Entirely let to Alecta Pensionsforsakring Omsesidigt on a 125 Year Lease until November 2116
Rent based on 10.5% Gearing of Net Income (3)
Located in the City Centre opposite the historic Bargate
Occupational tenants include Argos, Tesco Express, The Gym Group and Southampton Solent University
Nearby occupiers include Burger King, Costa Coffee, Superdrug and Moss Menswear
£33,446 per annum exclusive rising to an estimated £49,400 in November 2013 (2)
Six Week Completion
Lot 17
Auction 11th July 2013
Rent £33,446 per Annum Exclusive
Status Sold
Price £850,000
Sector Ground Rent
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
On behalf of Southampton City Council
Property Information
Location
Miles
19 miles north-west of Portsmouth, 75 miles south-west of London
Roads
M3, M27, A34, A36, A27
Rail
Southampton Central Station
Air
Southampton International Airport
Situation
The property is situated on the western side of the High Street, close to its junction with Above Bar Street, Southampton’s prime retailing thoroughfare. West Quay Shopping Centre which houses over 100 retailers including John Lewis, Marks and Spencer, Zara, Hollister and Apple is located approximately 100 metres to the north. Other nearby occupiers include Burger King, Costa Coffee, Superdrug and Moss Menswear.
Tenure
Freehold.
Location
Miles
19 miles north-west of Portsmouth, 75 miles south-west of London
Roads
M3, M27, A34, A36, A27
Rail
Southampton Central Station
Air
Southampton International Airport
Situation
The property is situated on the western side of the High Street, close to its junction with Above Bar Street, Southampton’s prime retailing thoroughfare. West Quay Shopping Centre which houses over 100 retailers including John Lewis, Marks and Spencer, Zara, Hollister and Apple is located approximately 100 metres to the north. Other nearby occupiers include Burger King, Costa Coffee, Superdrug and Moss Menswear.
Tenure
Freehold.
Description
The property comprises two ground floor retail units with basement accommodation, a gym over first floor and university art faculty accommodation over second floor. In addition there is vacant space on third and fourth floors and a further vacant self-contained office unit to the rear of the property at 5 Castle Way. The total floor area is approximately 8,756.30 sq m (94,252 sq ft).
Note:
The Buyer will pay the Seller a contribution towards the Seller’s costs as set out in the Extra Special Conditions.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises two ground floor retail units with basement accommodation, a gym over first floor and university art faculty accommodation over second floor. In addition there is vacant space on third and fourth floors and a further vacant self-contained office unit to the rear of the property at 5 Castle Way. The total floor area is approximately 8,756.30 sq m (94,252 sq ft).
Note:
The Buyer will pay the Seller a contribution towards the Seller’s costs as set out in the Extra Special Conditions.
VAT
VAT is not applicable to this lot.
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
Basement, Ground and First to Fourth
Retail/ Leisure/ Office
8,756.30 sq m
(94,252 sq ft)
ALECTA PENSIONSFORSAKRING OMSESIDIGT (1)
125 years from 25/11/1991 until 24/11/2116 on a full repairing and insuring lease
£49,940.52 (2)
25/11/2013 and annually thereafter to 10.5% of the net income (3)
Totals
8,756.30 sq m
(94,252 sq ft)
£49,940.52 (2)
(1) The property has been sublet to Argos Limited, The Gym Limited, Tesco Stores Limited, Malinka Limited and Southampton Solent University, at a current rent of £514,500 p.a.x. A copy of the subtenancy schedule, supplied by the tenant, is available from within the legal pack. (2) Purchasers should satisfy themselves as to the definition within the lease. (3) Net Income shall mean the quarterly income receivable, less permitted deductions (please refer to lease).
