47-49 Market Street EastlEigh sO50 5RF AWS
47-49 Market Street Eastleigh SO50 5RF
Freehold Retail Investment Guide Price - £700,000 (6.75% NIY)
Key Investment Criteria • Freehold retail investment • Prime position on Market Street connecting with the Swan Shopping Centre • 5A1 D&B rated covenant • 4.33 years term certain let to Hutchison 3G UK Limited • Rent £50,000 per annum
• Offers are invited in the region of £700,000 which reflects a NIY of 6.75% (assuming normal purchaser’s costs of 5.38%)
Location 47-49 Market Street
• 5 miles north east of Southampton city centre • 75 miles south-west of London • 21 miles north-west of Portsmouth • 8 miles south of Winchester
Eastleigh SO50 5RF
Eastleigh is a town location in the county of Hampshire which lies between Southampton and Winchester. The subject property is located in the center of Eastleigh, a short distance from the Swan Shopping Centre. Market Street is the main retail pitch outside of the Swan Centre, close to the junction with Wells Place where the main entrance to the Swan Centre is located.
Occupiers also located on Market Street include Gregg’s, Subway, Costa Coffee, Santander, Millets, Burton, Superdrug, Phones 4 U, and Thomas Cook Travel. Other nearby operators include Swan Leisure Centre, Café Nero, Prezzo, JD Sports, Trespass, Tesco, TK Maxx and Argos amongst a variety of other retailers.
Description
EPC
The property comprises a well presented retail unit arranged principally over ground floor with ancillary accommodation provided at first floor level.
The property has an EPC Rating of C-73. A full EPC can be provided to parties upon request.
The unit benefits from full height fenestration with signage up to first floor level, painted rendered elevations beneath a pitched and hipped slate roof with a glazed awning over the pavement to the front of the shop. There is a single storey flat roof element to the rear of brick construction.
VAT
The unit benefits from rear access via Wells Road
Price
We understand the following Gross Internal floor areas:
Unconditional offers are invited in the region of £700,000 for the freehold interest subject to the existing occupational lease. A purchase at this level reflects a NIY of 6.75% assuming purchasers costs of 5.38%.
Level
Sq Ft
Sq M
Ground
2,350
218.29
First
732
68.00
Total
3,082
286.29
Tenancies The property is let on a 10 year lease to Hutchison 3G UK Ltd with 4.33 years remaining at a current rent passing of £50,000 per annum. There is a break clause in the lease for July 2017 which the tenant did not exercise. There are no rent reviews outstanding.
Tenure Freehold, subject to the occupational lease.
Covenant Tenant Hutchison 3G UK Ltd
DAB Rating 5A1
Turnover
Tangible Net Worth
£2,203,170,000 (YE 31 Dec-16)
£3,047,968,000
As confirmed above, the tenant is of undoubted covenant strength and are therefore able to meet their lease obligations.
The investment is not VAT registered and will therefore be exempt from paying VAT.
VIEWING
CONTACT
For a formal viewing strictly by appointment with Savills.
Savills Southampton 2 Charlotte Place SO14 0TB
Piers Cook [email protected] 07967 555507
Adam Bullas [email protected] 07812 965395
Martin Hastelow [email protected] 07968 550395
Important Notice: Savills, their clients and any joint agents give notice that: 1. They have no authority to make or give any representations or warranties in relation to the property. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.
Freehold Retail Investment Guide Price - £700,000 (6.75% NIY)
Key Investment Criteria • Freehold retail investment • Prime position on Market Street connecting with the Swan Shopping Centre • 5A1 D&B rated covenant • 4.33 years term certain let to Hutchison 3G UK Limited • Rent £50,000 per annum
• Offers are invited in the region of £700,000 which reflects a NIY of 6.75% (assuming normal purchaser’s costs of 5.38%)
Location 47-49 Market Street
• 5 miles north east of Southampton city centre • 75 miles south-west of London • 21 miles north-west of Portsmouth • 8 miles south of Winchester
Eastleigh SO50 5RF
Eastleigh is a town location in the county of Hampshire which lies between Southampton and Winchester. The subject property is located in the center of Eastleigh, a short distance from the Swan Shopping Centre. Market Street is the main retail pitch outside of the Swan Centre, close to the junction with Wells Place where the main entrance to the Swan Centre is located.
Occupiers also located on Market Street include Gregg’s, Subway, Costa Coffee, Santander, Millets, Burton, Superdrug, Phones 4 U, and Thomas Cook Travel. Other nearby operators include Swan Leisure Centre, Café Nero, Prezzo, JD Sports, Trespass, Tesco, TK Maxx and Argos amongst a variety of other retailers.
Description
EPC
The property comprises a well presented retail unit arranged principally over ground floor with ancillary accommodation provided at first floor level.
The property has an EPC Rating of C-73. A full EPC can be provided to parties upon request.
The unit benefits from full height fenestration with signage up to first floor level, painted rendered elevations beneath a pitched and hipped slate roof with a glazed awning over the pavement to the front of the shop. There is a single storey flat roof element to the rear of brick construction.
VAT
The unit benefits from rear access via Wells Road
Price
We understand the following Gross Internal floor areas:
Unconditional offers are invited in the region of £700,000 for the freehold interest subject to the existing occupational lease. A purchase at this level reflects a NIY of 6.75% assuming purchasers costs of 5.38%.
Level
Sq Ft
Sq M
Ground
2,350
218.29
First
732
68.00
Total
3,082
286.29
Tenancies The property is let on a 10 year lease to Hutchison 3G UK Ltd with 4.33 years remaining at a current rent passing of £50,000 per annum. There is a break clause in the lease for July 2017 which the tenant did not exercise. There are no rent reviews outstanding.
Tenure Freehold, subject to the occupational lease.
Covenant Tenant Hutchison 3G UK Ltd
DAB Rating 5A1
Turnover
Tangible Net Worth
£2,203,170,000 (YE 31 Dec-16)
£3,047,968,000
As confirmed above, the tenant is of undoubted covenant strength and are therefore able to meet their lease obligations.
The investment is not VAT registered and will therefore be exempt from paying VAT.
VIEWING
CONTACT
For a formal viewing strictly by appointment with Savills.
Savills Southampton 2 Charlotte Place SO14 0TB
Piers Cook [email protected] 07967 555507
Adam Bullas [email protected] 07812 965395
Martin Hastelow [email protected] 07968 550395
Important Notice: Savills, their clients and any joint agents give notice that: 1. They have no authority to make or give any representations or warranties in relation to the property. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.
