Midanbury Broadway, 2 Witts Hill, Southampton, SO18 4QD

Description



The subject property is situated in a suburb of Southampton on the eastern side of the city. The area is an established and popular residential location. The building is positioned in a local parade adjacent to a convenience store, post office and several takeaways.

The property comprises a centre terraced building with retail shop at ground floor and a residential flat situated on the upper levels with rear access. The flat is sold off. There is a rear service road which provides access for loading and deliveries and to the flat. At the front there is customer parking for the parade.



Accommodation



Total Internal Area 602 sq.ft (55.92 sq.m)
Garage 134 sq.ft (12.44 sq.m)



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.



EPC Text



Asset RatingCommercialC
Residential C




Rating



Rateable Value£8,300
Source - voa.gov.uk
The 2023/2024 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.



Terms



Offers sought of £120,000 for the freehold interest subject to tenancies outlined. A purchase at this level will show a net initial yield of 7.36% after allowance for usual buyer's costs at 1.8%.



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



A new five year lease from 23 September 2023 to Boots UK Limited is being completed and will be in place at the point of completion. The lease will reserve a rent of £9,000 per annum payable monthly and will be on full repairing and insuring terms. The lease will include a tenants option to break at the third year subject to six months notice. The lease will be within the security of tenure provisions of The LTA 1954. This is a renewal of an original lease dated 2011.

The uppers are sold off on a 999 year lease from 12 November 1987 at a fixed ground rent of £10 per annum.

( Agency Pilot Software ref: 7581 )