Lease expires in March 2076 with no breaks (approximately 60 years unexpired)
Geared Rent Reviews in March 2016 and 5 yearly thereafter
Approximately 7,870 sq ft
VAT-free investment
Nearby occupiers include Tesco Express, Sainsbury’s Local and Starbucks
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 33
Auction 23rd March 2016
Rent £58,000 per Annum Exclusive
Status Sold
Price £1,265,000
Sector Ground Rent
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
13 miles south-west of Winchester, 18 miles north-west of Portsmouth, 75 miles south-west of London
Roads
A27, A33, A36, M3, M27
Rail
Southampton Central Railway Station
Air
Southampton International Airport
Situation
The property occupies a prominent corner position on the western side of London Road at its junction with Waterloo Terrace, just north of Southampton’s Cultural Quarter and in the heart of Southampton’s main business district. Nearby occupiers include Tesco Express, Sainsbury’s Local, Starbucks and branches of NatWest, Barclays and TSB banks. Additionally, the Law Courts,
Civic Centre and Southampton City Centre amenities are within close proximity.
Tenure
Freehold.
Location
Miles
13 miles south-west of Winchester, 18 miles north-west of Portsmouth, 75 miles south-west of London
Roads
A27, A33, A36, M3, M27
Rail
Southampton Central Railway Station
Air
Southampton International Airport
Situation
The property occupies a prominent corner position on the western side of London Road at its junction with Waterloo Terrace, just north of Southampton’s Cultural Quarter and in the heart of Southampton’s main business district. Nearby occupiers include Tesco Express, Sainsbury’s Local, Starbucks and branches of NatWest, Barclays and TSB banks. Additionally, the Law Courts,
Civic Centre and Southampton City Centre amenities are within close proximity.
Tenure
Freehold.
Description
The property comprises a ground floor recruitment office with separate office accommodation to the rear; in addition there is self-contained office accommodation on the first and second floors. The property benefits from onsite parking for 6 cars to the rear.
Six Week Completion
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 recruitment office with separate office accommodation to the rear; in addition there is self-contained office accommodation on the first and second floors. The property benefits from onsite parking for 6 cars to the rear.
Six Week Completion
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
100 years from 25/03/1976 on a full repairing and insuring lease
£58,000
25/03/2016 and five yearly thereafter (2)
Totals
731.13 sq m
(7,870 sq ft)
£58,000
1) For the year ending 3rd January 2015, Co-operative Group Limited reported a turnover of £9,433,000,000, pre-tax profits of £124,000,000 and a total net worth of £1,940,000,000 (Source: Experian Group 16/02/2015). The ground floor recruitment office is currently sublet to a tenant trading as GI Group at a sublet rent of £38,000 pa. GI Group is ranked globally as one of the largest staffing firms by Staffing Industry Analysts (Source: www.gigroupuk.com 17/02/2016). The upper floors are under offer for a new sublease to a gym operator at a commencing rent of £42,000 per annum, subject to planning for change of use. (2) The rent reviews are upward only every 5 years and are geared to 64% of open market value.
