16 / 20 Eastbank Street Southport Merseyside PR8 1DT

16 / 20 Eastbank Street
Southport
Merseyside
PR8 1DT

Freehold Retail and Office Investment with Residential Potential

Tenants include Caversham Finance Ltd t/a Brighthouse
Prominent town centre location
Nearby occupiers include Primark, Costa and KFC
Residential prior approval for six flats
Approximately 905.84 sq m (9,750 sq ft)
Car parking

Lot
18
Auction
19th October 2017
Rent
£65,000 per Annum Exclusive
Status
Sold
Price
£795,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Retail and Office Investment with Residential Potential

Tenants include Caversham Finance Ltd t/a Brighthouse
Prominent town centre location
Nearby occupiers include Primark, Costa and KFC
Residential prior approval for six flats
Approximately 905.84 sq m (9,750 sq ft)
Car parking

Lot 18
Auction 19th October 2017
Rent £65,000 per Annum Exclusive
Status Sold
Price £795,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 10 miles south of Blackpool; 30 miles north-west of Manchester; 16 miles north of Liverpool
Roads: A570, A565, M58
Rail: 300 metres to Southport Station
Air: Blackpool International, Liverpool John Lennon, Manchester

Situation

The property is prominently situated on the south side of Eastbank Street, at its junction with Queen Anne Street and some 50 metres south of the prime pedestrianised retail
thoroughfare of Chapel Street with occupiers including Primark, Pandora, Holland & Barrett and WH Smith.

Tenure

Freehold.

Location

Miles: 10 miles south of Blackpool; 30 miles north-west of Manchester; 16 miles north of Liverpool
Roads: A570, A565, M58
Rail: 300 metres to Southport Station
Air: Blackpool International, Liverpool John Lennon, Manchester

Situation

Tenure

Freehold.

Description

The property comprises two retail units on the ground floor and self-contained accommodation on the first floor and second floor. The property benefits from car parking at the rear.

VAT

VAT is applicable to this lot.

Planning

The office accommodation benefits from prior approval granted on 09/06/2017 by Sefton Council Reference number DC/2017/00443 for 4 x 2 bedroom flats and 2 x 1 bedroom flats. A copy of the plans are available in the legal pack.

Completion Period

Six week completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises two retail units on the ground floor and self-contained accommodation on the first floor and second floor. The property benefits from car parking at the rear.

VAT

VAT is applicable to this lot.

Planning

Completion Period

Six week completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/ (Reversion)
Shop 2 and 3	Ground Mezzanine	Retail/ Ancillary	263.80 sq m 82.44 sq m	(2,840 sq ft) (887 sq ft)	CAVERSHAM FINANCE LIMITED t/a Brighthouse (1)	From 27th July 2009 until 24th December 2025	£55,000	24/12/2020 (24/12/2025)
Shop 1	Ground	Retail/ Ancillary	40.20 sq m	(433 sq ft)	T V PATEL t/a Eastbank News	10 years from 21/2/2012	£10,000	21/02/2017 (2) and 20/02/2022
	First Second	Office Office	259.70 sq m 259.70 sq m	(2,795 sq ft) (2,795 sq ft)	VACANT POSSESSION (3) VACANT POSSESSION
Total			905.84 sq m	(9,750 sq ft )			£65,000

(1) For the year ending 31st March 2015, Caversham Finance Limited reported a turnover of £344,185,000, pre-tax profits of £48,739,000 and a net worth of £145,300,000 (www.riskdisk.com 29/09/2017).
(2) As to Shop 2, the 2017 rent review has not been actioned.
(3) An offer has been received from an interested party to take a lease of the upper parts for a term of 10 years at a rent of £5 per square foot (GIA), subject to a 2 year rent free period and an option to buy a 125 year lease of the upper parts for £230,000.