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239 - 245A Lymington Road, Christchurch, BH23 4JP

For sale: £450,000.00|2482 Sq Ft|Other, Other Property Types & Opportunities

PROPERTY DETAILS

FOR SALE£450,000.00
SIZE2482 Sq Ft
ADDRESS239 - 245A Lymington Road, Highcliffe, Christchurch, BH23 4JP
TYPEOther, Other Property Types & Opportunities
TENUREFor Sale Freehold
POSTED ON12th October 2018

DESCRIPTION

Freehold Retail Investment



Location

Highcliffe is a prosperous coastal town located just to the east of Christchurch and close to the New Forest National Park. The subject property is located in a visible position fronting Lymington Road which is the main retail thoroughfare in the town. Highcliffe features a good mix of quality independent occupiers as well as national retailers such as Tesco Express and The Co-operative Food.



DESCRIPTION

The property comprises a 3 storey building with retail accommodation on the ground floor and self-contained residential accommodation arranged over the two upper floors. The ground floor is arranged with four retail units, each providing a prominent frontage on to Lymington Road and benefitting from rear loading access. Three of the retail units are occupied by Sue Ryder whohave created openings between the properties to create one larger unit. The remaining unit is let to a tanning and beauty shop. The property benefits from a large tarmacked car park to the rear and 9 garages which are demised to the shops and flats. We have measured the property with the following approximate net internal areas: Accommodation Sq M Sq Ft 241 Lymington Road (Sue Ryder) 49.86 536.70 Unit 3a, 239/243 Lymington Road (Sue Ryder) 57.72 621.28 Unit 2, 243A Lymington Road (Sue Ryder) 61.76 664.8 245A Lymington Road (Sunshack) 61.23 659.06

TENANCY

The property is let as follows: 245A Lymington Road is let to Jennifer King t/a ‘Sunshack Tanning & Beauty’ on an effective full repairing and insuring lease from 10th June 2017 for a term of 10 years at a current rent of £9,250 per annum. Additional security is provided in the form of Guarantee from a Mr A Myers. The lease has the benefit of an open market rent review on 10th June 2022. There is a Tenant only break clause on 10th June 2022 subject to 6 months written notice to the Landlord. A separate garage is demised within the lease. Unit 2, 243A Lymington Road is let to Sue Ryder on an effective full repairing and insuring lease from 16th September 2013 for a term of 10 years at a current rent of £8,100 per annum. The lease has the benefit of an open market rent review on 16th September 2018. There is a Tenant only break clause* on 16th September 2018 subject to 6 months written notice to the Landlord. A separate garage is demised within the lease. Unit 3a, 239/243 Lymington Road is let to Sue Ryder on an effective full repairing and insuring lease from 16th September 2013 for a term of 10 years at a current rent of £8,100 per annum. The lease has the benefit of an open market rent review on 16th September 2018. There is a Tenant only break clause* on 16th September 2018 subject to 6 months written notice to the Landlord. A separate garage is demised within the lease. 241 Lymington Road is let to Sue Ryder on an effective full repairing and insuring lease from 16th September 2013 for a term of 10 years at a current rent of £6,500 per annum. The lease has the benefit of an open market rent review on 16th September 2018. There is a Tenant only break clause* on 16th September 2018 subject to 6 months written notice to the Landlord. *We understand Sue Ryder have not serviced notice to activate their break clauses within their leases. The 6 upper floor flats (& associated garages) have been previously sold off on 99 year leases. However, 3 of the leaseholders have since negotiated lease extensions with the Vendor in return for premiums of £17,500, £19,000 and £20,000 respectively. We understand the remaining 3 flat leases have c. 59 years unexpired. The current total ground rent income is £581 per annum. The total income currently receivable is £32,531 per annum.

TENURE

The property is held Freehold.

VAT

We understand the property has not been elected for VAT purposes.

LOCATION

Location: 239 - 245A Lymington Road, Highcliffe, Christchurch, BH23 4JP

Hinton Admiral (0.6 miles)

Christchurch (2.7 miles)

New Milton (3.0 miles)

AGENT'S DETAILS

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