First	Retail/Ancillary Ancillary	189.83 sq m 45.34 sq m	(2,043 sq ft) (488 sq ft)	SAVERS HEALTH & BEAUTY LIMITED (2)	20 years from 25/12/2001 until 24/12/2021 (3)	£32,500	25/12/2019 (4)
Ground	Retail/Ancillary	237.47 sq m	(2,556 sq ft)	J & M GANNAWAY (t/a Gannaways Farm Shop & Fresh Flowers) (1)	10 years from 19/11/2010 until 18/11/2020	£35,000	19/11/2015
First & Second	Residential	–	(–)	INDIVIDUALS	125 years from 22/04/2004	£100
Totals		472.64 sq m	(5,087 sq ft)			£67,600

(1) Gannaways is a family run business established in 1974 (www.gannaways.com).
(2)Savers was founded in 1988 and currently trades from over 230 stores throughout the UK (www.savers.co.uk). Their ultimate holding company is A.S Watson (Health & Beauty UK) Limited.
(3)The tenant occupies the property under a lease for a term of 15 years from 25th December 2001 at a current rent reserved of £32,500
p.a.x. The parties have agreed a reversionary lease for a term of 5 years from 25th December 2016 at a rent reserved of £32,500 p.a.x. and this is expected to complete prior to the auction.
(4)The rent review in 2019 is subject to a maximum increase of 10% of the passing rent (i.e £35,750 p.a.x).