This property is no longer on the market
Mixed use
Property description & features
- Tenure: Freehold
- Freehold investment for sale (Retail and Residential)
- Asking price of £2,250,000
- Net Yield Approximately 7.4%
- Car Parking Spaces and Ground Leases
ACCOMMODATION
Four shops and take-aways. Above 36 – 40 London Road there are seven flats, 4 x 1 bed, and
3 x 2 bed. These have recently been completely refurbished and are all let on AST’s at rents of £7,200 - £10,200 p.a. Additionally, there is a separate ground floor 1 bed flat to the rear of The Kebab House, known as 25 Asylum Road, let to a staff member for £4,680 p.a. The total residential rent is therefore £68,940 p.a.
CAR PARKING
Although some of the shops have a parking space or two included in their leases, there are an additional 17 spaces that are let separately, either to the commercial tenants or to nearby businesses. One is vacant, for which we have allowed a notional rent of £1,400 p.a. Total income from these is therefore currently £24,680 p.a.
Southampton is the principal retail city on the South Coast. London Road is an important northerly extension of Above Bar Street linking with The Avenue, the main arterial route out of the city to the North, leading to the M3 motorway. The main shopping centre of the city and West Quay Shopping Centre are about 500m to the South, while Solent University, Southampton City Council, The Guildhall, South Hants Hospital and Southampton City Art Gallery are all nearby. Residentially the area is surrounded by high density local population and plenty of student accommodation. The road itself is a mixture of service industry and leisure occupiers such as Tesco, Subway and Starbucks, Fox & Sons, Goadsby and Pearsons, Leeds Building Society, Coral and Betfred, plus several pubs and clubs.
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