Test Lane, Southampton, Hampshire, SO16

The property, which offers significant historical charm, comprises a substantial Grade II Listed, semi-detached warehouse/storage building dating from the early 18-th century with brick elevations, exposed internal timber structure and a pitched and tiled roof.

The property is let to a private individual who has been in occupation since 2009 (lease to 2029) and uses the unit purely as a storage facility for theatre props and equipment.

We are advised that the building benefits from a capped gas supply, single-phase electricity, water and mains drainage.

The asset may appeal to both investors or owner-occupiers.

ACCOMMODATION
We have undertaken a measured survey which identified an approximate Gross Internal Area (GIA) of c. 3,212 Sq. Ft. / 298 Sq. M over two storeys, which are linked internally by a spiral staircase.

TENURE
We are instructed to only seek unconditional cash offers of £175,000 for the freehold interest in title number HP291311, subject to the existing occupational agreement and subject to contract. A sale at this level represents a gross yield of 8.7% and a very low capital value of £55 psf.

It is understood that vacant possession could be achieved as there is an annual mutual break option within the lease falling each 20th April, upon the serving of 6 months’ prior written notice. Lease copy available upon request.

EPC RATING
E (118) valid until 1st December 2033.

RATEABLE VALUE
According to the Valuation Office Agency (VOA) the rateable value of the unit, effective from 1st April 2023, is £13,500 suggesting rates payable of circa £4,000. For more information on business rates please contact the Local Authority.

LEGAL COSTS & VAT
Each party to bear their own legal costs in this transaction. The property is not VAT elected.

VIEWINGS
For all enquiries please contact the sole agent Trinity Rose Commercial on or email Jon Baud on j. or mobile .

The property is found at the southern end of Test Lane which links Nursling to Redbridge to the west of Southampton and runs parallel to the Southampton-Romsey railway line and tributaries of the River Test. It is almost directly below the Redbridge Flyover and conveniently situated just half a mile from the M271 and 2.5 miles from the M27 motorway, providing good access to the wider south coast road network and around 1 mile from Southampton Docks.