12/16 Above Bar Street
Southampton
Hampshire
SO14 7DQ

Retail Investment

  • Pedestrianised town centre location
  • Majority let to JD Sports Fashion plc
  • Outstanding Headlease rent review to be settled
  • Nearby occupiers include Primark, Boots, Peacocks, W H Smith, TopShop, T-Mobile and Vodafone
  • Six Week Completion Available
  • Lot
    10
  • Auction
    08/Dec/2011
  • Rent
    £157,500 per Annum Exclusive
  • Status
    Sold
  • Price*
    £1,150,000
  • Sector
    High Street Retail
  • Auction Venue
    Millennium Hotel
    44 Grosvenor Square
    London W1K 2HP
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "price" can be found here

Property Information

Location
Miles
80 miles south-west of London, 30 miles east of Portsmouth
Roads
M27, M3, A3024, A27
Rail
Southampton Central Rail
Air
Southampton Airport
Situation

The university city of Southampton is the largest city outside London in the South-East. The property is situated on the east side of Above Bar Street, one of Southampton's principal retail thoroughfares, and benefits from being approximately 100 metres south of West Quay Shopping Centre. Nearby occupiers include Primark, Boots, Peacocks, W H Smith, TopShop, T-Mobile and Vodafone.

Tenure

Long Leasehold. Held from Southampton City Council for a term of 125 years from 22nd December 1980 at £40,625 per annum The rent is reviewed every 5 years to 12.5% of the Annual Rack Rental Value The 2010 rent review is outstanding Please see Clause 2A of the headlease

Description

The property comprises two retail units with retail accommodation on the ground floor and ancillary accommodation on the first floor of Unit 1 and retail and ancillary accommodation on the first floor of Unit 2. The property benefits from a basement that is offered with vacant possession.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

UnitFloorUseFloor Areas (Approx)TenantTermRent p.a.xReviews
1Ground
First
Retail
Ancillary
178.75 sq m
128.67 sq m
(1,924 sq ft)
(1,385 sq ft)
JD SPORTS FASHION PLC (t/a Size) (1)10 years from 08/02/2010£100,0002015
2Ground
First
Retail
Retail and Ancillary
76.92 sq m
81.10 sq m
(828 sq ft)
(873 sq ft)
RUSH HAIR LIMITED (3)
10 years from 08/02/2010 (2)£57,5002015
 Basement 
231.20 sq m
(2,489 sq ft)
VACANT POSSESSION   
  Totals

696.64 sq m

(7,499 sq ft
  £157,500

(1)For the year ending 29th January 2011, JD Sports Fashion plc reported a turnover of £883,669,000, pre-tax profits of £78,629,000 and a total net worth of £125,775,000. (Source: www.riskdisk.com 31.10.2011)
(2) The tenant has the option to determine the lease in February 2016.
(3) As to Unit 2, the tenant has sublet the property to Hair (Southampton) Limited from 8th February 2010 until 7th February 2015 at a rent of £57,500 per annum. The sublease is excluded from the security of tenure provisions of the Landlord and Tenant Act 1954.

Property Documents

  • Catalogue Page
    Updated Date
    23.09.15
    File Size
    195 KB
    View PDF
  • Site Plan
    Updated Date
    23.09.15
    File Size
    66 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060519john.mehtab@acuitus.co.uk
Peter CunliffePeter Cunliffe +44 (0)20 7034 4850peter.cunliffe@acuitus.co.uk
Seller's Solicitors
Macfarlanes LLP 20 Cursitor Street,
London
EC4A 1LT
Jonathan Crook +44 (0)207 849 2572jonathan.crook@macfarlanes.com

Useful Links

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