Prominent Retail Investment Property, Town Centre Location 96 Market Street, Eastleigh, Hampshire, SO50 5RE Freehold: £750,000
96 Market Street, Eastleigh, Hampshire, SO50 5RE • • • • • • •
Fully let investment property South coast town centre location Three ground floor retail units Three first floor office suites Currently producing £56,040 per annum income Prominent corner position Opportunity for re-gearing existing occupational agreements
LOCATION The property is located in Market Street in the heart of this south coast market town, easily accessed by the M3 via junction 13 approximately 1.4 miles (2.3 km) to the west. The premises are located in the middle of the town directly opposite The Swan Shopping and Leisure Centre, which provides a number of national retailers and leisure facilities including cinema, bowling and a range of national restaurant chains. The town centre multi-storey car park is also located immediately opposite. The property is in close proximity to Eastleigh mainline rail station with services to London Waterloo, 350 m (0.2 miles) from the premises. Occupying a prominent position on the corner of Market Street, directly opposite the steps leading into the Swan Centre leisure facilities we believe these premises are uniquely located to enjoy extraordinarily levels of footfall within the town. Adjacent occupiers include Greggs Bakery and Tesco. ACCOMMODATION The property comprises an end of terrace two storey property configured as three independent ground floor retail units with separate access to the first floor office suites. The premises have an approximate Gross Internal Area of 266.6 sq m (2,870 sq ft).
INVESTMENT SUMMARY Significant asset management opportunities exist with this property. The principal ground floor premises occupying the corner position on Market Street is leased to O’Briens Coffee Shop as the anchor tenant, subject to a ten year lease granted on the 24th May 2012 with a current passing rent of £21,600.
The other retail occupiers Candy Rooms and Herb Magic have been in occupation for many years although currently holding over on their original lease agreements. The upper floors have been converted to self contained office suites, with Regal Homes occupying the main suites overlooking Market Street; with an additional independent occupier and the ground floor retailers also leasing additional space on the first floor. The occupiers on the first floor are not currently subject to any existing occupational lease agreements, the passing rent received is set out in the tenancy schedule which will be provided on request. The total income currently derived from the premises is £56,040 which represents a Net Initial Yield of 7% after purchasers costs of 5.8%. The unique position of this property has ensured consistent occupation over the past 20 years. We understand most of the current occupiers have been in situ for over 6 years. All have indicated they are willing to enter into new licence or lease agreements to formalise their occupation.
TENURE Freehold, guide price £750,000. BUSINESS RATES The property is listed in the 2017 rating list as having a total rateable value of £50,175. The Small Business Multiplier for 2017/2018 is 46.6p. For further information on rates please refer to the local authority. LEGAL COSTS & VAT Each party is expected to bear their own legal costs in this transaction. All prices quoted may be subject to VAT provisions.
VIEWING All enquiries and appointments to view must be made through Charters Commercial on 01962 888900. EPC EPC Rating G-153- A full Recommendation Report is available on request. Our client is undertaking remedial works to secure an E rating. APRIL 2017
First Floor, Winchester House, Basingstoke Road, Kings Worthy, Winchester, Hampshire, SO23 7QF T: 01962 888900 e:
[email protected] www.charterscommercial.co.uk
Disclaimer Property Details: These particulars whilst believed to be accurate are set out as a general outline only for guidance and do not constitute any part of an offer or contract. Intending purchasers should not rely on them as statements or representation of fact, but must satisfy themselves by inspection or otherwise as to their accuracy. We have not carried out a detailed survey nor tested the services appliances and specific fittings. Room sizes should not be relied upon for carpets and furnishings. The measurements given are approximate. No person in this firms employment has the authority to make or give any representation or warranty in respect of the com-