78/78a Bedford Place, Southampton, Hampshire, SO15 2DF

Description

The property occupies a prominent location close to the junction of Bedford Place, Carlton Place and Henstead Road within this popular commercial location. Bedford Place is a popular trading location within the city centre. It is situated within the business district and has a large student population. There are numerous car parks in close proximity of the property in addition to public meter parking on Bedford Place. Bedford Place comprises both national and local retailers which include McColl's, Sainsbury's and Revolution in addition to independent hair dressers, barbers and cafe operators.

Primmer Olds B.A.S are pleased to bring to the market this mixed commercial/residential investment opportunity in one of Southampton's most popular areas. The commercial unit is currently let to a local business. Upstairs is a spacious two bedroom flat which has recently undergone a number of internal upgrades and benefits from plenty of space, rear facing bedrooms and a private enclosed garden area.

Accommodation

Ground Floor 379 sq.ft (35.21 sq.m)
Lower Ground Floor 327 sq.ft (30.38 sq.m)
Total Internal Area 706 sq.ft (65.59 sq.m)


Rating

Rateable Value £7,500
Source The 2023/2024 small business multiplier is 0.499 (4.99p payable per £1). This determines what business rates are payable. All parties are advised to make their own enquiries for confirmation. *If you qualify as a 'small business' you may be eligible for substantial relief in connection with business rates payable. We advise all parties speak to the local authority in the first instance for confirmation.

Terms

Offers considered in the region of £425,000 subject to contract for the freehold interest, subject to commercial tenancy as detailed below and vacant possession of flat.



Planning

Under the new planning regulations, we believe the current permitted use to be use class 'E' which includes uses such as retail, professional services, cafe`, health clinics, indoor recreation/sport and office. All parties are advised to make their own enquiries of the local authority for confirmation.

EPC Text

Asset Rating - D(83)

Anti Money Laundering

Please note all prospective purchasers will need to be verified for 'Anti Money Laundering' purposes prior to issuing memorandum of agreed terms of sale.

Lease Terms

Ground floor is let by way of a lease dated April 2023 for a term of 6 years at a passing rent of £16,000 per annum, expiring 10 April 2029.The tenant is Made In Here Limited
The lease is subject to an open market upward only rent review on 11 April 2026.
The lease is drawn on full repairing & insuring terms.
The first floor flat comprises 2 bedroom let from 31/01/2024 at £15,000 per annum (£1,250 pcm)