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Under OfferFor sale: £1,295,000.00


Retail, General Retail, Retail - High Street
Property type: Retail, General Retail, Retail - High Street
Tenure: Investment Opportunity, Under Offer, For Sale Freehold
Price: £1,295,000.00
Location: 84 Above Bar Street, Southampton, SO14 7DT
Southampton is the principal retail city on the South Coast, with the West Quay Shopping Centre just
100m or so from this property. Adjacent tenants include Boots Opticians, Sally Salon Supplies, Maplins,
Coffee#1, Lloyds Bank, Trespass, The Works, Moss Bros etc, and Marlands Shopping Centre is
The ground floor of this property has just been let to Caffe Nero who have completed a total refit and
just opened. The three flats, two of which are newly converted, are self contained, approached from the
rear and are all let on assured shorthold tenancies.
Ground floor
Total Net Area 1600 sq ft
Rear access
There are three flats, 1 x 2 bed and 1 x 1 bed on the first floor and a further 2 bed flat on the second
RV to be re-assessed
The premises are let to Nero Holdings Ltd trading as Caffe Nero, on a 10 year FRI lease (by way of a
service charge) from December 2017, with a 5 year upward only rent review but NO BREAK, at a rising
rent of £47,000 pa for 2 years, £49000 pa for the third year, and thereafter £50000 pa, exclusive of
rates, service charge, insurance and VAT. Our client is prepared to consider topping up the rent to
reflect £50000 pa throughout the first five years, by negotiation.
The three flats above are all let on ASTs at a total rent of £28000 pa.
Total income therefore can be £78000 pa. VAT is applicable
The freehold is for sale subject to the subsisting leases at a price of £1,295,000 plus VAT representing
a net initial yield of 5.63% based on the average of the Caffe Nero rent.
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