20 Above Bar Street
Southampton
Hampshire
SO14 7DQ

City Centre Retail Investment

  • Let to Airwair International Ltd (t/a Dr Martens) until October 2027 (subject to option)
  • City centre location on Southampton’s prime pedestrianised retailing thoroughfare
  • Adjacent to Primark and opposite Boots Chemist
  • Within 50 metres of Westquay Shopping Centre
  • Currently producing £130,000 p.a.x (gross), £113,425 p.a.x (net)
  • Lot
    13
  • Auction
    11/Jul/2018
  • Rent
    £130,000 per Annum Exclusive
  • Status
    Withdrawn Post
  • Price*
     
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Instructions from Aviva
  • 20 Above Bar Street<br>Southampton<br>Hampshire<br>SO14 7DQ
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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 located on the eastern side of Above Bar Street, Southampton’s prime pedestrianised retailing thoroughfare, adjacent to Primark. Within 50 metres are both the Westquay Shopping Centre and the proposed Bargate Quarter. Westquay Shopping Centre, anchored by John Lewis and Marks & Spencer, also houses leading fashion retailers such as French Connection, Coast, Karen Millen, Zara and River Island. The proposed Bargate Quarter, just to the south of the property, is a mixed use scheme comprising 24 premium retail and restaurant units, five retail pavilions, 152 one/two bedroom apartments and 185 student units which is due to be delivered in Autumn 2019 (Source: www.bargatequarter.co.uk 13/06/2018). Other nearby occupiers include Boots, Specsavers, Clarks Shoes, Holland & Barrett and Superdrug.

Tenure

Long Leasehold. Held from Southampton City Council for a term of 125 years from 13/12/1991 until 12/12/2116 at a rent of £16,575 p.a. The rent is geared to 12.75% of ‘quarterly income receivable’. Please refer to the head lease for full information

Description

The property comprises a ground floor retail unit with ancillary basement accommodation. The first floor accommodation is not currently accessible.

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

FloorUseFloor Areas (Approx)TenantTerm Rent p.a.x. (gross) Review
Ground
Basement
First
Retail/Ancillary
Ancillary
Unused
130.00 sq m
110.50 sq m
(1,399 sq ft)
(1,189 sq ft)
AIRWAIR
INTERNATIONAL
LIMITED (1)
t/a Dr Martens
10 years from
16/10/2017 until
15/10/2027 (2)
£130,000 16/10/2022
Not measured
Total
240.50 sq m
(2,588 sq ft)   £130,000  

(1) For the year ending 31st March 2017, Airwair International Limited reported a turnover of £195,217,000, pre-tax profits of £32,450,000 and a total net worth of £104,618,000 (Source: Experian Group 13/06/2018). Started in 1901, Dr Martens now has over 140 stores worldwide (Source: www.drmartens.com 13/06/2018).
(2) The lease is subject to a tenant's option to detemine on 16/10/2022.

Property Documents

  • Site Plan
    Updated Date
    19.06.18
    File Size
    2 MB
    View PDF
  • Catalogue Page
    Updated Date
    19.06.18
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Gwen ThomasGwen Thomas +44 (0)20 7034 4857 +44 (0)7809 363549gwen.thomas@acuitus.co.uk
Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863georgina.roberts@acuitus.co.uk
Seller's Solicitors
Gowling WLG 4 More London Riverside
London
SE1 2AU
Heather McCulloch 020 7759 6825Heather.McCulloch@gowlingwlg.com

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