399 Shirley Road, Southampton, Hampshire, SO15

Investment Consideration:
Gross Initial Yield: 8.45%
Rental Income: £78,180 p.a.
VAT is NOT applicable to this property
Comprises 1 x Retail Shop, 1 x 2-Bed and 5 x Studio Flats
Total retail area: 45 sq m (484 sq ft)
Total residential area: 152 sq m (1,636 sq ft)
Situated right opposite a bus station that offers direct transportation links to Southampton City Centre via bus.
Nearby occupiers include McDonalds, Halifax, Lidl, The Gym Group, Pharmacy, Barbers and Restaurants, amongst others.

Property Description:
Mid-terrace building comprising 1 x Retail Shop, 1 x 2-Bed Flat and 5 x Studio Flats. The residential flats have been newly developed/converted in 2022 to a high standard, providing the following accommodation and dimensions:
Ground Floor:
Shop - 45 sq m (484 sq ft)
Rear Ground Floor:
Studio 1 - 17 sq m (183 sq ft)
Double bed, Kitchen, Bathroom
Studio 2 - 17 sq m (183 sq ft)
Double bed, Kitchen, Bathroom
Studio 3 - 17 sq m (183 sq ft)
Double bed, Kitchen, Bathroom
First Floor:
Studio B - 26 sq m (280 sq ft)
Double bed, Kitchen, Bathroom
Studio C - 22 sq m (237 sq ft)
Double bed, Kitchen, Bathroom
Second Floor:
Flat A - 53 sq m (570 sq ft)
2 Bedrooms, Kitchen, Living Room, Bathroom

Tenancy:
The ground floor shop is at present let to RJ Foods Express for a term of 5 years from 22nd September 2021 at a current rent of £12,000 per annum and the lease contains full repairing and insuring covenants.
Studio 1 is at present let on AST to and Individual for a term of 12 Months from 6th April 2023 at a current rent of £9,900 p.a. Deposit held of £825.
Studio 2 is at present let on AST to and Individual for a term of 12 Months from 5th May 2023 at a current rent of £9,600 p.a. Deposit held of £800.
Studio 3 is at present let on AST to and Individual for a term of 6 Months from 29th April 2023 at a current rent of £10,200 p.a. Deposit held of £980.
Studio B is at present let on AST to and Individual for a term of 12 Months from 15 April 2023 at a current rent of £10,200 p.a. Deposit held of £875.
Studio C is at present let on AST to and Individual for a term of 6 Months from 15th September 2023 at a current rent of £10,380 p.a. Deposit held of £850.
Flat A is at present let on Lease to Daily Property Deals Ltd for a term of 12 Months from 5th June 2023 at a current rent of £15,600 p.a. Deposit held of £1,300.

Location:
Shirley is a broad district and a former village on the western side of Southampton, England. Shirley's main roles are retailing and residential. It is the most important suburban shopping area in the west of the city. The property is situated right opposite a bus station that offers direct transportation links to Southampton City Centre. Occupiers nearby including McDonalds, Halifax, Lidl, The Gym Group, Pharmacy, Barbers and Restaurants, amongst others.