98 Old Christchurch Road, Bournemouth BH1 1LR - Realla
Re Pric du e ce d
98 Old Christchurch Road, Bournemouth BH1 1LR
FOR SALE
Freehold Retail and Residential Investment Central Bournemouth
Agency |
Lease Advisory |
Management |
Valuation |
Investment |
Development
98 Old Christchurch Road, Bournemouth BH1 1LR
Executive Summary • Eurochange Ltd occupys the commercial element under a new 10 year lease from 24 March 2016 • Rent payable for retail element £22,000 pax which is rack rented in our opinion and reflects the recent lease renewal • Upper parts vacant but would form a studio and 2 bedroom apartment needing refurbishment • Possible opportunity to create a further studio at basement level • Attractive lot size and intact freehold in a town with limited availability of freeholds • Price £460,000 subject to contract • No VAT Location Within the wider sub-region Bournemouth is a key location for tourism, culture, higher education and office based employment. The town is a focus of economic investment regionally. The wider conurbation has an operational maritime port and international Airport. It also has two strong Universities; Bournemouth University and Arts University Bournemouth with over 20,000 students bringing further spend to the area. Bournemouth benefits from seven miles of beaches which have traditionally helped underpin a strong tourist industry. Tourism in the town is complemented by nearby attractions, such as the New Forest National Park and World Heritage Jurassic Coastline.
Flude Commercial | Chichester | West Sussex PO19 1ES
Retailing in Bournemouth The town has a primary catchment of 436,000 persons and an estimated shopping population of 165,000 persons. The town attracts spending from the surrounding area, particularly to the west from Poole and ranks 48th in terms of volume of comparison retail spend (PROMIS). Bournemouth is projected to see above average growth in population over the period 2014-2019. The sub regional town is moderately affluent with an over representation of the most affluent AB and C1 social group. In contrast, the least affluent D and E social groups are particularly under represented. The position of the unit is at the upper end of the pedestrianised sector of Old Christchurch Road in a good secondary retailing position. The pitch is known for its abundance of A2 retailers and other occupiers in the area include Halifax and Co-Operative Banks, Bath Travel Agents, various estate agents and independent retailers.
98 Old Christchurch Road, Bournemouth BH1 1LR
Accommodation We have measured and calculate the accommodation to have the following approximate net internal floor area for the shop & basement and gross internal floor areas on the upper floors: NIA Gross Frontage of Net Frontage of Shop Depth Total Sales Units in terms of Zone A Basement GIA First Floor Second Floor Third Floor Total Building
4.37 m 4.00 m 11.40 m 40.78 sq m
(14 ft 4 ins) (13 ft 2 ins) (37 ft 5 ins) (439 sq ft) (348 sq ft )
34.02 sq m
(366 sq ft)
38.50 sq m 34.00 sq m 34.00 sq m
(414 sq ft) (366 sq ft) (366 sq ft)
181.30 sq m
(1,951 sq ft) (NIA/GIA)
Flude Commercial | Chichester | West Sussex PO19 1ES
Description The subject premises comprises a mid-terrace retail property with retail accommodation at ground floor and with ancillary storage accommodation at basement level. There are three floors of vacant accommodation above on first/second and third floors benefiting from residential use. The building was constructed it appears during the latter part of the 19th century. The ground floor retail area is uniform and rectangular in shape offering good clear retailing space. Historically access to the basement was via a spiral staircase which remains in position but has been blocked off. Currently access to the basement is provided for at the rear of the property which also provides access to the upper parts. The upper parts comprise an office at first floor which has a Certificate of Lawful Proposed Use or Development for residential use and would form a studio apartment. The second and third floors are already currently laid out as a two bedroom apartment. The accommodation needs refurbishment. Lease Terms The ground and basement are let to Eurochange Ltd from 24 March 2016 by way of a 10 year effectively full repairing and insuring lease at a rent of £22,000 pax. The tenant has the option to determine the lease on the seventh anniversary, subject to 6 months written notice. There is an open market (upward only) rent review on the fifth anniversary of the lease.
98 Old Christchurch Road, Bournemouth BH1 1LR
Tenant Covenant The tenant company is Eurochange Ltd (company reg no. 02519424). This company has over 125 branches throughout the UK and is a specialist foreign exchange expert providing both online and branch service. It has a credit recommendation of £607,500 (Dunn & Bradstreet). Further financial information is set out below for the year end 30.06.2015:
EPC We understand the shop to have an EPC rating of F and the flat to have a rating of D 57.
