2 Bed Mixed Use For Sale

Investment Consideration:

Gross Initial Yield: 8.89%

Rental Income: £37,800 p.a.

VAT is NOT applicable to this property

First floor flat recently refurbished in 2022

Comprises ground floor shop, self-contained office at rear ground floor and a 2-bedroom flat at first floor

Nearby occupiers include Lloyds Bank, Pure Gym, Iceland, Specsavers and Superdrug, amongst others.



Property Description:

Comprises ground floor shop, self-contained office at rear ground floor and a 2-bedroom flat at first floor, providing the following accommodation and dimensions:

Ground Floor Front: Shop 64 sq m (690 sq ft)

Ground Floor Rear: Office 56 sq m (603 sq ft)

First Floor: 2-Bed Flat 75 sq m (807 sq ft)

Total area size: 195 sq m (2,100 sq ft)



Tenancy:

No. 432 Shop is at present to an Individual for a term of 10 Years from 2nd May 2023 at a current rent of £15,000 p.a. and the lease contains full repairing and insuring covenants. Rent review linked to RPI in May 2028. Tenant option to determine in May 2028 with min 6 months notice. Deposit held of £3,750. Lease within Landlord & Tenant act 1954.

No. 432B Office is at present let to Vaults Security Solutions Ltd for a term of 5 Years from 27th September 2023 at a current rent of £10,800 per annum. Deposit held of £2,700. Lease within Landlord & Tenant Act 1954.

No. 432A Flat is at present let on AST to an Individual for a term of 12 Months from 2nd October 2023 at a current rent of £12,000 per annum. Deposit held of £1,152.



Location:

Southampton is the main commercial and administrative centre of Hampshire and is located 70 miles south-west of Central London. Bitterne is a suburb located to the east of the City Centre. The city benefits from excellent road communications via the M27 and M3 Motorways. Bitterne Rail Station provides regular services to London via Southampton. The property is situated on the south side of Bitterne Road fronting the pedestrianised section, in the heart of the retail area. Nearby occupiers include Lloyds Bank, Pure Gym, Iceland, Specsavers and Superdrug, amongst many more.