for sale - freehold AWS
COMMERCIAL PROPERTY CONSULTANTS & CHARTERED SURVEYORS 81 London Road, Southampton, Hampshire SO15 2AA EMAIL [email protected] TEL +44 (0)2380 330442 Basingstoke Camberley Southampton Winchester www.londonclancy.com
PRELIMINARY DETAILS
FOR SALE - FREEHOLD Reversionary Retail Parade Investment with Potential Residential Conversion/Development of First Floor Vacant Offices
Fernwood House 45 – 47 London Road Cowplain PO8 8DH
ACQUISITIONS BUILDING SURVEYING BUSINESS RATES CONSULTANCY DEVELOPMENT INVESTMENTS LEASE RENEWALS LETTINGS PROPERTY AUDIT PROPERTY MANAGEMENT RELOCATION RENT REVIEWS SALES VALUATIONS
LOCATION The property is situated in the heart of the local district of Cowplain which provides a varied number of local shops including bookmakers Betfred, local pharmacy and The Co-Operative convenience store. There are also local restaurants and take away businesses. Lidl’s store is also located close by. Cowplain is accessed off the A3 located between the area of Waterlooville and Horndean. DESCRIPTION The property comprises of four retail units fully let and first floor vacant offices suitable for either conversion/development to residential. Unit 1 is trading as financial services. Unit 2 is trading as delicatessen & sandwich bar. Unit 3/4 is trading as Sorrento’s restaurant & Unit 5/6 is trading as Red Lounge bar & pub. There are three residential flats held on long ground leasehold interests. TENURE Freehold PRICE Offers invited on a conditional or unconditional basis. Guide on application. VAT VAT has been elected on the building. EPC Awaiting EPC information. LEGAL COSTS Each party to pay their own legal costs. RATEABLE VALUE No 1 £ 9,700 No 2 £ 9,600 No 3/4 £27,500 No 5/6 £20,500 No 4b £ 7,800 No4b(ff) £ 2,250 No 4a(ff) £ 7,600 No 4a (ff) (Suites 1 – 3) £15500 Source: www.voa.gov.uk
VIEWING Strictly by appointment through the agents: David Heda/Alex Welch London Clancy 02380 330442 Email:
[email protected] [email protected]
Misrepresentation Act 1967 – London Clancy for themselves and for the vendors/lessors of this property whose agents they are, give notice that: a) These particulars are set out as a general outline only for the guidance of intending purchasers/lessees and do not constitute part of an offer or contract. b) All descriptions, dimensions, references to condition and necessary permissions for use and other details are given in good faith and are believed to be correct, but any intending purchaser or lessee should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of teach of tem. c) We have not tested any of the service installations and any purchaser/lessee must satisfy themselves independently as to the state and condition of such items. d) No person in the employment of London Clancy has any authority to make or give any representations or warranties whatsoever in relation to this property. Finance Act 1989 – Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax. Any intending purchaser or lessee must satisfy themselves independently as to the incidence of VAT in respect of any transaction
ACCOMMODATION Ground floor retail units provide: Unit No
Floor Areas
No 1 Net area
Sq ft 758
Sq m 70.40
No 2 Net area
797
74.00
No 3 & 4 Net area Ancillary stores
2,926 951
271.83 88.35
No 5, 6 Net area Office First floor office Cellar
1,878 111 403 205
174.47 10.31 37.43 19.04
410
38.00
Arranged in two suites: Suite 1 & 3 Suite 2
2,016 1,297
187.29 120.49
TOTAL
3,313
307.78
No 4b Hairdressers GF(sub-let)