D & B Rating 3A 1 Turnover £ Profit before Tax £ Shareholders’ Funds £
NB You should be aware of the Code for Leasing Business Premises in England and Wales 2007.
30,834,000 7,831,000 13,777,000
Business Rates and Council Tax Rateable Value: £29,000 Council Tax Band A (2nd and 3rd Floor flat) We advise interested parties to make their own enquiries to the local authority to verify the above and the level of business rates payable in view of possible transitional arrangements and small business relief.
Terms We are instructed to sell the freehold interest in the property subject to the occupational lease at a price of £460,000 subject to contract.
VAT VAT is not applicable to the sale. Legal Fees Each party to bear their own legal costs incurred. Viewings and Further Information Please contact the sole agent Flude Commercial:
Planning We understand that the ground floor retail unit benefits from A2 planning consent within the Use Classes Order 1987 (as amended). A Certificate of Lawful Proposed Use or Development (7-2015-2742-s) has been issued confirming that it is considered that the proposed change of use to residential for the first floor is permitted development. The 2nd and 3rd floors are already residential. Please note that whilst we endeavour to confirm the prevailing approved planning use for properties we market, we can offer no guarantees in this regard. Planning information is stated to the best of our knowledge. Interested parties are advised to make their own enquiries to satisfy themselves in respect of planning issues.
Mark Minchell Email: [email protected] Telephone: 01243 819000
Flude Commercial for themselves and for the vendors or lessors of this property whose agents they are give notice that: i) these particulars are set out in good faith and are believed to be correct but their accuracy cannot be guaranteed and they do not form any part of any contract; ii) no person in the employment of Flude Commercial has any authority to make or give any representation or warranty whatsoever in relation to this property. Details Updated: 6/4/2017
Flude Commercial | Chichester | West Sussex PO19 1ES
98 Old Christchurch Road, Bournemouth BH1 1LR
PLANS
Flude Commercial | Chichester | West Sussex PO19 1ES
98 Old Christchurch Road, Bournemouth BH1 1LR
Location Maps
Flude Commercial | Chichester | West Sussex PO19 1ES
98 Old Christchurch Road, Bournemouth BH1 1LR
FOR SALE
Freehold Retail and Residential Investment Central Bournemouth
Agency |
Lease Advisory |
Management |
Valuation |
Investment |
Development
98 Old Christchurch Road, Bournemouth BH1 1LR
Executive Summary • Eurochange Ltd occupys the commercial element under a new 10 year lease from 24 March 2016 • Rent payable for retail element £22,000 pax which is rack rented in our opinion and reflects the recent lease renewal • Upper parts vacant but would form a studio and 2 bedroom apartment needing refurbishment • Possible opportunity to create a further studio at basement level • Attractive lot size and intact freehold in a town with limited availability of freeholds • Price £460,000 subject to contract • No VAT Location Within the wider sub-region Bournemouth is a key location for tourism, culture, higher education and office based employment. The town is a focus of economic investment regionally. The wider conurbation has an operational maritime port and international Airport. It also has two strong Universities; Bournemouth University and Arts University Bournemouth with over 20,000 students bringing further spend to the area. Bournemouth benefits from seven miles of beaches which have traditionally helped underpin a strong tourist industry. Tourism in the town is complemented by nearby attractions, such as the New Forest National Park and World Heritage Jurassic Coastline.
Flude Commercial | Chichester | West Sussex PO19 1ES
Retailing in Bournemouth The town has a primary catchment of 436,000 persons and an estimated shopping population of 165,000 persons. The town attracts spending from the surrounding area, particularly to the west from Poole and ranks 48th in terms of volume of comparison retail spend (PROMIS). Bournemouth is projected to see above average growth in population over the period 2014-2019. The sub regional town is moderately affluent with an over representation of the most affluent AB and C1 social group. In contrast, the least affluent D and E social groups are particularly under represented. The position of the unit is at the upper end of the pedestrianised sector of Old Christchurch Road in a good secondary retailing position. The pitch is known for its abundance of A2 retailers and other occupiers in the area include Halifax and Co-Operative Banks, Bath Travel Agents, various estate agents and independent retailers.
