The Avenue is one of Southampton's most sought-after locations, as it provides easy access to Southampton town centre (approx. 0.5 miles) as well as having quick links to the M27 motorway. The Site is also ideally located from a rental point of view, as it appeals to working professionals working in the town, but also the student market as it's a short walk or bus journey to Southampton University and Southampton Solent University.
This opportunity consists of two commercial units on the ground floor at the front of the site, with a 6 bed HMO property above, along with a further 4 bed HMO at the rear of the property.
One commercial unit is currently designed for food takeaway, this unit is currently sold aa vacant possession after an expired lease in 2020. The second commercial unit is currently trading as The Bathroom Shop, to which no formal lease is in place. The two commercial units were achieving a combined rental income of £12,000 per annum.
Both the 6 bed and the 4 bed HMO are currently vacant and will look to be sold with vacant possession. There is scope to refurbish the HMO properties and increase rental values, likewise there would also be scope to redevelop the site into self-contained flats, subject to an appropriate planning application.
Total site acres : 0.148
Under the new planning regulations, we believe that the current permitted use of the ground floor to be us class 'E' which includes uses such as retail, professional services, caf�, health clinics, indoor recreation/sport and office.
All parties are advised to make their own enquiries into the local authority for confirmation.
Asset Rating - TBC
Rateable Value £8,400
Source www.voa.org.uk The 2021/2022 standard multiplier is 0.499 (4.99p payable per £1). The 2020/2021 small business multiplier is 0.499 (49.9p payable per £1). This determines what business rates are payable. All parties are advised to make their own enquiries for confirmation. *If you qualify as a 'small business' you may be eligible for substantial relief in connection with business rates payable. We advise all parties speak to the local authority in the first instance for confirmation.
Guide Price of £685,000 subject to contract, for the freehold interest.
Please note all prospective purchasers will need to be verified for 'Anti Money Laundering' purposes prior to issuing memorandum of agreed terms of sale.
( Agency Pilot Software Ref: 7524 )