The property comprises a well presented retail unit arranged principally over ground floor with ancillary accommodation provided at first floor level. The unit benefits from full height fenestration with signage up to first floor level, painted rendered elevations beneath a pitched and hipped slate roof with a glazed awning over the pavement to the front of the shop. There is a single storey flat roof element to the rear of brick construction. The unit benefits from rear access via Wells Road. The property is let on a 10 year lease to Hutchison 3G UK Ltd with 4.33 years remaining at a current rent passing of £50,000 per annum. There is a break clause in the lease for July 2017 which the tenant did not exercise. There are no rent reviews outstanding. Freehold, subject to the occupational lease.
Unit 2 is a modern mid terrace trade counter/warehouse, constructed of a steel portal frame with block and profile clad aluminium elevations.
The property comprises a trade counter area, warehouse with mezzanine offices and benefits from three phase electric power, gas connection, a solid concrete floor, sodium lighting, DDA compliant WC, personnel and roller shutter doors.
The office space benefits from suspended ceilings with recessed lighting, central heating, 2 x WCs and a kitchen. ( Agency Pilot Software Ref: 2038041 )
Unit 2 M3 Trade Park, Manor Way, Eastleigh, SO50 9YA
Type: Warehouse, General Industrial, Trade Counter, Industrial, Retail
Unit 2 M3 Trade Park, Manor Way, Eastleigh, SO50 9YAGBEastleigh, EastleighSO50 9YAManor Way
LOCATION & DESCRIPTION Eastleigh is a former railway town about 5 miles to the north of Southampton, with excellent road, rail and air links to the rest of England & the continent. As a result it has built an enviable reputation as a distribution and manufacturing centre. The retail centre of Market Street and the more secondary High Street is supplemented by The Swan Shopping Centre where visitors to its Vue based leisure extension are up to nearly 3m a year. The property itself comprises a two storey retail unit with a well established Charity trading from the ground floor. They have been in the premises since 2014 and utilise all of the rear storage area for the sorting, cleaning and storage of charity donations. The first floor is a self-contained 1-2 bed flat, let until recently on an Assured Shorthold Tenancy to the same tenant for 9 years, but it will be vacant from the beginning of April. ACCOMMODATION Ground floor retail unit - Net Sales 607 sq ft Rear Ancillary 672 sq ft WC. Rear Access, one parking space Total Ground Floor Net Area 1279 sq ft First floor flat comprising Living Room, Kitchen, Double Bedroom & Bathroom with additional second floor Living Room/Bedroom. This would benefit from some modernisation. TENANTS The ground floor is let to Life 2009, a registered charity https://lifecharity.org.uk/ established in 1970, and in 2016 they had a total income of £3.6m. They have a 10 year lease from November 2014 with a 5 year upward only rent review and the tenant break at the end of the third year was not used. The current rent is £16000 pa exclusive, representing an ITZA rent of just under £31.00 psf. Recent lettings and lease renewals in Market Street have tended to be in the region of £40 psf ITZA so it is our contention that the rent is reversionary and could see an uplift on review. Total current income therefore is £22600 pa. However, even at £35 psf ITZA the ground floor rent equates to £17750 pa, plus the flat income once a tenant is found.
FREEHOLD RETAIL INVESTMENT
Type: Retail, Leisure
3 Market Street, SO50 5RJGBEastleighHampshireSO50 5RJ3, Market Street
The main building is a two storey purpose-built Police Station of traditional load-bearing brick with a tiled pitched roof. To the rear of the site are a pair of semi-detached houses and to the western corner a detached house.
There are also various single storey buildings and portacabins to the rear of the site. There is car parking provision on site, which is accessed from Toynbee Road and there is an additional access to the west of the site, not currently in use, off Romsey Close.
Internally the main building is configured to provide office space and cells for the former Police Station and will therefore require comprehensive refurbishment to convert it to an alternative use.
The whole site extends to approximately 0.68ha (1.67acres). ( Agency Pilot Software Ref: 2036603 )