Quayside Emporium Hennings Wharf, The Quay Poole Dorset BH15 1HJ

Quayside Emporium
Hennings Wharf, The Quay
Poole
Dorset
BH15 1HJ

Freehold Retail and Residential Investment

Retail unit let to Quayside Emporium Ltd until July 2030 (subject to option)
Located in affluent and attractive coastal town
Situated on The Quay Overlooking Europe’s Largest Natural Harbour
Nearby occupiers include JD Wetherspoons, Tesco Express and a number of shops, bars, restaurants and museums
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
18
Auction
23rd March 2016
Rent
£50,200 per Annum Exclusive
Status
Sold
Price
£500,000
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On Behalf of a Major Fund Manager

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Freehold Retail and Residential Investment

Retail unit let to Quayside Emporium Ltd until July 2030 (subject to option)
Located in affluent and attractive coastal town
Situated on The Quay Overlooking Europe’s Largest Natural Harbour
Nearby occupiers include JD Wetherspoons, Tesco Express and a number of shops, bars, restaurants and museums
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 18
Auction 23rd March 2016
Rent £50,200 per Annum Exclusive
Status Sold
Price £500,000
Sector
High Street Retail
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On Behalf of a Major Fund Manager

Property Information

Location

Miles: 5 miles west of Bournemouth, 29 miles south-west of Southampton
Roads: A31, A35, M27
Rail: Poole Railway Station
Air: Southampton Airport

Situation

Poole is an attractive tourist coastal town located some 5 miles west of Bournemouth. The property is situated in a prominent location in the town centre on The Quay, a busy thoroughfare overlooking Europe’s largest natural harbour. The property is within a short walk of Dolphin Quays Shopping Centre, the Thistle Hotel and Sunseeker Wharf (home to Sunseeker Yachts), with other nearby occupiers including JD Wetherspoons, Tesco Express and a number of boutiques, bars and restaurants.

Tenure

Freehold.

Location

Miles: 5 miles west of Bournemouth, 29 miles south-west of Southampton
Roads: A31, A35, M27
Rail: Poole Railway Station
Air: Southampton Airport

Situation

Tenure

Freehold.

Description

The property comprises a five storey Grade II listed building with the ground and first floors operating as an emporium and café. The second to fifth floors provide residential accommodation let on a long lease.

VAT

VAT is applicable to this lot.

EPC

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

Description

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
Ground First	Retail/Ancillary Ancillary	399.03 sq m 392.94 sq m	(4,295 sq ft) (4,230 sq ft)	QUAYSIDE EMPORIUM LTD (1) WITH PERSONAL GUARANTEE	15 years from 03/07/2015 until 02/07/2030 on a full repairing and insuring lease (4)	£45,000 (3)	03/07/2020 and 03/07/2025
Second, Third and Fourth	Residential	Not Measured		HENNING WHARF APARTMENTS LTD	125 years from 01/01/2004 until 31/12/2128	£5,200	10 yearly fixed uplifts (5)
Totals		791.97 sq m	(8,525 sq ft)			£50,200 (3)

(1) Quayside Emporium Limited sublets parts of the premises to local independent operators who trade together alongside the café. (See www.quayside-emporium.com 23/02/2015)
(2) The property is currently undergoing repair and redecorative works due to be completed shortly.
(3) As to the Quayside Emporium Ltd lease, the current rent is £22,500 p.a. increasing to £45,000 on 3rd July 2017. The seller has agreed to adjust the completion monies so that the unit will effectively produce £45,000 p.a.x. from completion of the sale.
(4) The lease provides a tenant’s option to determine on 3rd July 2020.
(5) The lease provides a rental fixed increase by £2,600 p.a. every 10 years. The rent for the residential element will therefore increase to £7,800 p.a. in January 2024 and £10,400 p.a. in January 2034.