182 High Street Southampton Hampshire SO14 2BY

182 High Street
Southampton
Hampshire
SO14 2BY

Freehold Geared Ground Rent Retail

Entirely let to Canada Life Limited on a 125 Year Lease until April 2111
Rent based on 15% Gearing of Rent Receivable
Located in the City Centre opposite the historic Bargate
Sublet to 99p Stores Limited
Nearby occupiers include Burger King, Costa Coffee, Tesco Express, Superdrug and Moss Menswear
Six Week Completion

Lot
2
Auction
11th July 2013
Rent
£33,750 per Annum Exclusive
Status
Sold
Price
£700,000
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of Southampton City Council

Interested?

Expand
Photos
Map

Freehold Geared Ground Rent Retail

Entirely let to Canada Life Limited on a 125 Year Lease until April 2111
Rent based on 15% Gearing of Rent Receivable
Located in the City Centre opposite the historic Bargate
Sublet to 99p Stores Limited
Nearby occupiers include Burger King, Costa Coffee, Tesco Express, Superdrug and Moss Menswear
Six Week Completion

Lot 2
Auction 11th July 2013
Rent £33,750 per Annum Exclusive
Status Sold
Price £700,000
Sector
Ground Rent
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of Southampton City Council

Property Information

Location

Miles: 75 miles south-west of London, 19 miles north-west of Portsmouth
Roads: M3, M27, A34, A36, A27
Rail: Southampton Central Station
Air: Southampton International Airport

Situation

The property is situated on the western side of the High Street, close to its junction with Above Bar Street, Southampton’s prime retailing thoroughfare. West Quay Shopping Centre which houses over 100 retailers including John Lewis, Marks and Spencer, Zara, Hollister and Apple is located approximately 100 metres to the north. Other nearby occupiers include Burger King, Tesco Express, Costa Coffee, Superdrug and Moss Menswear.

Tenure

Freehold.

Location

Miles: 75 miles south-west of London, 19 miles north-west of Portsmouth
Roads: M3, M27, A34, A36, A27
Rail: Southampton Central Station
Air: Southampton International Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor retail unit with ancillary
accommodation on first and second floors.

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 a ground floor retail unit with ancillary
accommodation on first and second floors.

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

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground First Second	Retail Ancillary Ancillary	548.80 sq m 202.14 sq m 210.04 sq m	(5,907 sq ft) (2,176 sq ft) (2,261 sq ft)	CANADA LIFE LIMITED (1) (2)	125 years from 15/04/1986 until 14/04/2111 on a full repairing and insuring lease	£33,750	15/04/2013 and annually thereafter, geared to 15% of rents receivable (2)
Totals		960.98 sq m	(10,344 sq ft)			£33,750

The Buyer will pay the Seller a contribution towards the Seller’s costs as set out in the Extra Special Conditions.
(1) For the year ending 31st December 2012, Canada Life Limited reported a turnover of £1,316,100,000, pre-tax profits of £362,700,000 and a total net worth of £1,062,100,000. (Source: www.riskdisk.com 06/06/2013)
(2) The property has been sublet to 99p Stores Limited until 2021 at a current rent of £225,000 p.a.x.
(3) Please refer to Chapter 5 of the lease.