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
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.
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.
