Southampton - 69 Above Bar Street

Location:

Southampton is one of the principal commercial and retail centres of the south-east.

The city is one of the UK’s main passenger and freight ports, located approximately 76 miles (122km) south-west of Central London, 30 miles (48km) east of Bournemouth and 20 miles (32km) west of Portsmouth.

Road communications are excellent. Southampton is located just to the south of the M3 motorway, which connects with both the M25 and the M27. By rail, there are fast and frequent services to London Waterloo with journey times of approximately 75 minutes. There are additional direct services to Bristol, Winchester and Bournemouth.

Southampton Airport is located five miles to the north-east of the city centre (Eastleigh) and provides a range of domestic and international flights.

  • Description

    Constructed in 1978, the property is of concrete and red brick framed structure under a pitched composite profiled metal sheet roof. The property is arranged over basement, ground and three upper floors. The majority of the ground and basement floors are occupied by two retail tenants, while part of the basement, part ground floor and the entire three upper floors have been sold off on a long leasehold to the Above Bar Church. The retail is serviced by a loading bay to the rear, accessed via Ogle Road.

  • Tenure

    Long Leasehold - 150 years from 13th March 1981 from the Trustees of Above Bar Church (113 years unexpired). The freeholder receives 7% of open market rents receivable on the ground and basement of the property reviewed 5 yearly. The current head rent payable is £18,620 pax. Landlord’s consent to assignment will be required.

  • Tenancy (ies)

    See schedule of tenancies. 

  • Current Rent PAX

    197880

  • VAT

    The property has been elected for VAT and any disposal will be by way of a Transfer of a Going Concern (TOGC).

  • Price

    £2,200,000 (Subject to Contract and exclusive of VAT )

  • Yield

    8.5% NIY 

MISREPRESENTATION: These particulars do not constitute an offer or contract. They are intended as a guide to prospective purchasers. All reasonable care has been taken in the preparation of these particulars but their accuracy is not guaranteed. The purchaser should satisfy himself and as to the correctness of these details, Neither the agents nor the vendor or lessors are to be or become under any liability or claim in respect of these particulars. These particulars are supplied on the understanding that all negotiations are conducted through this office.

All viewings are strictly by prior appointment.
Please contact:

David Freeman
Ed Smith
Patrick Over
Simona Malinova