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Status Withdrawn Post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
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Status Withdrawn Post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
