Property Investors buy Restaurant and betting shop in and around Southampton for £735,000 sold by Bond Wolfe

Property Investors buy two prime commercial properties in Southampton and nearby Eastleigh which were sold for £735,000 in a combined deal sealed by Bond Wolfe.

The property agency sold 1-2 Hanover Buildings in Southampton city centre, hosting Taco Bell, and 31 High Street in Eastleigh, hosting Bet Fred, to property investors The Harkalm Group Ltd.

1-2 Hanover Buildings is a double-fronted, mid-terraced property measuring approximately 2,110 sq ft on the ground floor just a short walk from Above Bar Street, in the city’s main pedestrianised area near West Quay Shopping Centre.

The property is let to T Bello Group Ltd, trading as Taco Bell restaurant, let on a 15-year term to October 2031 at £52,500 per annum, with six upper floor flats sold off on long leaseholds that produce ground rent of £250 each.

31 High Street in Eastleigh is a two-storey, mid-parade property in a prominent area of the town that is let to Done Brothers (Cash Betting) Ltd, trading as Bet Fred, for £25,000 per annum.

The ground floor shop extends to approximately 1,027 sq ft, with extra accommodation on the first floor.

James Mattin, managing director agency at Birmingham-based Bond Wolfe, said: “High Street retail has proved to be one of the most popular investment sectors since the outbreak of Covid, something a lot of analysts did not predict. 

“Locations such as these provide somewhat of a safety net for investors who back themselves to re-let properties in areas like this if tenants should ever not renew their leases.”

The vendor’s lawyer was Emma Fawkes-Underwood of George Green, while the buyer was advised by Jaymini Ghelani of Axiom Stone.