Commercial Properties For Sale in Mainstone, Romsey, Hampshire
Paid partnerships can play a role in listing order
1/8Prime located retail investment of 2 shops let producing a rental income of £47,500 pa plus vacant upper floor offices of 2,098 sqft suitable for conversion to residentail use (stp) or continued office use
- Prime located retail invesment with upper floor vacant offices
- 2 shops let producing rental income of £47,500 pa
- Shops let until 2029 and 2034
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Prime located retail investment of 2 shops let producing a rental income of £47,500 pa plus vacant upper floor offices of 2,098 sqft suitable for conversion to residentail use (stp) or continued office use
- Prime located retail invesment with upper floor vacant offices
- 2 shops let producing rental income of £47,500 pa
- Shops let until 2029 and 2034
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Riverside Yard comprises a substantial yard/open storage site extending to approximately 2.185 acres in total, with the net usable area extending to circa 1.245 acres. The total site area is hatched red on the plan, with the net usable area hatched blue. The site is accessed via a concrete lane, which forms part of the title, and is mainly hardstanding with a small area of unsurfaced ground. Water and electricity are available on site. There is also an old farm building, although this is in derelict condition. Approximately 25% of the site is currently let, producing an income of £40,250 per annum. The property therefore provides an exciting opportunity for an owner occupier to acquire a sizeable yard/site for their own use, whilst also benefiting from an existing income stream from occupiers on site. The property also offers an excellent opportunity for investors to increase the overall income by letting the vacant areas of the site to new occupiers. The current tenancy layout plan and tenancy schedule are included at the end of this brochure.
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Romsey is an affluent market town located in Hampshire. The town has easy access to Winchester (9.5 miles northeast), Southampton (7.5 miles south-east) and the New Forest via A3090, M271 and M27 respectively. The location offers a comprehensive selection of commercial premises including retail shops, restaurants, cafés and beauty salons. Major national retailers nearby include Boots, Waterstones and TSB. The asset is well positioned just off the prime position of Market Place and well located for nearby car parks, Romsey Abbey, excellent public transport links and benefits from good footfall along the main retail area. The property comprises a centre terraced building of traditional brick construction beneath a pitched slate tiled main roof. It provides two well configured lock up shops at ground level, with extensive glass frontage and rear access. The uppers are a self-contained two level residential flat which is sold off separately.
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This investment property comprises a three-storey Grade II listed building generating a total income of £31,620 per annum from a ground-floor retail unit and 2x two bedroom flats. One flat is let on an assured shorthold tenancy at an annual rent of £11,820 per annum. The other flat is sold off on a long lease. The owner pays a ground rent of £50 per annum. The 712 sq ft shop has frontage to Church Street and is visible from Market Place. It is let to Tidal Vapes Limited on a 7-year lease from April 2023, expiring April 2030, at a rent of £19,800 per annum. There is a tenant-only break option in April 2028. The lease is on effective full repairing and insuring terms. The rent is subject to an upwards-only review in April 2028. The lease is available to review upon request. The tenant offers a very good covenant, with a Credit Safe Risk Score of 79 (placing it in the upper 25% of 22,420 comparable companies) and an International Score of 'A' (very low risk). Details of the current service charge and sinking fund arrangements are available upon request. Please find the tenancy schedule overleaf.
