This property is no longer on the market
Land
Key information
Property description & features
- Tenure: Freehold
- 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
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.
Property information from this agent
Places of interest
See more properties like this:
*DISCLAIMER
Property reference COM220009. The information displayed about this property comprises a property advertisement. OnTheMarket.com makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and OnTheMarket.com has no control over the content provided by the agent or developer. This property advertisement does not constitute property particulars. The information is provided and maintained by Trinity Rose Commercial - Hampshire.
OnTheMarket may have applied supplementary data to this property listing, including:
Broadband availability and predicted speed
Broadband speed is measured in megabits per second, with the number returned showing how fast the connection is. Each reading is based on the highest predicted speed of any major broadband network for services that deliver the download speeds. The following are the different readings that we may display:
Basic: Up to 30 Mbit/s
Super-fast: Between 30 Mbit/s and 300 Mbit/s
Ultra-fast: Over 300 Mbit/s
The data is updated three times a year. The checker results are predictions and should not be regarded as guaranteed. For more information, see: https://checker.ofcom.org.uk/en-gb/about-checker#Answer_0_2
Mobile phone signal availability and predicted strength
Mobile signal predictions are provided by the four UK mobile network operators: EE, O2, Three and Vodafone. Predictions can vary significantly from the coverage you may actually experience as a result of local factors (especially terrain). Ofcom has tested the actual coverage provided in various locations around the UK to help ensure that these predictions are reasonable. The values shown against a property can be broken down as follows:
Clear: No bars, no signal predicted
Red: One bar, reliable signal unlikely
Amber: Two bars, may experience problems with connectivity
Green: Three bars, likely to have good coverage and receive a data rate to support basic web services
Enhanced: Full bars, likely to have good coverage indoors and to receive an enhanced data rate to support multimedia services
Energy Performance data and Internal floor area
Any supplementary data should not be relied upon as forming part of any property particulars and OnTheMarket cannot be held responsible for any incorrectness in this data. See here for more information.