Emlea Court, 131-133 Lodge Road, Portswood, Southampton, SO14 6QT

Description

The property is located within Southampton, a major port city within the county of Hampshire, located on the south coast. Emlea Court is located at the corner of Lodge Road and Oxford Road within the Inner Avenue area of the city. The area is within walking distance of local shopping facilities in London Road and Portswood.

The area is popular as a rental location as it is also within easy walking distance of Southampton Common and has good public transport connections.

The property comprises a three storey block of 9 x 1 bedroom residential flats with large first floor communal terrace area, double garage and landlord's store.

The property was formally a two storey commercial unit which was converted in 1995 to provide 6 flats. The roof space was then developed in 2008 to provide an additional 3 flats.

Further development potential STPP to realise additional units by converting the double garage and current store as well as developing the terrace space.

Accommodation

Flat 1 64 sq m
Flat 2 44 sq m
Flat 3 41 sq m
Flat 4 35 sq m
Flat 5 63 sq m
Flat 6 N/A LLH
Flat 7 53 sq m
Flat 8 43 sq m
Flat 9 38 sqm

Planning

Interested parties are advised to make their own enquiries of the Local Authority for confirmation.

The site is thought to have potential for additional development subject to the necessary consents.

EPC Text

EPC's available on request

Rating

Rateable Value - To be assessed
Source www.voa.org.uk The 2020/2021 standard multiplier is 0.499 (XXX payable per £1). The 2020/2021 small business multiplier is 0.499 (XXX 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

The property is available freehold subject to and with the benefit of the existing Assured shorthold tenancies as well as flat 6 being subject to a long leasehold as detailed below.

Guide price £1,300,000 subject to contract and tenancies. A purchase at this level will show a gross yield of 5.2% at ERV when fully let.

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

The properties are let on AST agreements at the following Rents:
Flat NumberCurrent Rent PCMCurent Rent PA
Flat 1 £650 £7,800
Flat 2 £625 £7,500
Flat 3 £625 £7,500
Flat 4 Vacant
Flat 5 Vacant
Flat 6 £8.33 £100
Flat 7 £625 £7,500
Flat 8 Vacant
Flat 9 Vacant
A large number of the flats have not had rent increases for some years. We estimate the rent per month on average for the flats is £700 PCM. This across the eight flats will show an estimated rent when fully let of £67,200 per annum.

The total gross income is then £67,300 per annum including the ground rent from flat 6.
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