First floor vacant offices (measured net internal)
ACQUISITIONS RELOCATION
BUILDING SURVEYING BUSINESS RATES CONSULTANCY RENT REVIEWS SALES VALUATIONS
DEVELOPMENT
INVESTMENTS
LEASE RENEWALS
LETTINGS
PROPERTY AUDIT
PROPERTY MANAGEMENT
TENANT’S SCHEDULE Unit No Name No. 1 GD White 2 RJ Razell 3/4 G & O Fella t/a Sorrento’s 5, 6 &4b F Miah t/a Red Lounge TOTAL
Rent £
ERV
Lease Term
Expiry
Break
Review
£7,700 £7,800 £28,000
£9,700 £10,000 £28,000
10 years 15 years 20 years
June 2018 Feb 2024 Feb 2019
June 2014 Feb 2014 N/A
N/A Feb 2019 N/A
£16,000
£28,000
10 years
Dec 2019
Dec 2012
N/A
£59,500 pa
£75,700 pa
FINANCIAL COVENANT INFORMATION Financial accounts and references have not been provided by the vendor. LEASE DETAIL AND REPAIRING OBLIGATION The leases are inside the Landlord and Tenant Act 1954. The landlord covenants to maintain external areas and common areas charged to the tenants under a service charge. Tenant’s covenant to repair and decorate their demised areas. RESIDENTIAL FLATS TENURE & RENT 1a, 2a and 3a held on 99 year-long leasehold interest from 1987 (approx. 69 years unexpired) at a ground rent of £25.00 p.a. rising to £50.00 p.a. in June 2020 on each property. REAR CAR PARK AREA Included within the ownership. PLANNING RELATING TO FIRST FLOOR OFFICES Previous planning Ref 09/73432/001 (but now expired) obtained to convert into two 1 bed flats and one 2 bed flat. Consent obtained in May 2014 Ref APP/14/00338 to provide a second floor of four apartments comprising of one 3 bed and two 2 bed flats plus one 1 bed flat. LOCK UP GARAGE Vacant. RIGHT OF WAY There is a right of way originally in favour of Barclays Bank plc to cross over the rear car park area.
ACQUISITIONS BUILDING SURVEYING BUSINESS RATES LETTINGS PROPERTY AUDIT PROPERTY MANAGEMENT
CONSULTANCY RELOCATION
DEVELOPMENT RENT REVIEWS
INVESTMENTS LEASE RENEWALS SALES VALUATIONS
PRELIMINARY DETAILS
FOR SALE - FREEHOLD Reversionary Retail Parade Investment with Potential Residential Conversion/Development of First Floor Vacant Offices
Fernwood House 45 – 47 London Road Cowplain PO8 8DH
ACQUISITIONS BUILDING SURVEYING BUSINESS RATES CONSULTANCY DEVELOPMENT INVESTMENTS LEASE RENEWALS LETTINGS PROPERTY AUDIT PROPERTY MANAGEMENT RELOCATION RENT REVIEWS SALES VALUATIONS
LOCATION The property is situated in the heart of the local district of Cowplain which provides a varied number of local shops including bookmakers Betfred, local pharmacy and The Co-Operative convenience store. There are also local restaurants and take away businesses. Lidl’s store is also located close by. Cowplain is accessed off the A3 located between the area of Waterlooville and Horndean. DESCRIPTION The property comprises of four retail units fully let and first floor vacant offices suitable for either conversion/development to residential. Unit 1 is trading as financial services. Unit 2 is trading as delicatessen & sandwich bar. Unit 3/4 is trading as Sorrento’s restaurant & Unit 5/6 is trading as Red Lounge bar & pub. There are three residential flats held on long ground leasehold interests. TENURE Freehold PRICE Offers invited on a conditional or unconditional basis. Guide on application. VAT VAT has been elected on the building. EPC Awaiting EPC information. LEGAL COSTS Each party to pay their own legal costs. RATEABLE VALUE No 1 £ 9,700 No 2 £ 9,600 No 3/4 £27,500 No 5/6 £20,500 No 4b £ 7,800 No4b(ff) £ 2,250 No 4a(ff) £ 7,600 No 4a (ff) (Suites 1 – 3) £15500 Source: www.voa.gov.uk
