Prominent Freehold Retail and Residential Investment
Ground Floor Cafe with two self-contained apartments on First and Second Floors
Ground floor commercial premises let to 23.5 Degrees Ltd (trading as Starbucks)
Trading as Starbucks for over 15 years
5 year lease extension expiring December 2028 (No Breaks)
Two Apartments let on AST's
Affluent and Popular Bournemouth suburb
Busy retail pitch with few rival Coffee Shop operators
Nearby occupiers include Marks and Spencer, Iceland, Tesco, Subway, Boots and HSBC
Lot 6
Auction 13th December 2023
Rent £61,980 per Annum Exclusive
Status Sold
Price £790,000
Sector High Street Retail, Residential
Auction Venue Live Streamed Auction
Property Information
Location
Miles
1 mile west of Bournemouth, 3 miles east of Poole
Roads
A338, A35
Rail
Parkstone Railway Station, Bournemouth Railway Station
Air
Bournemouth Airport
Situation
The property is located on the north side of Poole Road, a busy retailing thoroughfare in the affluent Bournemouth suburb of Westbourne. Nearby occupiers include Marks & Spencer, Iceland, Tesco, Subway, Boots and HSBC.
Tenure
Freehold.
Location
Miles
1 mile west of Bournemouth, 3 miles east of Poole
Roads
A338, A35
Rail
Parkstone Railway Station, Bournemouth Railway Station
Air
Bournemouth Airport
Situation
The property is located on the north side of Poole Road, a busy retailing thoroughfare in the affluent Bournemouth suburb of Westbourne. Nearby occupiers include Marks & Spencer, Iceland, Tesco, Subway, Boots and HSBC.
Tenure
Freehold.
Description
The property comprises ground floor retail accommodation, currently used as a coffee shop, together with one 1 x bedroom flat and one 2 x bedroom flat on the upper two floors. The residential accommodation is accessed from the rear of the property via Milburn Road.
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
The property comprises ground floor retail accommodation, currently used as a coffee shop, together with one 1 x bedroom flat and one 2 x bedroom flat on the upper two floors. The residential accommodation is accessed from the rear of the property via Milburn Road.
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
Address
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
98 Poole Road
Ground
Retail
229.74
(2,472)
23.5 DEGREES LIMITED (1) t/a Starbucks
5 years from 15/12/2023 until 14/12/2028 (2)
£42,000
Flat 1, 8 Milburn Road
First
Residential
-
-
INDIVIDUAL
12 month AST from 05/10/2023
£9,180 (3)
Flat 2, 8 Milburn Road
Second
Residential
-
-
INDIVIDUALS
12 month AST from 03/12/2023
£10,800 (3)
Total Approximate Commercial Floor Area
229.74
(2,472) (4)
£61,980
(1) For the year ending 31/08/2022 23.5 Degrees Ltd reported a Turnover of £74,979,078, a Pre-Tax Profit of £8,057,651 and a Net Worth of £5,138,744 (NorthRow 3/11/2023). 23.5 Degrees is Starbucks first UK franchised business partner. We opened our first store in February 2013 and now have 100 stores (59 which are Drive Thru) across the UK with another 25 in the pipeline over the next year (www.23-5degrees.com). (2) The original lease was for a term of a 15 years from 29/05/2008, the lease has been recently renewed for a further 5 years until 15/12/2028. (3) The residential rent stated above has been annualised. (4) The commercial floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk).
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.
