Freehold Retail and Residential Ground Rent Investment
Two Retail Units and 4 Flats
Let to The Oakhaven Trust Until 2031 and Coral Estates Limited
Affluent and Historic Market Town and a Popular Yachting Port
Close to the New Forest National Park
VAT Free Investment
Neighbouring Occupiers Include M&S, Prezzo, Nationwide, Oxfam, Mountain Warehouse
Lot 23
Auction 12th July 2022
Rent £81,050 per Annum Exclusive
Status Sold
Price £975,000
Sector High Street Retail/Residential
Auction Venue Live Streamed Auction
On Behalf of a Major Fund
Property Information
Location
Miles
20 miles west of Portsmouth, 13 miles east of Bournemouth
Roads
A337, M27 (J1)
Rail
Lymington Town Train Station, Lymington Pier Train Station
Air
Portsmouth Airport
Situation
Lymington is an affluent and historic market town and popular yachting port on the southern edge of The New Forest National Park. Lymington benefits from strong levels of tourism. The property is situated on the south side of High Street, the main commercial street in the centre of Lymington. Neighbouring occupiers include M&S, Prezzo, Nationwide, Oxfam, Mountain Warehouse and many further national and local retailers and restaurants.
Tenure
Freehold.
Location
Miles
20 miles west of Portsmouth, 13 miles east of Bournemouth
Roads
A337, M27 (J1)
Rail
Lymington Town Train Station, Lymington Pier Train Station
Air
Portsmouth Airport
Situation
Lymington is an affluent and historic market town and popular yachting port on the southern edge of The New Forest National Park. Lymington benefits from strong levels of tourism. The property is situated on the south side of High Street, the main commercial street in the centre of Lymington. Neighbouring occupiers include M&S, Prezzo, Nationwide, Oxfam, Mountain Warehouse and many further national and local retailers and restaurants.
Tenure
Freehold.
Description
The property, a substantial detached mixed use building comprises two ground floor retail units and four flats on the first and second floors. The property benefits from car parking at the rear and an approximate site area of 0.175 Acres.
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, a substantial detached mixed use building comprises two ground floor retail units and four flats on the first and second floors. The property benefits from car parking at the rear and an approximate site area of 0.175 Acres.
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
Unit
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Review/(Reversion)
54a
Ground
Retail
107.30
(1,155)
THE OAKHAVEN TRUST (1)
10 years from 27/05/2021
£37,750
27/05/2026 (26/052031)
54b
Ground
Retail
123.84
(1,333)
CORAL ESTATES LTD (2)
10 years from 11/04/2016
£43,200
(10/04/2026)
Flat 1
First
Residential
46.73
(503)
INDIVIDUAL
A term of years expiring 24/12/2174
Nil
(24/12/2174)
Flat 2
First
Residential
47.47
(511)
INDIVIDUAL
A term of years expiring 24/12/2084
£100 (3)
(24/12/2084)
Flat 3
Second
Residential
46.82
(504)
INDIVIDUAL
A term of years expiring 25/12/2174
Nil
(25/12/2174)
Flat 4
Second
Residential
47.56
(512)
INDIVIDUAL
A term of years expiring 24/12/2174
Nil
(24/12/2174)
Total Approximate Floor Area
419.72
(4,518) (4)
£81,050
(1) The Oakhaven Trust was incorporated in 1992 and is a registered charity (900215). They operate from 8 locations across the south east (www.oakhavenhospice.co.uk). (2) For the year ending 31/12/2020 Coral Estates Limited (CRN 00726729) reported Pre-Tax profit of negative £146,000 and Net Worth of £39,483,000. (NorthRow 31/05/2022) (3) The lease provides for a fixed ground rent increase to £150 per annum exclusive on 25/12/2051. (4) The floor areas stated above are Net Internal Areas and are detailed further in the Legal Pack.
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.
