Freehold Retail and Former Residential Property with Immediate Asset Management and Development Potential
Large restaurant with a separately accessed single former residential dwelling above (currently used as ancillary/storage)
Entirely let by way of Tenancy At Will with opportunity to regularise or re-let (1)
Planning permission granted in June 2020 to convert upper parts into 2 large 1 bed flats
Immediate Asset Management Opportunities
Sought after City Centre location 400 metres from Winchester Cathedral
In the same ownership for nearly 25 years
Lot 5
Auction 12th July 2022
Rent £39,600 per Annum Exclusive (2)
Status Sold
Price £627,000
Sector Development
Auction Venue Live Streamed Auction
On Behalf of Pension Trustees
Property Information
Location
Miles
12 miles north of Southampton, 17 miles south of Basingstoke
Roads
A31, A34, A303, M3 (Junction 9-11)
Air
Bournemouth Airport, London Heathrow Airport
Situation
The property is situated in a prominent position opposite King Alfred the Great Statue at the junction of Eastgate Street and The Broadway, just 400 metres from Winchester Cathedral. Winchester Bus Station and Winchester High Street are both a short walk away.
Tenure
Freehold.
Location
Miles
12 miles north of Southampton, 17 miles south of Basingstoke
Roads
A31, A34, A303, M3 (Junction 9-11)
Air
Bournemouth Airport, London Heathrow Airport
Situation
The property is situated in a prominent position opposite King Alfred the Great Statue at the junction of Eastgate Street and The Broadway, just 400 metres from Winchester Cathedral. Winchester Bus Station and Winchester High Street are both a short walk away.
Tenure
Freehold.
Description
The property, a Grade II listed building, comprises a large restaurant (circa 55 covers) arranged on the ground floor, together with a small mezzanine and basement.
The first and second floors currently provide former residential accommodation arranged as 5 rooms, a kitchen and 2 bathrooms arranged as a single dwelling and currently used for ancillary/storage by the tenant.
The property benefits from rear access from a narrow street serving the adjacent residential properties as well as separate access from Eastgate Street, leading to the basement & upper floors.
VAT
VAT is applicable to this lot.
Planning
Planning Permission was granted in June 2020 for conversion of the existing single dwelling into 2 separate dwellings (2 x 1 bed flat's).
Planning Reference: 20/011157/LIS. Winchester City Council t: 01962 840222 www.winchester.gov.uk/planning
Completion Period
6 week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property, a Grade II listed building, comprises a large restaurant (circa 55 covers) arranged on the ground floor, together with a small mezzanine and basement.
The first and second floors currently provide former residential accommodation arranged as 5 rooms, a kitchen and 2 bathrooms arranged as a single dwelling and currently used for ancillary/storage by the tenant.
The property benefits from rear access from a narrow street serving the adjacent residential properties as well as separate access from Eastgate Street, leading to the basement & upper floors.
VAT
VAT is applicable to this lot.
Planning
Planning Permission was granted in June 2020 for conversion of the existing single dwelling into 2 separate dwellings (2 x 1 bed flat's).
Planning Reference: 20/011157/LIS. Winchester City Council t: 01962 840222 www.winchester.gov.uk/planning
Completion Period
6 week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Ground/Mezzanine/Basement First Second
Restaurant/Ancillary Ancillary Ancillary
158.59 45.24 53.42
(1,707) (487) (575)
S.GHAMBOLE (t/a Taste of Gurkhas)
Tenancy at Will for a term commencing on 23/06/2021 at £3,300 pcm (1)
£39,600 (2)
Total
257.25
(2,769)
£39,600
(1) The tenant occupies by way of a Tenancy at Will, but has expressed desire to regularise the tenancy with a formal longer term lease at £40,000 per annum. Under the terms of the current Tenancy at Will, either party can serve notice to terminate at any time. (2) Annual equivalent rent.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
