TENUREInvestment Opportunity, Under Offer, For Sale Freehold
POSTED ON22nd December 2019
The property occupies a corner position in the centre of St Mary's retail offering, an established secondary trading position about half a mile of Southampton City Centre. The local parade predominately comprises Independent A1 and A3 operators with some notable nationals including; Tesco Express, Co-op Funeral Care and Betfred.
120 St Mary Street comprises retail accommodation on ground with ancillary on part first floor to front aspect. The rear of the first floor comprises residential accommodation arranged as 3 bed sit rooms with shared kitchen / diner and a studio flat.
The retail accommodation is subject to an occupational lease to a John Wheeler trading as 'J.H.Bigland Bakery'. The lease commenced 27th of September 2016 for a term of 10 years until 27th September 2026 at a passing rent of £15,600 per annum.
The upper parts are fully occupied and produce an income of £19,760 per annum - equating to circa £95 per week per room.
The total gross income reflects £36,410 per annum.
Ground Floor Commercial - 1,483 sq. ft. First Floor Commercial - 752 sq. ft.
Bed sit 1 - 4.18m x 4.22m Bed sit 2 - 3.13m x 3.76m Bed sit 3 - 3.98m x 4.18m Shared Kitchen / Diner 3.12m x 3.74 Studio - 27.4 m2
Rateable Value £6,700
Offers are invited in the region of £365,000 for the freehold interest, subject to contract and exclusive of VAT/