Freehold City Centre Retail Ground Rent Investment
Four shops in busy city centre location
Entirely let until 2058
Prominent corner position approximately 25 metres from the High Street
Nearby occupiers include Greggs, NatWest, Ladbrokes and Subway
Lot 3
Auction 24th May 2012
Rent £41,625 per Annum Exclusive
Status Sold
Price £534,000
Sector High Street Retail
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
On Behalf of Southampton City Council
Property Information
Location
Miles
75 miles south-west of London
Roads
M3, M27, A34, A36, A27
Rail
Southampton Central Station
Air
Southampton International Airport
Situation
The properties are situated in a prominent corner position on the southern side of East Street some 25 metres from the pedestrianised High Street. Nearby occupiers include Greggs, NatWest, Ladbrokes and Subway.
Tenure
Freehold.
Location
Miles
75 miles south-west of London
Roads
M3, M27, A34, A36, A27
Rail
Southampton Central Station
Air
Southampton International Airport
Situation
The properties are situated in a prominent corner position on the southern side of East Street some 25 metres from the pedestrianised High Street. Nearby occupiers include Greggs, NatWest, Ladbrokes and Subway.
Tenure
Freehold.
Description
The property comprises four retail units over ground and first floors. The property also benefits from a right to use the service yard to the rear.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises four retail units over ground and first floors. The property also benefits from a right to use the service yard to the rear.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
118
Ground First
Retail Ancillary
36.80 sq m 29.40 sq m
(396.12 sq ft) (316.46 sq ft)
INDIVIDUALS (1)
98 years from 01/01/1961 until 31/12/2058
£41,625 (with effect from 1994)
01/04/2027 (2)
119
Ground First
Retail Ancillary
51.44 sq m 21.60 sq m
(553.70 sq ft) (232.50 sq ft)
120
Ground First
Retail Ancillary
49.62 sq m 22.91 sq m
(534.11 sq ft) (246.60 sq ft)
121
Ground First
Retail Ancillary
39.07 sq m 19.78 sq m
(420.55 sq ft) (212.91 sq ft)
Totals
270.62 sq m
(2,912.95 sq ft) (3)
£41,625
(1) The tenant has sublet to four separate subtenants. (2)The rent is to be reviewed upwards only to 50% of the difference between the total subtenant rack rent at term commencement and the total rack rents received from the subtenants at the review date. The Seller has been advised by the tenant that the passing rent for each unit is as follows: No. 118 – £16,500 p.a.x., No. 119 – £23,000 p.a.x., No. 120 – £23,000 and No. 121 – £23,000 p.a.x. A full schedule of subtenants and the subtenancies is available for inspection from the Auctioneers. (3)Floor areas sourced from Valuation Office Agency website (www.voa.gov.uk).
