Retail premises for sale in Bitterne Road, Southampton SO18

Guide price £325,000 (£145.94/sq. ft)
Retail premises for sale 2,227 sq. ft*
Interested in this property? Call +44 20 3641 9157 * or Request Details

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Property features

  • Freehold Retail Investment with Development Potential
  • Comprises corner retail shop, currently operating as a bank
  • Total area size of 207 sq m (2,227 sq ft)
  • Tenant in occupation for more than 20 years
  • Planning submitted for conversion to residential
  • Nearby occupiers include Lloyds Bank, PureGym, Iceland, Specsavers and Superdrug

Property description

Investment Consideration:
Gross Initial Yield: 7.85%
Rental Income: £25,500 p.a.
VAT is not applicable to this property
Comprises corner ground floor retail shop, currently operating as a bank with ancillary accommodation at first floor.
Total area size of 207 sq m (2,227 sq ft)
Tenant in occupation for more than 20 years
Planning submitted for conversion of rear of ground floor and first floor to 3 x Studio Flats and 1 x 1-Bed Flat.
Nearby occupiers include Lloyds Bank, Pure Gym, Iceland, Specsavers and Superdrug, amongst many more.

Property Description:
The property comprises an end-of-terrace ground floor retail shop, currently operating as a bank with ancillary accommodation at first floor.
The property provides the following accommodation and dimensions:
Ground Floor: Shop 105 sq m (1,130 sq ft)
First Floor: Ancillary 102 sq m (1,097 sq ft)

Tenancy:
The property is at present let to Santander UK plc for a term of 3 years from 25th December 2020 at a current rent of £25,500 per annum and the lease contains full repairing and insuring covenants. Tenant option to determine on 24th December 2021 and 2022.

Development Potential:
Planning submitted for conversion of rear of ground floor and first floor to 3 x Studio Flats and 1 x 1-Bed Flat.
The property would provide the following accommodation and dimensions:
Ground Floor:
Retail Shop - 35 sq m (376 sq ft)
Flat 1 - 20 sq m (215 sq ft)
Open Plan Kitchen/Living room, Double Bed, Bathroom/WC
Flat 2 - 35 sq m (377 sq ft)
Open Plan Kitchen/Living room, Double Bed, Bathroom/WC
First Floor:
Flat 3 - 28 sq m (301 sq ft)
Open Plan Kitchen/Living room, Double Bed, Bathroom/WC
Flat 4 - 58 sq m (624 sq ft)
1 Bedroom, Open Plan Kitchen/Living room, Bathroom/WC

Location:
Southampton is the main commercial and administrative centre of Hampshire and is located 70 miles south-west of Central London. Bitterne is a suburb located to the east of the City Centre. The city benefits from excellent road communications via the M27 and M3 Motorways. Bitterne Rail Station provides regular services to London via Southampton. The property is situated on the south side of Bitterne Road fronting the pedestrianised
section, in the heart of the retail area. Nearby occupiers include Lloyds Bank, Pure Gym, Iceland, Specsavers and Superdrug, amongst many more.

Property info

* Sizes listed are approximate. Please contact the agent to confirm actual size.

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For more information about this property, please contact
Blue Alpine Partners, SW1P on +44 20 3641 9157 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Blue Alpine Partners, and do not constitute property particulars. Please contact Blue Alpine Partners for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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