3 Hanover Buildings, Southampton, SO14 1JW

Description

Southampton is an important industrial, retail and residential city, influenced by the strong network communications by road, rail and air. The city has a busy retail centre serving a resident population of around 935,000 people (2021 census).

The property comprises a 3 storey mid-terrace building with traditional retail frontage situated on Hanover Buildings, directly opposite the proposed Bargate Development. The ground provides open plan accommodation with customer and staff WC's. The first and second floors are not currently utilised by the tenant and have the potential to be converted to residential at the end of the term subject to obtaining the necessary planning consents.

Accommodation

Ground Floor 104.9 sq m 1,129 sq ft
First Floor 56.4 sq m 607 sq ft
Second Floor 18 sq m 194 sq ft
Subtotal 179.3 sq m 1,930 sq ft


Planning

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

EPC Text

Asset Rating - D76

Rating

Rateable Value £16,250
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 being sold at Allsop's Auction on the 6th of May 2021 at a guide price of £300,000.

A purchase at this level reflects a Gross Initial Yield of 8.33%.

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 property is let to Done Brothers (Cash Betting) Limited (T/A Betfred) for a term of 5 years at a rebased rent of £25,000 PAX on fully repairing and insuring terms. The tenant has been in occupation since 2003.
( Agency Pilot Software Ref: 7318 )