NMSB Site At Holbury Cottage, Lime Kiln Lane, Holbury, Southampton, SO45 2HE

Description

Holbury is located close to the eastern boundaries of the New Forest forming part of the Waterside Parishes. The site is within easy reach of Southampton city centre, benefits from proximity to the Fawley oil refinery, is well served by local roads and has good access to the M27 and wider UK motorway network.

The subject property is situated on Lime Kiln Lane in a rural location and within close proximity to a large residential catchment area.

The site benefits from a separate access waste recycling yard which is also accessible from Lime Kiln Lane. Within the site there are a series of open storage units used for sorting, open storage areas and portable cabin structures.

The site extends to circa 0.936 acres.

Planning

The site is utilised as a waste transfer site and merchants for aggregates and building supplies. Interested parties should make their own enquiries regarding uses.

Rating

Rateable Value - £37,750
Source www.voa.org.uk The 2024/2025 small business multiplier is 0.499 (4.99p payable per £1).

Terms

Offers invited in the region of £675,000 subject to contract for the freehold interest subject to and with the benefit of the subsisting tenancy as outlined above.

A purchase at this level shows an attractive net initial yield of 7% after allowance for usual buyer's costs at 5.24%.

The property is let by way of a lease commencing date of 30 September 2019 for a term of 18 years at a passing rent of £50,000 per annum, expiring 29 September 2037. The tenant is New Milton Sand And Ballast Limited.

The lease is subject to a tenant break options 30 September 2026 and 30 September 2031. The lease is drawn on full repairing and insuring terms.

The lease is subject to open market rent review 30 September 2029 and 2034 on an upward only basis.

See link for further information on the tenant company: https://www.nmsb.co.uk/
( Agency Pilot Software ref: 10648 )