Property Auctions 12/Jul/2022 | The Burlington, 72-76 Old Christchurch Road, Bournemouth, BH1 2HZ

Freehold Town Centre Retail Arcade and Office Investment

Substantial Retail Arcade of 10,226 sq ft over 12 units and 10,664 sq ft of Office Accommodation on the three upper floors totaling 20,890 sq ft
Basement car park providing 27 car spaces
Site Area of approximately 0.11 Hectares (0.27 Acres)
Excellent asset management opportunities and future development potential (subject to necessary consents)
Office accommodation currently 74% occupied with vacant car spaces available providing immediate asset management opportunities
Prominent Town Centre location, benefitting from frontages onto Old Christchurch Road and St. Peter's Road

Lot 13
Auction 12th July 2022
Rent £297,431 per Annum £236,444 (net rent)
Status Sold Prior
Price
Sector
Shopping Centre
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 5 miles east of Poole, 33 miles south-west of Southampton, 40 miles south-west of Winchester
Roads: A338, A31, M27, M3
Rail: Bournemouth Train Station
Air: Bournemouth Airport, Southampton Airport, Bristol Airport

Situation

Bournemouth is a large and affluent coastal town in the county of Dorset some 5 miles east of Poole and 33 miles south-west of Southampton. It benefits from an excellent seasonal tourist industry as well as an extensive student population. The property is prominently located in a town centre position on the south side of the prime pedestrianised Old Christchurch Road, south of the Richmond Gardens multi-storey car park providing parking for approximately 935 cars. The Arcade extends through to the road parallel, St Peter’s Road. Other nearby occupiers include Costa Coffee, Caffè Nero, TK Maxx, Greggs, Superdry, Mango, Toni & Guy, Wilko, Halifax, HSBC, TSB and Lloyds banks.

Tenure

Freehold.

Location

Miles: 5 miles east of Poole, 33 miles south-west of Southampton, 40 miles south-west of Winchester
Roads: A338, A31, M27, M3
Rail: Bournemouth Train Station
Air: Bournemouth Airport, Southampton Airport, Bristol Airport

Situation

Bournemouth is a large and affluent coastal town in the county of Dorset some 5 miles east of Poole and 33 miles south-west of Southampton. It benefits from an excellent seasonal tourist industry as well as an extensive student population. The property is prominently located in a town centre position on the south side of the prime pedestrianised Old Christchurch Road, south of the Richmond Gardens multi-storey car park providing parking for approximately 935 cars. The Arcade extends through to the road parallel, St Peter’s Road. Other nearby occupiers include Costa Coffee, Caffè Nero, TK Maxx, Greggs, Superdry, Mango, Toni & Guy, Wilko, Halifax, HSBC, TSB and Lloyds banks.

Tenure

Freehold.

Description

The property comprises a four storey mixed use building with retail accommodation to the ground floor made up of two large units fronting Old Christchurch Road with an internal arcade of smaller units behind which can also be accessed via St. Peter's Road. Tenants include Card Factory and Esquires Coffee with a mix of local retailers providing a current gross rent of £200,588 per annum. The upper floors provide office accommodation accessed from a central core where there is a lift and stairwell providing access to all floors. There are a series of local office occupiers on the upper parts producing a rent of £96,843 per annum. To the basement is a secure car park providing 27 car-parking spaces. There is a caretaker's flat on the third floor.

VAT

VAT is applicable to this lot.

Planning

The property may benefit from future redevelopment for a variety of uses, subject to all necessary consents and current tenancies. There is a lapsed planning permission reference: 7-2016-1617-AY which provided consent for "Alterations and extensions to form 9 additional flats, formation of bin and cycle stores". Interested Parties are referred to Bournemouth, Poole and Christchurch Council - www.bcpcouncil.gov.uk Tel: 01202 123 321

Completion Period

6 week completion available.

EPC

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

Description

The property comprises a four storey mixed use building with retail accommodation to the ground floor made up of two large units fronting Old Christchurch Road with an internal arcade of smaller units behind which can also be accessed via St. Peter's Road. Tenants include Card Factory and Esquires Coffee with a mix of local retailers providing a current gross rent of £200,588 per annum. The upper floors provide office accommodation accessed from a central core where there is a lift and stairwell providing access to all floors. There are a series of local office occupiers on the upper parts producing a rent of £96,843 per annum. To the basement is a secure car park providing 27 car-parking spaces. There is a caretaker's flat on the third floor.

VAT

VAT is applicable to this lot.

Planning

The property may benefit from future redevelopment for a variety of uses, subject to all necessary consents and current tenancies. There is a lapsed planning permission reference: 7-2016-1617-AY which provided consent for "Alterations and extensions to form 9 additional flats, formation of bin and cycle stores". Interested Parties are referred to Bournemouth, Poole and Christchurch Council - www.bcpcouncil.gov.uk Tel: 01202 123 321

Completion Period

6 week completion available.

EPC

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

Tenancy & Accommodation

Unit	Floor	Use	Net Internal Floor Areas Approx sq m	Net Internal Floor Areas Approx sq ft	Description	Rent p.a.x.
1, 2, 3, 4, 5, 7, 9, 10-12, 13, Arcade kiosk	Ground	Retail	580.34	(6,246)	VARIOUS LEASES ON VARIOUS TERMS, FULL DETAILS AVAILABLE WITHIN THE LEGAL PACK	£200,588
6	Ground	Retail	38.62	(415)	VACANT
	Basement	Car Park			15 SPACES LET TO VARIOUS TENANTS	£9,437
	Basement	Car Park			12 SPACES VACANT
1, 3a, 5a, 6a, 10-12, 13, 2a, 4a, 9a, Rear Office Suite A&B	First	Retail/ Office	594.82	(6,402)	VARIOUS LEASES ON VARIOUS TERMS, FULL DETAILS AVAILABLE WITHIN THE LEGAL PACK	£35,036
Front Office, Rear Suite A	Second	Office	301.76	(3,248)	VARIOUS LEASES ON VARIOUS TERMS, FULL DETAILS AVAILABLE WITHIN THE LEGAL PACK	£36,732
Suite B, Store	Second	Office/ Storage	135.17	(1,454)	VACANT
Suite A	Third	Office	139.00	(1,494)	QUAY CREW LTD FROM 01/03/2022 UNTIL 28/02/2027	£20,426
Suite B	Third	Office	99.00	(1,065)	VACANT
Caretaker's Flat	Third	Residential	52.00	(560)	ELLIS AND PARTNERS LTD FROM 01/06/2022 UNTIL 31/05/2023	£3,500
Totals			1,940.76	(20,890)		£297,431

Please note, a full tenancy schedule is available within the Legal Pack.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.