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Under OfferFor sale: £134,950.00

30, Queens Terrace, Southampton, SO14 3BQ

Retail , 703 Sq Ft
Property type: Retail
Tenure: Investment Opportunity, Under Offer, For Sale Freehold
Size: 703 Sq Ft
Price: £134,950.00
Location: 30 Queens Terrace, SO14 3BQ
Queens Terrace is a street of mainly period buildings overlooking Queens Park opposite Dock Gate 4
and backing onto Oxford Street, one of the City’s main restaurant quarters. Occupiers are a variety of
different businesses, and this particular property trades on the ground floor as Terrace Hair Salon,
established in this location for many years.
The property itself comprises a four storey listed building and the three upper floors have been
converted some time ago to form four small flats. All of these were been sold off on long leases of 125
years at a nominal ground rent, but with the landlord having the ability to recharge a proportion of the
cost of insurance, as well as a service charge to cover maintenance and renewals, with each of the five
parties contributing 20% of the total.
Ground floor retail unit -
Net Sales – front salon 332 sq ft
Rear Ancillary – 3 rooms 371 sq ft
WC. rear access, courtyard
Total Ground Floor Net Area 703 sq ft
The ground floor is let to Sue Wheeler and William Short, trading as Terrace Hair Design Salon, on a
10 year lease from 1st October 2015 with a 5 year upward only rent review. The current rent is £11200
pa exclusive of rates and service charge, but including their share of the service charge/insurance. On
review the rent cannot exceed 110% of the current passing rent.
The four flats have been sold off on leases of 125 years from 12 August 2005.
Total rent therefore £11200 pa.
The entire property is for sale freehold, subject to the five subsisting leases, at a price of £134,950.
There is no VAT applicable. The net yield is therefore 7.2% after allowing for the landlords costs of
insurance and service charge.
EPC: Under preparation
RATES RV £9700
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