Prominent Freehold Retail and Residential Ground Rent Investment
Let to tenant trading as Corner 33 Cafe/Restaurant
Ground and basement let on 10 year lease from July 2020 (no breaks)
Prominent corner location less than half a mile from Boscombe beach
Attractive and affluent seaside town
Includes 8 flats on ground, first and second floors let on 125 year leases from 2017 with fixed rental uplifts
Lot 4
Auction 4th November 2021
Rent £12,850 per Annum Exclusive
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
2 miles east of Bournemouth
3 miles west of Christchurch
Roads
A31, A338, M27
Rail
Bournemouth
Air
Southampton Airport
Situation
Boscombe is an attractive seaside suburb of Bournemouth approximately 2 miles east of the town centre and approximately 3 miles miles west of Christchurch. The property is located in a prominent corner position on the west side of Sea Road, at it's junction with both Cecil Road and Windsor Road, and just a short walk to Boscombe Beach. Nearby occupiers include Primark, KFC, Subway and various independent shops, restaurants and offices.
Tenure
Freehold.
Location
Miles
2 miles east of Bournemouth
3 miles west of Christchurch
Roads
A31, A338, M27
Rail
Bournemouth
Air
Southampton Airport
Situation
Boscombe is an attractive seaside suburb of Bournemouth approximately 2 miles east of the town centre and approximately 3 miles miles west of Christchurch. The property is located in a prominent corner position on the west side of Sea Road, at it's junction with both Cecil Road and Windsor Road, and just a short walk to Boscombe Beach. Nearby occupiers include Primark, KFC, Subway and various independent shops, restaurants and offices.
Tenure
Freehold.
Description
The property comprises a ground and basement floor caf/restaurant together with 8 flats on the ground, first and second floors which have been let on long leases.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
D. See legal pack at www.acuitus.co.uk.
Description
The property comprises a ground and basement floor caf/restaurant together with 8 flats on the ground, first and second floors which have been let on long leases.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
D. See legal pack at www.acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground Basement
Cafe/Restaurant Ancillary
55.10 sq m 9.93 sq m
(593 sq ft) (107 sq ft)
SCYA LIMITED t/a Corner 33 Cafe (1)
10 years from 31/07/2020 until 30/07/2030
£11,000
31/07/2025
Flats 1-7
Residential
-
7 leases let to various individuals
7 leases all 125 years from 2017 until 2142
£1,750 (£250 each)
Fixed rental uplifts every 15 years (2)
Flat 8
Residential
-
INDIVIDUAL
7 leases all 125 years from 2017 until 2142
£100
Fixed rental uplifts every 15 years (3)
(1) Launched in late 2020, Corner 33 is a bright, lofty cafe and bar located between Boscombe High Street and the beach (www.corner33.co.uk). (2) Fixed rental uplifts to 500 on 1 January 2033, 750 on 1 January 2048, 1,000 on 1 January 2063, 1,250 on 1 January 2078, 1,500 on 1 January 2093 and 1,750 on 1 January 2107 for the remainder of the term - please see legal pack for full details. (3) Fixed rental uplift to 200 on 1 January 2032, 300 on 1 January 2047, 400 on 1 January 2062, 500 on 1 January 2077, 600 on 1 January 2092 and 700 on 1 January 2107 for the remainder of the term - please see legal pack for full details. NB: The seller has served notices on the residential tenants, pursuant to section 5B of the Landlord & Tenant Act 1987. No acceptance notices have been received from the tenants within the permitted period.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
