Retail unit let to Quayside Emporium Ltd until July 2030 (subject to option)
Located in affluent and attractive coastal town
Situated on The Quay Overlooking Europe’s Largest Natural Harbour
Nearby occupiers include JD Wetherspoons, Tesco Express and a number of shops, bars, restaurants and museums
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 18
Auction 23rd March 2016
Rent £50,200 per Annum Exclusive
Status Sold
Price £500,000
Sector High Street Retail
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
On Behalf of a Major Fund Manager
Property Information
Location
Miles
5 miles west of Bournemouth, 29 miles south-west of Southampton
Roads
A31, A35, M27
Rail
Poole Railway Station
Air
Southampton Airport
Situation
Poole is an attractive tourist coastal town located some 5 miles west of Bournemouth. The property is situated in a prominent location in the town centre on The Quay, a busy thoroughfare overlooking Europe’s largest natural harbour. The property is within a short walk of Dolphin Quays Shopping Centre, the Thistle Hotel and Sunseeker Wharf (home to Sunseeker Yachts), with other nearby occupiers including JD Wetherspoons, Tesco Express and a number of boutiques, bars and restaurants.
Tenure
Freehold.
Location
Miles
5 miles west of Bournemouth, 29 miles south-west of Southampton
Roads
A31, A35, M27
Rail
Poole Railway Station
Air
Southampton Airport
Situation
Poole is an attractive tourist coastal town located some 5 miles west of Bournemouth. The property is situated in a prominent location in the town centre on The Quay, a busy thoroughfare overlooking Europe’s largest natural harbour. The property is within a short walk of Dolphin Quays Shopping Centre, the Thistle Hotel and Sunseeker Wharf (home to Sunseeker Yachts), with other nearby occupiers including JD Wetherspoons, Tesco Express and a number of boutiques, bars and restaurants.
Tenure
Freehold.
Description
The property comprises a five storey Grade II listed building with the ground and first floors operating as an emporium and café. The second to fifth floors provide residential accommodation let on a long lease.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a five storey Grade II listed building with the ground and first floors operating as an emporium and café. The second to fifth floors provide residential accommodation let on a long lease.
VAT
VAT is 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
Retail/Ancillary Ancillary
399.03 sq m 392.94 sq m
(4,295 sq ft) (4,230 sq ft)
QUAYSIDE EMPORIUM LTD (1) WITH PERSONAL GUARANTEE
15 years from 03/07/2015 until 02/07/2030 on a full repairing and insuring lease (4)
£45,000 (3)
03/07/2020 and 03/07/2025
Second, Third and Fourth
Residential
Not Measured
HENNING WHARF APARTMENTS LTD
125 years from 01/01/2004 until 31/12/2128
£5,200
10 yearly fixed uplifts (5)
Totals
791.97 sq m
(8,525 sq ft)
£50,200 (3)
(1) Quayside Emporium Limited sublets parts of the premises to local independent operators who trade together alongside the café. (See www.quayside-emporium.com 23/02/2015) (2) The property is currently undergoing repair and redecorative works due to be completed shortly. (3) As to the Quayside Emporium Ltd lease, the current rent is £22,500 p.a. increasing to £45,000 on 3rd July 2017. The seller has agreed to adjust the completion monies so that the unit will effectively produce £45,000 p.a.x. from completion of the sale. (4) The lease provides a tenant’s option to determine on 3rd July 2020. (5) The lease provides a rental fixed increase by £2,600 p.a. every 10 years. The rent for the residential element will therefore increase to £7,800 p.a. in January 2024 and £10,400 p.a. in January 2034.
Contacts
Seller's Solicitors
Irwin Mitchell LLP 40 Holborn Viaduct London EC1N 2PZ
