Let to 23.5 Degrees Limited (t/a Starbucks Coffee)
New 20 year lease expiring May 2038 (no breaks)
RPI linked Rent Review in August 2022 and five yearly thereafter (2)
Prominent roadside location adjacent to Ocean Retail Park and near to Burrfields Retail Park
Lot 9
Auction 14th February 2019
Rent £100,000 per Annum Exclusive
Status Sold
Price £1,430,000
Sector Leisure
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
1 mile east of Portsmouth city centre, 23 miles south-east of Southampton
Roads
A2030, M275 (Junction 2),, M27 (Junction 12)
Rail
Hilsea Railway Station
Air
Southampton Airport, Gatwick Airport
Situation
The property, adjacent to Ocean Retail Park, occupies a prominent trading location fronting Burrfields Road, close to the roundabout junction with Dundas Lane, Moneyfield Avenue and entrance to Ocean Retail Park. Burrfields Road connects the residential suburbs of Copnor/North End to the west with Ocean Retail Park, Portsmouth Golf Centre and the A2030 to the east. Ocean Retail Park houses retailers including Marks & Spencer, TK Maxx, Halfords and Boots. Other occupiers close by include Buildbase, Office Outlet, Vets and Pets at Home.
Tenure
Freehold.
Location
Miles
1 mile east of Portsmouth city centre, 23 miles south-east of Southampton
Roads
A2030, M275 (Junction 2),, M27 (Junction 12)
Rail
Hilsea Railway Station
Air
Southampton Airport, Gatwick Airport
Situation
The property, adjacent to Ocean Retail Park, occupies a prominent trading location fronting Burrfields Road, close to the roundabout junction with Dundas Lane, Moneyfield Avenue and entrance to Ocean Retail Park. Burrfields Road connects the residential suburbs of Copnor/North End to the west with Ocean Retail Park, Portsmouth Golf Centre and the A2030 to the east. Ocean Retail Park houses retailers including Marks & Spencer, TK Maxx, Halfords and Boots. Other occupiers close by include Buildbase, Office Outlet, Vets and Pets at Home.
Tenure
Freehold.
Description
The property comprises a recently constructed single storey drive-thru with indoor and outdoor seating. The property includes car parking for approximately 20 cars.
VAT
VAT is applicable to this lot.
EPC
Band A. Please see legal pack at acuitus.co.uk.
Description
The property comprises a recently constructed single storey drive-thru with indoor and outdoor seating. The property includes car parking for approximately 20 cars.
VAT
VAT is applicable to this lot.
EPC
Band A. Please see legal pack at acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground
Retail/Ancillary
167 sq m
(1,800 sq ft)
23.5 DEGREES LIMITED (1) t/a Starbucks Coffee
20 years and 9 months from 16/08/2017 until 15/05/2038 on a full repairing and insuring lease
£100,000 (3)
RPI linked review on 16/08/2022 and five yearly thereafter (2)
Total
167 sq m
(1,800 sq ft)
£100,000
(1) 23.5 Degrees Limited was Starbuck’s first franchised business partner, currently operating from approximately 60 stores throughout the UK with plans for a further 23 stores (Source: www.23-5degrees.com 10/01/2018). (2) The rent is reviewed to RPI capped and collared at 4.5% and 2.0% per annum and compounded five yearly. (3) The seller will adjust the completion monies so that the unit effectively produces £100,000 per annum from completion of the sale. The passing rent is £95,000 until 8th May 2019, then £80,000.00 until 8th May 2020 and then rising to £100,000 per annum.
Contacts
Seller's Solicitors
Blake Morgan New Kings Court, Tollgate, Chandler's Ford Eastleigh Southampton SO53 3LG
