Description
A prominently positioned four-storey mixed-use investment opportunity on Westend Road, Southampton, comprising a ground floor retail unit, self-contained maisonette, garage and storage accommodation.
The ground floor retail unit, currently occupied as a barber shop, benefits from a prominent street-facing frontage, display window, electric shutters, sales area, storage, W/C, kitchenette and rear access.
The self-contained maisonette is accessed via a separate entrance and provides a kitchen, living area and bathroom at first-floor level, with access to a rear roof terrace and fire escape. The second floor provides three further rooms, currently arranged as one bedroom and two storage rooms.
Externally, the property benefits from one allocated parking space, together with a basement garage which offers potential to be blocked in to create additional parking.
Location
Westend Road is in an established residential and commercial neighbourhood with a range of shops, services and food outlets nearby, and is a short distance from the pedestrian shopping precinct, all of which provides heavy foot traffic in the area.
17 Westend Road is surrounded by Bitterne Post Office, Bitterne Surgery, Connell's Estate Agent's and JD Gyms, and in the surrounding local area, a Morrison's Daily, Sainsbury's Supermarket, Peacocks and Greggs. To the rear of the property is a public car park.
Terms
We are instructed to seek £235,000 exclusive which reflects a net initial yield of 8.97%, assuming normal purchasers cost of 4.86%.
AML
In accordance with Anti-Money Laundering requirements, two forms of identification will be required from the purchaser or tenant and any beneficial owner together with evidence/ proof identifying the source of funds being relied upon to complete the transaction.
Tenancy
The property is let to a private individual on a full repairing and insuring lease at a rent of £21,600 per annum. The lease commenced on 27 November 2023 for a term of 7 years, expiring on 26 November 2030, subject to tenant break options on the third and sixth anniversaries of the lease.
VAT
This property is not elected for VAT.
Legal Costs
Each party to be responsible for their own legal costs incurred in the transaction.
