Gross Initial Yield: 6.96%*
Rental Income: £7,650 p.a*
*Rent review in June 2021. Erv ~ £9,000 per annum, giy ~ 8.32%
One residential lease yet to be extended, approx. 66 years unexpired. Extension premium estimated to be circa £11,000.
VAT is not applicable to this property
Comprises a freehold corner shop with ancillary at basement level, 3 shops and 3 residential flats which have been sold off on long leases.
Located within walking distance from Sovereign Shopping Centre which occupies retailers such as Barclays, Sainsbury`s, Boots, Superdrug, Primark, Sports Direct, Peacocks, Wilko, jd Sports, amongst many more.
The property is arranged over ground, basement, first and second floors. The commercial shop at No.797 is arranged over ground floor and basement. The residential entrance is located off Parkwood road and the first and second floors comprises 3 residential flats which have been sold off on long leases. The 3 shops on Parkwood road have been sold off on a long lease.
The property provides the following accommodation and dimensions:
No. 797 Main Shop - 35.30 sq m (380 sq ft)
Rear Shop - 15.50 sq m (167 sq ft)
Basement - 36.40 sq m (392 sq ft)
Total area size - 87.20 sq m (939 sq ft)
No. 797a: 3 residential flats (sold off)
No. 1a/1b/1c: 3 Retail Shops (sold off)
No. 797 - The ground floor shop is at present let to Individual for a term of 21 years from 25th June 2006 at a current rent of £7,500 per annum and the lease contains full repairing and insuring covenants. Rent review in June 2021 and 2024. Next rent review erv ~ £9,000 per annum.
No. 797a - The first/second floor residential flats have been sold off on a 99 year leasehold from 25th March 1987 at a current rent of £150 p.a.
Rent increases to £225 p.a. In 2053. Two of the flats have already extended their leases. Lease extension premiums on both flats in excess of £11,000. One residential lease yet to be extended, approx. 66 years unexpired.
No. 1a/1b/1c Parkwood Road – The 3 Retail shops have been sold off on a 999 year leasehold. The tenant will be liable to contribute towards buildings insurance for all shop units and a service charge contribution only for 1a Parkwood Road.
The property occupies a prominent corner position at the junction of Christchurch Road and Parkwood Road approximately ½ mile east of the pedestrianised section of Christchurch Road and ¼ miles west of Pokesdown Railway station. Located within walking distance from Sovereign Shopping Centre which occupies retailers such as Barclays, Sainsbury`s, Boots, Superdrug, Primark, Sportsdirect, Peacocks, Wilko, jd Sports, amongst many more.