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Mixed Use for sale

1-3 The Colonnade,Bridge Road,WoolstonSouthampton,SO19 7QT

Under Offer 1,656 sq. ft. | £450,000

Property Description

Commercial information

  • 1,656 sq ft (153 sq m)
  • Use class orders: A1 Shops

Key features

  • Retail & Residential
  • Two Shops & Two Flats
  • Guide Price 450,000 Subject to Contract
  • Prominent Corner Position
  • Asset Management Potential
  • VAT not payable on Purchase Price

Full description

Description:
The property is situated in a very prominent position at the junction of Victoria Road and Bridge Road/Portsmouth Road in Woolston, one of the main suburban shopping centres to the east of Southampton City Centre.

On street parking is available close by at Bridge Road car park. The area has recently benefited from some regeneration works as well as road improvements and the re-development of the 12.5 hectare former VT shipyard is now nearing completion with circa 1500 new homes.

The property is arranged as two ground floor lock-up retail units with two self-contained two bedroom flats above which are accessible from the rear.

Accommodation:

Shops 1 & 2:  Square Foot:  Square Metre:  
Max Width    13.33m  
Max Depth    8.72m  
Net Sales Area  1247  115.92  
Shop 3      
Max Width    5.16m  
Max Depth    7.47m  
Net Sales Area  409  37.95  
Residential Upper Parts      
Flat 1  667.4  62  
Flat 2  667.4  62  
Flats 1 & 2: Entrancehall, Kitchen, Bathroom, Bed x 2, Lounge      
Measured in accordance with the RICS Code of Measuring Practice 6th Edition.

EPC:
Asset Rating:
Shop 1 & 2 - C69
Shop 3 - E112
Flat 1 - D55
Flat 2 - D61

Tenancies:
Shops 1 & 2: Let for a term of 15 years expiring 31st May 2030.
The shops are let by way of an effectively fully reparing and insuring lease limited by a Schedule of Condition. There is a tenant break option in 2018 and every further three years.

The initial rent is 14,000 per annum from 1 June 2015 until 31st May 2016, rising to 16,000 until 31st May 2017, and then again to 18,000 until 31st May 2018. It is then subject to open market rent reviews. The current tenant is Mr A.Ali.

The permitted use is A1 (Retail).

Shop 3: Let for a term expiring 31 May 2030.
The current rent is 5,657.28, subject to to an open market rent review on 25 March 2016 and again in 2021. There is also a tenant break option in March 2021. The current tenant is C.Browne.

The permitted use is A1 (Retail).

Flat 1: To be let on new AST at 575 pcm (6,900 pa).

Flat 2: Vacant possesion to be provided. ERV 650 pcm (7,800 pa).

The estimated rent on letting vacant flat is 34,357.28 per annum.

The current gross rent is 32, 857.28 per annum.

Asset Management:
The rent for shops 1 & 2 are rising annually for the first three years.
A Rent Review is due for Shop 3, which is considered reversionary.
Scope for increase in the residential rents, as the current rents are considered low for two bed flats.
Scope to add further floor to flat roof area subject to consents.

Terms:
Offers are sought in the region of 450,000 subject to contract for the freehold interest subject to and with the benefit of existing tenancies.

A purchase at this level shows a gross interest yield of 7.6% rising on fixed uplifts of Shops 1 & 2 to in excess of 8% within three years.

Note: We are advised VAT is not payable on the purchase price. Interested parties are advised to make their own enquiries.


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