181 High Street Southampton SO14 2BY

181 High Street
Southampton
SO14 2BY

Freehold Retail Geared Ground Rent Investment

Entirely let on assignment to Grantglen Ltd on a 125 year lease until September 2108, sublet to Moss Bros Group Plc
Rent based on 13% gearing of rents receivable
Located in the city centre opposite the historic Bargate
Six Week Completion

Lot
3
Auction
5th December 2013
Rent
£6,630 per Annum Exclusive
Status
Sold
Price
£124,000
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of Southampton City Council

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Freehold Retail Geared Ground Rent Investment

Entirely let on assignment to Grantglen Ltd on a 125 year lease until September 2108, sublet to Moss Bros Group Plc
Rent based on 13% gearing of rents receivable
Located in the city centre opposite the historic Bargate
Six Week Completion

Lot 3
Auction 5th December 2013
Rent £6,630 per Annum Exclusive
Status Sold
Price £124,000
Sector
Ground Rent
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of Southampton City Council

Property Information

Location

Miles: 75 miles south-west of London, 19 miles north-west of Portsmouth, 33 miles north-east of Bournemouth
Roads: M3, M27, A34, A36, A27
Rail: Southampton Central Station
Air: Southampton International Station

Situation

The property is situated on the western side of the High Street, close to the junction with Above Bar Street, Southampton’s prime retailing thoroughfare. West Quay Shopping Centre, which houses over 100 retailers including John Lewis, Marks & Spencer, Zara, Hollister and Apple, is located approximately 150 metres to the north. Other nearby occupiers include Burger King, Argos, Tesco Express, Costa Coffee and Superdrug.

Tenure

Freehold.

Location

Miles: 75 miles south-west of London, 19 miles north-west of Portsmouth, 33 miles north-east of Bournemouth
Roads: M3, M27, A34, A36, A27
Rail: Southampton Central Station
Air: Southampton International Station

Situation

Tenure

Freehold.

Description

The property comprises a ground floor retail unit with ancillary accommodation on first and second floors.

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 a ground floor retail unit with ancillary accommodation on first and second floors.

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
Ground First Second	Retail Ancillary Ancillary	118.89 sq m 37.22 sq m 38.09 sq m	(1,280 sq ft) (401 sq ft) (410 sq ft)	GRANTGLEN LTD (1) (2) on assignment (3)	125 years from 29/09/1983 until 29/09/2108 on a full repairing and insuring lease	£6,630	Annually, geared to 13% of rents receivable (4)
Totals		194.20 sq m	(2,091 sq ft)			£6,630

(1) For the year ending 30th June 2012, Grantglen Limited reported a turnover of £21,500, pre-tax profits of £1,017,854 and a total net worth of £8,292,444. (Source: www.riskdisk.com 23rd October 2013)
(2)The property has been sublet to Moss Bros Group plc.
(3)The property is let to Grantglen Ltd on assignment from Shaftesbury Securities Ltd and Netminster Ltd and Halladale Ventures (Brook Ltd). Shaftesbury Securities and Netminster Ltd remain liable under the lease due to privity of contract.
(4) Please refer to Chapter 5 in the lease.