21 / 21a London Road & 1 Waterloo Terrace Southampton Hampshire SO15 2AD

21 / 21a London Road & 1 Waterloo Terrace
Southampton
Hampshire
SO15 2AD

Freehold Retail and Office Investment

Entirely let to Co-operative Group Limited
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
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

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Freehold Retail and Office Investment

Entirely let to Co-operative Group Limited
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

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

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 Ground First Second	Recruitment Office Office Offices Offices	162.38 sq m 86.03 sq m 241.35 sq m 241.35 sq m	(1,748 sq ft) (926 sq ft) (2,598 sq ft) (2,598 sq ft)	CO-OPERATIVE GROUP LIMITED (1)	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.