Southampton – Virtual Freehold Retail Investment

share

bookmark

Investment Consideration:
Gross Initial Yield: 8.82%
Rental Income: £15,000 p.a.
VAT is NOT applicable to this property
Comprises ground floor shop t/a barbers.
Let until 2033. Rent review linked to RPI in 2028.
Nearby occupiers include Lloyds Bank, Pure Gym, Iceland and Superdrug, amongst others.

Property Description:
Comprises ground floor shop t/a barbers, providing the following accommodation and dimensions:
Ground Floor: 64 sq m (690 sq ft)
Open plan retail, reception, storage

Tenancy:
No. 432 Shop is at present to an Individual for a term of 10 Years from 2nd May 2023 at a current rent of £15,000 p.a. and the lease contains full repairing and insuring covenants. Rent review linked to RPI in May 2028. Tenant option to determine in May 2028 with min 6 months notice. Deposit held of £3,750. Lease within Landlord & Tenant act 1954.

Tenure:
Long leasehold. To be held on a 999 year lease from completion at a ground rent of peppercorn.

Location:
Southampton is the main commercial and administrative centre of Hampshire and is located 70 miles south-west of Central London. Bitterne is a suburb located to the east of the City Centre. The city benefits from excellent road communications via the M27 and M3 Motorways. Bitterne Rail Station provides regular services to London via Southampton. The property is situated on the south side of Bitterne Road fronting the pedestrianised section, in the heart of the retail area. Nearby occupiers include Lloyds Bank, Pure Gym, Iceland, Specsavers and Superdrug, amongst many more.