Hanover House & Hanover Court 19 - 20 Hanover Buildings Southampton Hampshire SO14 1JH

  • Hanover House & Hanover Court<br>19 - 20 Hanover Buildings<br>Southampton<br>Hampshire<br>SO14 1JH

Hanover House & Hanover Court
19 - 20 Hanover Buildings
Southampton
Hampshire
SO14 1JH

Freehold Retail and Residential Investment

  • 70% of income secured to Bella Italia for a further 11 1/2 years
  • Prominent position in Established City Centre Retailing Area Near West Quay Shopping Centre Nearby occupiers include Debenhams, Betfred, Laura Ashley and Primark
  • Locality set to be further advanced by £100m Bargate Shopping Centre Redevelopment
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    43
  • Auction
    8th December 2016
  • Rent
    £87,000 per Annum Exclusive
  • Status
    Withdrawn Post
  • Price
     
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
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Freehold Retail and Residential Investment

  • 70% of income secured to Bella Italia for a further 11 1/2 years
  • Prominent position in Established City Centre Retailing Area Near West Quay Shopping Centre Nearby occupiers include Debenhams, Betfred, Laura Ashley and Primark
  • Locality set to be further advanced by £100m Bargate Shopping Centre Redevelopment
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 43
  • Auction 8th December 2016
  • Rent £87,000 per Annum Exclusive
  • Status Withdrawn Post
  • Price  
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG

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 within the City Centre occupying a prominent position on the southern side of Hanover Buildings, at its junction with York Buildings and 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. To the south of the property is the Bargate Shopping Centre for which a planning application has been submitted for a £100m mixed use development scheme which will be accessed via York Buildings as well as High Street. Other nearby occupiers include Betfred, 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 within the City Centre occupying a prominent position on the southern side of Hanover Buildings, at its junction with York Buildings and 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. To the south of the property is the Bargate Shopping Centre for which a planning application has been submitted for a £100m mixed use development scheme which will be accessed via York Buildings as well as High Street. Other nearby occupiers include Betfred, 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. The first, second and third floors of Hanover House provide residential accommodation for approximately 18 x one bedroom and 2 x two bedroom flats. Hanover Court, to the rear, has recently been redeveloped and we are advised comprises 8 student flats.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

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. The first, second and third floors of Hanover House provide residential accommodation for approximately 18 x one bedroom and 2 x two bedroom flats. Hanover Court, to the rear, has recently been redeveloped and we are advised comprises 8 student flats.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

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
344.63 sq m
(3,710 sq ft)
 BELLA ITALIA RESTAURANTS LIMITED(1) 25 years from 23/05/2003 until 22/05/2028 (2) £60,000 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 (3) 10 years from 06/03/2013 until 05/03/2023 (4) £27,000 06/03/2018
Hanover House - Part Ground, First, Second & Third and Hanover Court Residential/Student Accommodation
Not Measured
 BAJAR ESTATES LIMITED 150 years from 24/06/2003 Peppercorn  
Total Approx Commercial Floor Area   524.14 sq m (5,642 sq ft)     £87,000  

(1) For the year ending 31st May 2015, Bella Italia Restaurants Limited reported a turnover of £74,554,000, pre-tax profits of £12,982,000 and a total net worth of £89,675,000. (Source: Experian Group 27/10/2016)
(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 23/05/2018 until 22/05/2028.
(3) Rice Up Wholefoods Limited is a workers co-operative trading as a wholefood and ethical grocer (Source: www.riceup.co.uk 01/11/2016).
(4) The lease to Rice Up Wholefoods Limited provides a tenant option to determine on 06/03/2018. A rent deposit of £8,100 is held.

Contacts

Seller's Solicitors
Gowling WLG 4 More London Riverside
London
SE1 2AU
Khalil Ahmad 0207 759 6474khalil.ahmad@gowlingwlg.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
Property InsuranceBrown & BrownNatasha WardBroking Director+44 7545 208 759bbrown.com

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