Lease expires January 2023 (Reversionary Lease Recently Completed)
Approximately 10,077 sq ft
Town centre location close to Boots the Chemist, Sainsbury's Supermarket, Superdrug and Clarks
Historic Hampshire market town
Lot 18
Auction 13th July 2017
Rent £53,750 per Annum Exclusive
Status Sold
Price £815,000
Sector Supermarket
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On the Instructions of LaSalle Investment Management
Property Information
Location
Miles
11 miles north-east of Bournemouth, 18 miles west of Southampton
Roads
A31, A338, M27, M271
Air
Bournemouth Airport
Situation
The property is situated on the western side of Southampton Road, which connects to High Street to the south via Fridays Cross. Nearby occupiers include Boots the Chemist, Sainsbury's, Superdrug, Edinburgh Woollen Mill and Clarks, with Waitrose, Jaeger, Joules and Fat Face also represented within the town. The Furlong Car Park is less than 100m away and provides car parking for over 330 cars.
Tenure
Freehold.
Location
Miles
11 miles north-east of Bournemouth, 18 miles west of Southampton
Roads
A31, A338, M27, M271
Air
Bournemouth Airport
Situation
The property is situated on the western side of Southampton Road, which connects to High Street to the south via Fridays Cross. Nearby occupiers include Boots the Chemist, Sainsbury's, Superdrug, Edinburgh Woollen Mill and Clarks, with Waitrose, Jaeger, Joules and Fat Face also represented within the town. The Furlong Car Park is less than 100m away and provides car parking for over 330 cars.
Tenure
Freehold.
Description
The property comprises a large ground floor shop with ancillary accommodation on the first floor. The property is serviced from the rear.
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 a large ground floor shop with ancillary accommodation on the first floor. The property is serviced from the rear.
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
Ground First
Retail Ancillary
467.90 sq m 468.30 sq m
(5,036 sq ft) (5,041 sq ft)
ICELAND FOODS LIMITED (1)
Approximately 23 years and 1 month from 15/12/1999 until 10/01/2023 (2) on a full repairing and insuring lease
£53,750 (2)
Totals
936.20 sq m
(10,077 sq ft)
£53,750 (2)
(1) For the year ending 25th March 2016, Iceland Foods Limited reported a turnover of £2,658,332,000, pre-tax profits of £58,172,000 and a total net worth of £740,354,000 (Source: Experian Group 13/06/2017). (2) The property was originally let on a 15 year lease from 15th December 1999, expiring on 14th December 2014. A Reversionary Lease was then signed for a term expiring 14th December 2019. A new Reversionary Lease dated 8th June 2017 and expiring on 10th January 2023 at a fixed rent of £53,750 per annum has now been completed. Iceland Foods Limited will benefit from a 9 month rent free period from 1st August 2017 until 30th April 2018. The seller has agreed to adjust the completion monies so that the property will effectively produce £53,750 p.a.x. from completion of the sale until the expiry of the rent free period.
