Includes vacant possession of large ground floor retail unit
Nearby occupiers include Santander Bank, Pizza Hut, Laura Ashley and Primark
Established retail area adjacent to the Bargate Shopping Centre and close to West Quay Shopping Centre (over 90 units)
6 Week Completion Period Available
Lot 20
Auction 26th May 2011
Rent £70,000 per Annum Exclusive
Status Sold
Price £1,020,000
Sector High Street Retail
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
On Instructions from Stockland
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 in a prominent position on the southern side of Hanover Buildings, at its junction with York Buildings opposite Houndwell Park. The property benefits from a strategic position being adjacent to Bargate Shopping Centre and some 250 metres from West Quay Shopping Centre. Other nearby occupiers include Santander Bank, Pizza Hut, 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 in a prominent position on the southern side of Hanover Buildings, at its junction with York Buildings opposite Houndwell Park. The property benefits from a strategic position being adjacent to Bargate Shopping Centre and some 250 metres from West Quay Shopping Centre. Other nearby occupiers include Santander Bank, Pizza Hut, 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, with residential accommodation over first, second and third floors. Hanover Court to the rear of Hanover House, comprises a former nightclub with residential accommodation.
VAT
VAT is applicable to this lot.
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, with residential accommodation over first, second and third floors. Hanover Court to the rear of Hanover House, comprises a former nightclub with residential accommodation.
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
Review
Hanover House No. 20 – Ground
Retail
268.30 sq m
(2,888 sq ft)
FULL VACANT POSSESSION
Hanover House No. 19 – Ground
Restaurant
362.00 sq m
(3,897 sq ft)
BELLA ITALIA RESTAURANTS LIMITED (1)
15 years from 23/05/2003
£70,000
23/05/2013
Hanover House – Part Ground, First, Second & Third
Residential
Not Measured
Not Measured
INDIVIDUALS
150 years from 26/05/2003
Peppercorn
Hanover Court – Part Ground
Nightclub/ Residential
Not Measured
Not Measured
BAJAR ESTATES LIMITED
150 years from 24/06/2003
Peppercorn
Hanover Court – Part Ground & Uppers
Residential
Not Measured
Not Measured
BAJAR ESTATES LIMITED
150 years from 24/06/2003
Peppercorn
Totals
630.30 sq m
(6,785 sq ft)
£70,000
(1) For the year ending 30th May 2010, Bella Italia Restaurants Limited reported a turnover of £67,248,000, pre-tax profits of £11,950,000 and a net worth of £46,013,000. (Source: www.riskdisk.com 18/04/2011) Bella Italia has been bringing a taste of Italy to the UK since the early 1990s. There are over 75 Bella Italia restaurants in the UK with locations ranging from Inverness to Jersey via the Midlands and London. (Source: www.bellaitalia.co.uk)
