Approximate Total Floor Area of 187.73 sq m (2,021 sq ft)
Located within a major Asda Superstore benefitting from an excellent footfall
Central Southampton location close to Marlands Shopping Centre and Westquay Shopping Centre
Asset Management Opportunities
All leases outside the Security of Tenure Provisions of the Landlord and Tenant Act 1954
Lot 54
Auction 21st September 2023
Rent £86,900 per Annum
Status Sold
Price £675,000
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of a Major Investment Manager
Property Information
Location
Miles
13 miles south-west of Winchester, 18 miles north-west of Portsmouth, 75 miles south-west of London
Roads
A3025, A33, A3024, M271
Rail
Southampton Central Railway Station
Air
Southampton International Airport
Situation
The property is well located in central Southampton on Portland Terrace, linking Southampton's Cultural Quarter to the City Centre. The property is situated within a major Asda Superstore, opposite the Marlands Shopping Centre and just north of the Westquay Shopping Centre.
Tenure
Virtual Freehold. Held for a term of 999 years from 25/03/1987 at a peppercorn ground rent.
Location
Miles
13 miles south-west of Winchester, 18 miles north-west of Portsmouth, 75 miles south-west of London
Roads
A3025, A33, A3024, M271
Rail
Southampton Central Railway Station
Air
Southampton International Airport
Situation
The property is well located in central Southampton on Portland Terrace, linking Southampton's Cultural Quarter to the City Centre. The property is situated within a major Asda Superstore, opposite the Marlands Shopping Centre and just north of the Westquay Shopping Centre.
Tenure
Virtual Freehold. Held for a term of 999 years from 25/03/1987 at a peppercorn ground rent.
Description
The property comprises a parade of six retail kiosks within a substantial 60,000 sq ft Asda superstore.
VAT
VAT is 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
The property comprises a parade of six retail kiosks within a substantial 60,000 sq ft Asda superstore.
VAT
VAT is 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.
Kiosk 1
Ground
Retail
31.86
(343)
INDIVIDUAL t/a K- Dijeuteu
5 years from 30/05/2022 (3)
£15,500 (1)
Kiosk 2
Ground
Retail
31.77
(342)
INDIVIDUAL t/a Winnie's Hair Salon
5 years from 06/09/2019 (3)
£14,600 (2)
Kiosk 3
Ground
Retail
30.00
(323)
ARTISTIC BEAUTY LIMITED t/a Artistic Beauty
5 years from 25/11/2020 (3)
£14,600
Kiosk 4
Ground
Retail
31.12
(335)
DIGITAL ONE HOUR PHOTO LAB LIMITED t/a Digital One Hour Photos
10 years from 23/05/2015 (3)
£13,000 (1)
Kiosk 5
Ground
Retail
31.12
(335)
INDIVIDUAL t/a Sew Quick
5 years from 01/02/2019 (3)
£14,600
Kiosk 6
Ground
Retail
31.86
(343)
REPAIR LABS RETAIL LIMITED t/a The Phone Shop
5 years from 15/10/2019 (3)
£14,600
Total
187.73
(2,021)
£86,900
(1) The rent is inclusive of service charge and insurance. (2) The rent is inclusive of insurance. (3) The lease is outside of the security of tenure provisions of the Landlord and Tenant Act 1954.
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.
