Let to Premiere Coffee Limited t/a Costa Coffee until 2029 (no breaks)
Prominent position on one of Southampton’s principal retailing pitches close to the historic Bargate Monument
Close proximity to Bargate Quarter Development Scheme
Nearby occupiers include Tesco, Superdrug, Burger King, Lidl and Primark.
Lot 26
Auction 11th July 2018
Rent £41,100 per Annum Exclusive
Status Sold
Price £580,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of Trustees
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 High Street, close to its junction with the prime pitch of Above Bar Street and the Bargate Monument. Adjacent to the property is the proposed Bargate Quarter, a mixed use scheme comprising 24 premium retail and restaurant units, 5 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 Tesco, Superdrug, Burger King, Lidl 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 located on High Street, close to its junction with the prime pitch of Above Bar Street and the Bargate Monument. Adjacent to the property is the proposed Bargate Quarter, a mixed use scheme comprising 24 premium retail and restaurant units, 5 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 Tesco, Superdrug, Burger King, Lidl and Primark.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit with office accommodation on first and second floors which is used as Premiere Coffee’s head office. The tenant also occupies the adjoining ground floor property (8 High St), which does not form part of the sale. The tenant has created internal access between the two properties at ground floor level. The tenant currently benefits from outdoor seating at the front of the property by way of a Highway License.
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 retail unit with office accommodation on first and second floors which is used as Premiere Coffee’s head office. The tenant also occupies the adjoining ground floor property (8 High St), which does not form part of the sale. The tenant has created internal access between the two properties at ground floor level. The tenant currently benefits from outdoor seating at the front of the property by way of a Highway License.
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
Reviews
Ground First Second
Retail Office Office
129.49 sq m 88.44 sq m 45.89 sq m
(1,393 sq ft) (952 sq ft) (494 sq ft)
PREMIERE COFFEE LIMITED (1) t/a Costa Coffee
15 years from 14/04/2014 until 13/04/2029 on a full repairing and insuring lease
£41,100
14/04/2019 & 14/04/2024
Total
263.82 sq m
(2,839 sq ft)
£41,100
(1) Premiere Coffee Limited is a Costa Coffee franchisee and operates 57 Costas across the South West. For the year ending 30th November 2017, Premiere Coffee Limited reported a turnover of £22,439,554, pre-tax profits of £1,209,556 and a total net worth of £1,453,320 (Source: Experian Group 12/06/2018).
Contacts
Seller's Solicitors
Steele Raymond LLP Solicitors Richmond Point, 43 Richmond Hill Bournemouth Dorset BH2 6LR