VIEWING Strictly by appointment through the agents: David Heda/Alex Welch London Clancy 02380 330442 Email:
[email protected] [email protected]
Misrepresentation Act 1967 – London Clancy for themselves and for the vendors/lessors of this property whose agents they are, give notice that: a) These particulars are set out as a general outline only for the guidance of intending purchasers/lessees and do not constitute part of an offer or contract. b) All descriptions, dimensions, references to condition and necessary permissions for use and other details are given in good faith and are believed to be correct, but any intending purchaser or lessee should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of teach of tem. c) We have not tested any of the service installations and any purchaser/lessee must satisfy themselves independently as to the state and condition of such items. d) No person in the employment of London Clancy has any authority to make or give any representations or warranties whatsoever in relation to this property. Finance Act 1989 – Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax. Any intending purchaser or lessee must satisfy themselves independently as to the incidence of VAT in respect of any transaction
ACCOMMODATION Ground floor retail units provide: Unit No
Floor Areas
No 1 Net area
Sq ft 758
Sq m 70.40
No 2 Net area
797
74.00
No 3 & 4 Net area Ancillary stores
2,926 951
271.83 88.35
No 5, 6 Net area Office First floor office Cellar
1,878 111 403 205
174.47 10.31 37.43 19.04
410
38.00
Arranged in two suites: Suite 1 & 3 Suite 2
2,016 1,297
187.29 120.49
TOTAL
3,313
307.78
No 4b Hairdressers GF(sub-let)
First floor vacant offices (measured net internal)
ACQUISITIONS RELOCATION
BUILDING SURVEYING BUSINESS RATES CONSULTANCY RENT REVIEWS SALES VALUATIONS
DEVELOPMENT
INVESTMENTS
LEASE RENEWALS
LETTINGS
PROPERTY AUDIT
PROPERTY MANAGEMENT
TENANT’S SCHEDULE Unit No Name No. 1 GD White 2 RJ Razell 3/4 G & O Fella t/a Sorrento’s 5, 6 &4b F Miah t/a Red Lounge TOTAL
Rent £
ERV
Lease Term
Expiry
Break
Review
£7,700 £7,800 £28,000
£9,700 £10,000 £28,000
10 years 15 years 20 years
June 2018 Feb 2024 Feb 2019
June 2014 Feb 2014 N/A
N/A Feb 2019 N/A
£16,000
£28,000
10 years
Dec 2019
Dec 2012
N/A
£59,500 pa
£75,700 pa
FINANCIAL COVENANT INFORMATION Financial accounts and references have not been provided by the vendor. LEASE DETAIL AND REPAIRING OBLIGATION The leases are inside the Landlord and Tenant Act 1954. The landlord covenants to maintain external areas and common areas charged to the tenants under a service charge. Tenant’s covenant to repair and decorate their demised areas. RESIDENTIAL FLATS TENURE & RENT 1a, 2a and 3a held on 99 year-long leasehold interest from 1987 (approx. 69 years unexpired) at a ground rent of £25.00 p.a. rising to £50.00 p.a. in June 2020 on each property. REAR CAR PARK AREA Included within the ownership. PLANNING RELATING TO FIRST FLOOR OFFICES Previous planning Ref 09/73432/001 (but now expired) obtained to convert into two 1 bed flats and one 2 bed flat. Consent obtained in May 2014 Ref APP/14/00338 to provide a second floor of four apartments comprising of one 3 bed and two 2 bed flats plus one 1 bed flat. LOCK UP GARAGE Vacant. RIGHT OF WAY There is a right of way originally in favour of Barclays Bank plc to cross over the rear car park area.
ACQUISITIONS BUILDING SURVEYING BUSINESS RATES LETTINGS PROPERTY AUDIT PROPERTY MANAGEMENT
CONSULTANCY RELOCATION
DEVELOPMENT RENT REVIEWS
INVESTMENTS LEASE RENEWALS SALES VALUATIONS
