50-52 Saxon Way is situated in the residential area of Romsey approximately 3 miles north of the M27 and easily accessible from both junctions 2 and 3. The A27 / A3057 provide access to the major arterial routes of the A303 to the north and the M27 to the south linking with the wider national motorway network.
The site includes a commercial retail unit on the ground floor, with the additional benefit of two residential flats above, each with their own individual access. In addition, the site benefits from a large driveway which includes two secure garages, off road parking for multiple vehicles and bin stores.
Commercial Ground Floor - 2,814 sq.ft (264 sq.m)
Flat 50a Saxon Way - 613 sq.ft (57 sq.m)
Flat 52a Saxon Way - 699 sq.ft (65 sq.m)
Commercial Rating C
Flat 50a Grade C
Flat 52a Grade D
Rateable Value £19,750
Council Tax Band A and B
Offers sought in the region of £615,000 subject to contract for the freehold interest with the benefit of the subsisting tenancy detailed above. A purchase at this level will show a net initial yield of 5.4%, after allowance of usual buyer's costs.
The property is subject to a lease dated 10 February 2017 for a term of 15 years from 20th January 2016, expiring 19th January
2031 reserving a current rent of £35,000 per annum.
This is an over riding lease of the whole building and the tenant sub-lets the residential element.
The original tenant was The Co-Operative Group, but the lease was assigned by way of a licence to assign dated 25th September 2020 to Niza Enterprises Ltd.
There is an Authorised Guarantee Agreement with Co-Operative Group of the same date. There is an outstanding rent review from 20th January 2021 under negotiation.
The lease is subject to a tenant break option 19th January 2026, subject to 6 months notice.
( Agency Pilot Software Ref: 2882 )