Let to Mackays Stores Limited (t/a M&Co) on a new 10 year lease (1)
Prominent pedstrianised town centre location
VAT-free Investment
Adjacent to Santander and opposite HSBC and Lloyds Bank
M&Co in occupation since 1982
Lot 22
Auction 11th July 2018
Rent £33,000 per Annum Exclusive
Status Sold
Price £372,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On the Instructions of M&Co.
Property Information
Location
Miles
3 miles west of Portsmouth
15 miles south of Southampton
82 miles south of London
Roads
A3(M), M27, A32
Rail
Portsmouth Harbour Railway Station
Air
Southampton Airport
Situation
Gosport is located on the Hampshire south coast, 3 miles west of Portsmouth and 15 miles south of Southampton. The Gosport ferry provides quick access to the Portsmouth Harbour Railway Station (regular services to London Waterloo). The property is located in Gosport town centre on the pedestrianised High Street, close to its junction with South Cross Street. There are a number of public car parks close by. Occupiers nearby include Santander (adjacent), HSBC, Lloyds (opposite), Costa, Ladbrokes, Holland & Barrett and Specsavers.
Tenure
Freehold.
Location
Miles
3 miles west of Portsmouth
15 miles south of Southampton
82 miles south of London
Roads
A3(M), M27, A32
Rail
Portsmouth Harbour Railway Station
Air
Southampton Airport
Situation
Gosport is located on the Hampshire south coast, 3 miles west of Portsmouth and 15 miles south of Southampton. The Gosport ferry provides quick access to the Portsmouth Harbour Railway Station (regular services to London Waterloo). The property is located in Gosport town centre on the pedestrianised High Street, close to its junction with South Cross Street. There are a number of public car parks close by. Occupiers nearby include Santander (adjacent), HSBC, Lloyds (opposite), Costa, Ladbrokes, Holland & Barrett and Specsavers.
Tenure
Freehold.
Description
The property comprises a ground floor shop together with rear storage. The rear first floor comprises staff and storage accommodation. The first floor front is void and is not currently used. The property benefits from a rear yard accessed via South Cross Street.
VAT
VAT is not 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 shop together with rear storage. The rear first floor comprises staff and storage accommodation. The first floor front is void and is not currently used. The property benefits from a rear yard accessed via South Cross Street.
VAT
VAT is not 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
Review
Ground First rear First front
Retail & Ancillary Ancillary Void
462 sq m 31 sq m
(4,973 sq ft) (333 sq ft)
MACKAYS STORES LIMITED t/a M&Co (2)
10 years from completion on a full repairing and insuring lease subject to a schedule of condition (1)
£33,000
2023
Total
493 sq m
(5,306 sq ft)
£33,000
(1) Tenant’s option to determine in the fifth year. (2) For the year ended 24th February 2017, Mackays Stores Limited reported a turnover of £165,611,000, pre-tax profits of £1,100,000 and a total net worth of £36,441,000 (Source: Experian Group 12/06/2018). Mackays Stores Limited is one of the largest privately owned fashion retailers in the UK. Since inception in the 1960s, M&Co now trades from over 300 stores nationwide with a further 22 stores overseas.
