Gurkha, 2 to 8 Southampton Road, BH24

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Key Points

Summary

Freehold Restaurant Investment For Sale in Ringwood

Description

The property is an 18 Century Grade II Listed building which has been extended over time. The building is arranged over two storeys with elevations which are brick constructed, painted on ground floor, tile hung on 1st floor under a plain tile roof with toothed ridge tiles.

The property comprises a ground floor restaurant and first floor offices. The first floor offices have been sold on a long leasehold basis.

The ground floor restaurant is accessed directly from Southampton Road or from an alternative side entrance. The main trading area can accommodate around 80 covers. The ground floor is laid out to include a central bar servery, male, female and accessible WC facilities and a trade kitchen. To the rear is a manager’s office, staff WC and ancillary storeroom.

Externally, there is a trade courtyard to the rear of the restaurant that can accommodate seating for approximately 16 customers.

Location

The subject property lies to the southern end of Southampton Road at its junctions with Christchurch Road and High Street on its eastern side.

The town is located in Southwest Hampshire, situated on the River Avon, close to the New Forest. At the 2019 Census, the town had a population of 14,369 persons.

The property is easily accessible by the A31 and A338 highway. The nearest train station is Hinton Admiral, which is approximately 9 miles (14km) to the South. Bournemouth is less than 30 minutes away, which can be accessed via the A338.

The immediate area is predominantly commercial uses, with surrounding retailers close by include Superdrug, Clarks, Iceland, M & Co and Boots.

Availability_text

The accommodation comprises the following areas:

Licensing

The property has been granted a Premises Licence in accordance with the Licensing Act 2003. We understand that the establishment is permitted to sell alcohol Monday to Sunday 12:00-01:00. Other licensable activities are permitted.

Tenure

Freehold subject to the occupational lease.

Tenancy

- Tenant - New Forest Venue Limited (No. 13350160)
- Term - Fifteen years
- Commencing Date of the lease - 2021
- Current Rent of £52,000 pa
- Rent Reviews - 5 yearly

Covenant

We have made brief status enquiries of the tenant company, New Forest Venture Ltd. The company has an Incans equivalent Bond rating of ‘B+’.

Planning

The property is Grade II Listed, and is it located within a conservation area. The local authority is New Forest District Council.

We understand the property currently benefits from Class E use having been most recently used as a restaurant.

Rating

The subject property is on the 2023 Rating List, with a Rateable Value of £33,750. Please check www.voa.gov.uk for up-to-date information on rates payable.

Price

Offers in excess of £450,000, representing a 11.06% NIY are invited for the freehold investment.

EPC

The property has an EPC and will be provided to interested parties upon request.

Viewings

Viewings can be made by appointment with Savills.