No longer on the market
This property is no longer on the market
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Land
Key information
Tenure: Freehold
Council tax: Ask agent
Features and description
- Freehold investment opportunity, with development potential
- Offers invited for the freehold
- Town Centre, Totton, Southampton
- Existing businesses unaffected
- Two ground floor retail units, let to Subway & the Post Office
- Commercial rental income £44,500 pa minimum
- Three existing first floor apartments
- Residential rental income £21,660 pa
- Total rental income £66,160 pa
- Recent planning consent for the development of 8 flats in total
This freehold property is a detached building in a very prominent position in the town centre, providing an interesting opportunity for investment and/or residential development.
The property currently comprises, on the ground floor, the Post Office and a Subway, both on leases with a substantial term, while upstairs are three existing flats, 2 x one bedroom and 1 x two bedroom.
There is also a NEW planning consent, for the addition of a second floor and the conversion of both upper floors to create eight flats in total, 6 x one bedroom and 2 x two bedroom. Full details available on request.
The freehold is for sale, subject to the subsisting tenancies.
ACCOMMODATION
Ground Floor, 3 – 5 Water Lane
Subway have occupied for 15 years and PS2 Management Services Ltd t/a Subway have recently renewed on a new lease for a term of 15 years with 5-year rent reviews and tenant-only break clauses at a rent of £30,500 pa + VAT
Ground Floor, 7 Water Lane
Let to private individuals trading as the Post Office, on a 10-year lease from October 2019 with a 5-year rent review at a rent of £14,000 pa + VAT
TOTAL COMMERCIAL RENT £44,500 PA EXCLUSIVE
First Floor
Existing
Two entrances lead to three existing flats, currently let on ASTs and producing a total rental income of £21,660 pa.
TOTAL RESIDENTIAL RENT £21,660 PA EXCLUSIVE
TOTAL INCOME CURRENTLY £66,160 PA
PROPOSED
There is a new planning consent, Ref No 22/11102, just granted, a copy of which is available on request, or can be viewed online on the New Forest District Council planning portal. This allows for the removal of the existing roof and the existing flats, the construction of a second floor and the creation of a total of eight flats in all, 6 x one bedroom and 2 x two bedroom. Plans are attached to these details.
PRICE
Offers invited for the whole. The property is elected for VAT.
VIEWINGS
Strictly by appointment with sole agents Trinity Rose Commercial – please contact Jeremy Braybrooke on[use Contact Agent Button] or by [use Contact Agent Button]
The building occupies a highly prominent position in Totton Town Centre, just yards from ASDA and several free public car parks. Totton is a town on the west of Southampton with a population approaching 40,000 people, and Southampton City Centre is within a couple of miles drive, as is the edge of the New Forest.
The property currently comprises, on the ground floor, the Post Office and a Subway, both on leases with a substantial term, while upstairs are three existing flats, 2 x one bedroom and 1 x two bedroom.
There is also a NEW planning consent, for the addition of a second floor and the conversion of both upper floors to create eight flats in total, 6 x one bedroom and 2 x two bedroom. Full details available on request.
The freehold is for sale, subject to the subsisting tenancies.
ACCOMMODATION
Ground Floor, 3 – 5 Water Lane
Subway have occupied for 15 years and PS2 Management Services Ltd t/a Subway have recently renewed on a new lease for a term of 15 years with 5-year rent reviews and tenant-only break clauses at a rent of £30,500 pa + VAT
Ground Floor, 7 Water Lane
Let to private individuals trading as the Post Office, on a 10-year lease from October 2019 with a 5-year rent review at a rent of £14,000 pa + VAT
TOTAL COMMERCIAL RENT £44,500 PA EXCLUSIVE
First Floor
Existing
Two entrances lead to three existing flats, currently let on ASTs and producing a total rental income of £21,660 pa.
TOTAL RESIDENTIAL RENT £21,660 PA EXCLUSIVE
TOTAL INCOME CURRENTLY £66,160 PA
PROPOSED
There is a new planning consent, Ref No 22/11102, just granted, a copy of which is available on request, or can be viewed online on the New Forest District Council planning portal. This allows for the removal of the existing roof and the existing flats, the construction of a second floor and the creation of a total of eight flats in all, 6 x one bedroom and 2 x two bedroom. Plans are attached to these details.
PRICE
Offers invited for the whole. The property is elected for VAT.
VIEWINGS
Strictly by appointment with sole agents Trinity Rose Commercial – please contact Jeremy Braybrooke on[use Contact Agent Button] or by [use Contact Agent Button]
The building occupies a highly prominent position in Totton Town Centre, just yards from ASDA and several free public car parks. Totton is a town on the west of Southampton with a population approaching 40,000 people, and Southampton City Centre is within a couple of miles drive, as is the edge of the New Forest.