Investment Consideration:
Rental Income: £15,000 p.a.
ERV: £65,400 p.a. GIY: 8.72%
VAT is NOT applicable to this property
Four-storey building comprising retail shop and 4 x 1-bed residential apartments
Part newly developed in 2024 to a high standard. One of the flats benefit from private garden at rear
Within short walk from Woolston Train Station with nearby occupiers include Subway, Greggs and more.
Property Description:
Newly converted and extended four-storey building comprising ground floor retail shop with ancillary accommodation at lower ground floor and 4 x 1-bed newly developed residential apartments (C3) at rear lower ground, ground, first and second floor, providing the following accommodation and dimensions:
Lower Ground:
Shop Ancillary - 33 sq m (355 sq ft)
Flat 1 (1-Bed) - 40 sq m (430 sq ft)
Ground Floor:
Retail Shop - 23 sq m (247 sq ft)
Flat 2 (1-Bed) - 37 sq m (398 sq ft)
First Floor:
Flat 3 (1-Bed) - 37 sq m (398 sq ft)
Flat 4 (1-Bed) - 60 sq m (646 sq ft)
Kitchen/living room, bathroom
Second Floor:
Flat 4 - bedroom
Total Residential Area: 174 sq m (1,872 sq ft)
Total Retail Area: 56 sq m (603 sq ft)
Tenancy:
The retail shop is at present let to an Individual* for a term of 10 Years from 11th February 2025 at a current rent of £15,000 p.a. and the lease contains full repairing and insuring covenants. Rent review on 11.02.30 linked to RPI. Tenant option to determine on 11.02.30 with min 6 months notice. Deposit held of £3,750.
*Let to a successful online business as their fulfilment centre, as well as retail sale of shoes and clothing. For more information, please visit .
Flat 1 is at present vacant. ERV: £12,000 p.a.
Flat 2 is at present vacant. ERV: £12,000 p.a.
Flat 3 is at present vacant. ERV: £12,000 p.a.
Flat 4 is at present vacant. ERV: £14,400 p.a.
Location:
Woolston is a suburb of Southampton, Hampshire, located on the eastern bank of the River Itchen. It is bounded by the River Itchen, Peartree Green, Itchen and Weston. The property is located within short walk to Woolston Station with occupiers nearby including Subway, Co-Op Food, Superdrug, Admiral Casino and more.