98 Old Christchurch Road, Bournemouth BH1 1LR
Accommodation We have measured and calculate the accommodation to have the following approximate net internal floor area for the shop & basement and gross internal floor areas on the upper floors: NIA Gross Frontage of Net Frontage of Shop Depth Total Sales Units in terms of Zone A Basement GIA First Floor Second Floor Third Floor Total Building
4.37 m 4.00 m 11.40 m 40.78 sq m
(14 ft 4 ins) (13 ft 2 ins) (37 ft 5 ins) (439 sq ft) (348 sq ft )
34.02 sq m
(366 sq ft)
38.50 sq m 34.00 sq m 34.00 sq m
(414 sq ft) (366 sq ft) (366 sq ft)
181.30 sq m
(1,951 sq ft) (NIA/GIA)
Flude Commercial | Chichester | West Sussex PO19 1ES
Description The subject premises comprises a mid-terrace retail property with retail accommodation at ground floor and with ancillary storage accommodation at basement level. There are three floors of vacant accommodation above on first/second and third floors benefiting from residential use. The building was constructed it appears during the latter part of the 19th century. The ground floor retail area is uniform and rectangular in shape offering good clear retailing space. Historically access to the basement was via a spiral staircase which remains in position but has been blocked off. Currently access to the basement is provided for at the rear of the property which also provides access to the upper parts. The upper parts comprise an office at first floor which has a Certificate of Lawful Proposed Use or Development for residential use and would form a studio apartment. The second and third floors are already currently laid out as a two bedroom apartment. The accommodation needs refurbishment. Lease Terms The ground and basement are let to Eurochange Ltd from 24 March 2016 by way of a 10 year effectively full repairing and insuring lease at a rent of £22,000 pax. The tenant has the option to determine the lease on the seventh anniversary, subject to 6 months written notice. There is an open market (upward only) rent review on the fifth anniversary of the lease.
98 Old Christchurch Road, Bournemouth BH1 1LR
Tenant Covenant The tenant company is Eurochange Ltd (company reg no. 02519424). This company has over 125 branches throughout the UK and is a specialist foreign exchange expert providing both online and branch service. It has a credit recommendation of £607,500 (Dunn & Bradstreet). Further financial information is set out below for the year end 30.06.2015:
EPC We understand the shop to have an EPC rating of F and the flat to have a rating of D 57.
D & B Rating 3A 1 Turnover £ Profit before Tax £ Shareholders’ Funds £
NB You should be aware of the Code for Leasing Business Premises in England and Wales 2007.
30,834,000 7,831,000 13,777,000
Business Rates and Council Tax Rateable Value: £29,000 Council Tax Band A (2nd and 3rd Floor flat) We advise interested parties to make their own enquiries to the local authority to verify the above and the level of business rates payable in view of possible transitional arrangements and small business relief.
Terms We are instructed to sell the freehold interest in the property subject to the occupational lease at a price of £460,000 subject to contract.
VAT VAT is not applicable to the sale. Legal Fees Each party to bear their own legal costs incurred. Viewings and Further Information Please contact the sole agent Flude Commercial:
Planning We understand that the ground floor retail unit benefits from A2 planning consent within the Use Classes Order 1987 (as amended). A Certificate of Lawful Proposed Use or Development (7-2015-2742-s) has been issued confirming that it is considered that the proposed change of use to residential for the first floor is permitted development. The 2nd and 3rd floors are already residential. Please note that whilst we endeavour to confirm the prevailing approved planning use for properties we market, we can offer no guarantees in this regard. Planning information is stated to the best of our knowledge. Interested parties are advised to make their own enquiries to satisfy themselves in respect of planning issues.
Mark Minchell Email: [email protected] Telephone: 01243 819000
Flude Commercial for themselves and for the vendors or lessors of this property whose agents they are give notice that: i) these particulars are set out in good faith and are believed to be correct but their accuracy cannot be guaranteed and they do not form any part of any contract; ii) no person in the employment of Flude Commercial has any authority to make or give any representation or warranty whatsoever in relation to this property. Details Updated: 6/4/2017
Flude Commercial | Chichester | West Sussex PO19 1ES
98 Old Christchurch Road, Bournemouth BH1 1LR
PLANS
Flude Commercial | Chichester | West Sussex PO19 1ES
98 Old Christchurch Road, Bournemouth BH1 1LR
Location Maps
Flude Commercial | Chichester | West Sussex PO19 1ES
