The property comprises a ground-floor retail unit, within a terraced retail development, with residential upper. The property has the benefit of external street parking to the front elevation, with access shared with two self contained two bed flats in Millbrook Road West.
( Agency Pilot Software ref: 1108 )
Location
The property is situated on the outskirts of Southampton on Millbrook Road West, the main trunk road leading directly into Southampton City Centre. The road runs directly from the M271 which joins with the M27 at Junction 2, giving access to Portsmouth to the east and Bournemouth 26 miles to the west, via the A31. There are good bus communications and Southampton main line railway station is approximately 1 mile away
Accommodation
Total Internal Area 754 sq ft (70.06 sq m )
Terms
TENURE Freehold Note: Currently the ground floor is held via a seperate long leasehold title. We are proposing to sell both the leasehold and freehold titles in a single transaction.
TERMS Offers considered in the region of £375,000, subject to the two AST’s and a new tenancy for the retail as set out below. A purchase at this level will show a gross initial yield of 8.74%.
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.
COMMERCIAL LEASE TERMS A new five year lease dated 1st October 2024 to Ladbrokes Betting & Gaming Limited on effectively full repairing terms at £11,175 per annum, subject to a tenant only break at year three. Please note, this only relates to No. 435 and the tenant occupies the next doo
Specification
- Asking price £375,000
- Total annual income £32,775
- Ground floor retail space with two residential flats above
- Easy access to Southampton City Centre
- New lease with Ladbrokes
- No VAT payable