1-2 Hanover Buildings, Southampton, SO14 1JU
A commercial investment property in Southampton
Guide price*
£600,000
Plus fees
Sold prior to auction, for an undisclosed amount
Lot information
Commercial Investment
Auction details:
Wednesday 8th December 2021 @ 09:00AM
A Substantial Double Fronted Investment Property Current Gross Income: £54,000 pa.
Property 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.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).Energy Performance Rating
See legal pack.Tenure
Freehold – Subject to the existing tenancy.Tenancy Details
The property is let to T Bello Group Ltd , trading as Taco Bell, at a rental figure of £52,500 per annum, for a term of 15 years expiring 12th October 2031.Remote Bidding Auction
This property is being offered via a remote bidding auction with bidding by proxy, telephone or internet only. You will need to pre-register for remote bidding, provide your identification and debit card details no later than 24 hours prior to the auction, please visit our website for further details.Viewings
Strictly by appointment with the Auctioneers.DISCLAIMER
Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and include information that has been provided to them. Plans, photographs and room measurements (provided via a 3rd party) are provided as guidance only and should not be relied upon. All potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars or to obtain further information that is not provided which they deem to be important prior to bidding. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.
LIVE-STREAMED AUCTION
Please note that the Auction will be livestreamed via our website. You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction. Please click here for further details.
*DEFINITION OF GUIDE & RESERVE PRICE
All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.
COSTS AT AUCTION
When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding. They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.
The sale of each lot is subject to an administration fee of £1,920 inc VAT (£1,600.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction. Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.
Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack has been prepared by the seller’s solicitor(s), who are responsible for its contents and disclosing all know information. It is available to download free of charge under the ‘lot information’, and you take responsibility for reading and understanding the legal pack and are bound by all the contents. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.
