1-2 Hanover Buildings, Southampton, SO14 1JU

A Freehold retail investment in a prominent location.

Property details

Type Investment, Retail
Tenure Freehold, subject to the existing tenancies.
Price £625,000
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Features
  • Substantial double fronted property in prime retail location
  • City centre retail property with residential accommodation to the upper floors.
  • Let to T Bello Group Ltd , trading as Taco Bell
  • Let on a 15 year term, expiring 12/10/2031 at a rent of £52,500
  • 6 upper floor flats sold off on long leaseholds
  • Total income - £54,000 per annum
  • Freehold - £625,000 plus VAT , representing a net initial yield of 8.22% ( after purchasers costs of 5.12%)
Location
The premises are located in a prominent position in Southampton city centre and is just a short walk from Above Bar Street, the main pedestrianised retail district of Southampton. Above Bar Street leads north towards West Quay Shopping Centre and to the South leads to Below Bar and High Street which continue to Town Quay. The property sits close to other retailers and restaurant. Southampton is an important industrial, retail and residential city, influenced by the strong network communications by road, rail and air. The city has a busy retail centre serving a resident population of around 935,000 people (2021 census).
Description

The property comprises a mid terrace double fronted retail unit arranged on basement and ground floors. The ground floor is now accommodated to use as a retail shop and has a double width fully glazed display frontage. It has a single WC and kitchenette to the rear of the ground floor and access to a rear lobby and staircase which leads to the basement and also to upper floor accommodation which has been sold off. The Ground Floor Area extends to approximately 2110 sq. ft. There are 6 self contained flats above the retail shop, which have been sold off and produce a ground rent income of £250 per property per annum.

Price
Offers in the region of £625,000 plus VAT are sought for the freehold interest. A purchase at this level would equate to a net initial yield of 8.22% after purchasers costs of 5.12%.
Tenancy
See table opposite.
VAT
We are advised that VAT is payable, although it is anticipated that the transaction will be dealt with by way of a TOGC.
EPC
Available upon request.
Legal Costs
Each party are to responsible for their own legal costs that may be incurred in this transaction.
Anti Money Laundering
In accordance with Anti Money Laundering Regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.