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 11th July 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Status Withdrawn Post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
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
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.
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
Floor
Use
Floor Areas (Approx)
Tenant
Term
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.
