432-434 Bitterne Road, Southampton, Hampshire, SO18

Investment Consideration:
Gross Initial Yield: 7.28%
Rental Income: £72,800 p.a.
VAT is NOT applicable to this property
No. 434 comprises Mental Health Clinic Hub (Class E) let to NHS Foundation Trust
No. 432 comprises Ground Floor Shop, Office at Rear Ground Floor and 2-Bed Flat at First Floor
The properties include rear parking area for 6-8 cars, with development potential to add another building, STTP
Nearby occupiers include Lloyds Bank, Pure Gym, Iceland, Specsavers and Superdrug, amongst others.

Property Description:
No. 434 comprises mental health clinic hub arranged over ground and first floor, providing the following accommodation and dimensions:
Ground Floor: Shop 105 sq m (1,130 sq ft)
First Floor: Ancillary 102 sq m (1,097 sq ft)
No. 432 comprises ground floor shop, self-contained office at rear ground floor and a 2-bedroom flat at first floor, providing the following accommodation and dimensions:
Ground Floor Front: Shop 64 sq m (690 sq ft)
Ground Floor Rear: Office 56 sq m (603 sq ft)
First Floor: 2-Bed Flat 75 sq m (807 sq ft)
Total area size: 402 sq m (4,327 sq ft)

Tenancy:
No. 434 - The entire property is at present let to Southern Health NHS Foundation Trust for a term of 10 Years from 4th July 2022 at a current rent of £35,000 p.a. and the lease contains full repairing and insuring covenants. Rent review linked to RPI in the 5th Year. Tenant option to determine in the 5th Year with minimum 6 months notice. Lease within Landlord & Tenant Act 1954.
No. 432 Shop is at present to an Individual for a term of 10 Years from 2nd May 2023 at a current rent of £15,000 p.a. and the lease contains full repairing and insuring covenants. Rent review linked to RPI in May 2028. Tenant option to determine in May 2028 with min 6 months notice. Deposit held of £3,750. Lease within Landlord & Tenant act 1954.
No. 432B Office is at present let to Vaults Security Solutions Ltd for a term of 5 Years from 27th September 2023 at a current rent of £10,800 per annum. Deposit held of £2,700. Lease within Landlord & Tenant Act 1954.
No. 432A Flat is at present let on AST to an Individual for a term of 12 Months from 2nd October 2023 at a current rent of £12,000 per annum. Deposit held of £1,152.

Location:
Southampton is the main commercial and administrative centre of Hampshire and is located 70 miles south-west of Central London. Bitterne is a suburb located to the east of the City Centre. The city benefits from excellent road communications via the M27 and M3 Motorways. Bitterne Rail Station provides regular services to London via Southampton. The property is situated on the south side of Bitterne Road fronting the pedestrianised
section, in the heart of the retail area. Nearby occupiers include Lloyds Bank, Pure Gym, Iceland, Specsavers and Superdrug, amongst many more.