54a and 54b High Street Lymington Hampshire SO41 9AJ

54a and 54b High Street
Lymington
Hampshire
SO41 9AJ

Freehold Retail and Residential Ground Rent Investment

Two Retail Units and 4 Flats
Let to The Oakhaven Trust Until 2031 and Coral Estates Limited
Affluent and Historic Market Town and a Popular Yachting Port
Close to the New Forest National Park
VAT Free Investment
Neighbouring Occupiers Include M&S, Prezzo, Nationwide, Oxfam, Mountain Warehouse

Lot
23
Auction
12th July 2022
Rent
£81,050 per Annum Exclusive
Status
Sold
Price
£975,000
Auction Venue
Live Streamed Auction
On Behalf of a Major Fund

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Freehold Retail and Residential Ground Rent Investment

Two Retail Units and 4 Flats
Let to The Oakhaven Trust Until 2031 and Coral Estates Limited
Affluent and Historic Market Town and a Popular Yachting Port
Close to the New Forest National Park
VAT Free Investment
Neighbouring Occupiers Include M&S, Prezzo, Nationwide, Oxfam, Mountain Warehouse

Lot 23
Auction 12th July 2022
Rent £81,050 per Annum Exclusive
Status Sold
Price £975,000
Sector
High Street Retail, Residential
Auction Venue
Live Streamed Auction
On Behalf of a Major Fund

Property Information

Location

Miles: 20 miles west of Portsmouth, 13 miles east of Bournemouth
Roads: A337, M27 (J1)
Rail: Lymington Town Train Station, Lymington Pier Train Station
Air: Portsmouth Airport

Situation

Lymington is an affluent and historic market town and popular yachting port on the southern edge of The New Forest National Park. Lymington benefits from strong levels of tourism. The property is situated on the south side of High Street, the main commercial street in the centre of Lymington. Neighbouring occupiers include M&S, Prezzo, Nationwide, Oxfam, Mountain Warehouse and many further national and local retailers and restaurants.

Tenure

Freehold.

Location

Miles: 20 miles west of Portsmouth, 13 miles east of Bournemouth
Roads: A337, M27 (J1)
Rail: Lymington Town Train Station, Lymington Pier Train Station
Air: Portsmouth Airport

Situation

Tenure

Freehold.

Description

The property, a substantial detached mixed use building comprises two ground floor retail units and four flats on the first and second floors. The property benefits from car parking at the rear and an approximate site area of 0.175 Acres.

VAT

VAT is not applicable to this lot.

Completion Period

Six week completion

EPC

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

Description

VAT

VAT is not applicable to this lot.

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 sq m	Floor Areas Approx sq ft	Tenant	Term	Rent p.a.x.	Review/(Reversion)
54a	Ground	Retail	107.30	(1,155)	THE OAKHAVEN TRUST (1)	10 years from 27/05/2021	£37,750	27/05/2026 (26/052031)
54b	Ground	Retail	123.84	(1,333)	CORAL ESTATES LTD (2)	10 years from 11/04/2016	£43,200	(10/04/2026)
Flat 1	First	Residential	46.73	(503)	INDIVIDUAL	A term of years expiring 24/12/2174	Nil	(24/12/2174)
Flat 2	First	Residential	47.47	(511)	INDIVIDUAL	A term of years expiring 24/12/2084	£100 (3)	(24/12/2084)
Flat 3	Second	Residential	46.82	(504)	INDIVIDUAL	A term of years expiring 25/12/2174	Nil	(25/12/2174)
Flat 4	Second	Residential	47.56	(512)	INDIVIDUAL	A term of years expiring 24/12/2174	Nil	(24/12/2174)
Total Approximate Floor Area			419.72	(4,518) (4)			£81,050

(1) The Oakhaven Trust was incorporated in 1992 and is a registered charity (900215). They operate from 8 locations across the south east (www.oakhavenhospice.co.uk).
(2) For the year ending 31/12/2020 Coral Estates Limited (CRN 00726729) reported Pre-Tax profit of negative £146,000 and Net Worth of £39,483,000. (NorthRow 31/05/2022)
(3) The lease provides for a fixed ground rent increase to £150 per annum exclusive on 25/12/2051.
(4) The floor areas stated above are Net Internal Areas and are detailed further in the Legal Pack.

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.