Retail premises for sale in 9-11 Gervis Place, Bournemouth, Dorset BH1

Description

for sale - Freehold Town Centre Commercial Investment Plus Ground Rents

Bournemouth is Dorset's principal commercial centre and one of the UK's premier seaside resorts. It has a residential population in excess of 160,000 persons and a primary shopping catchment of 396,000 persons within a 6-mile radius (focus).

The town is a renowned tourist destination and also benefits from a substantial student population within excess of 20,000 students attending the University.

The premises occupy an excellent location fronting Gervis Place opposite the historic Bournemouth Arcade which links to the pedestrianised section of Old Christchurch Road, which is one of Bournemouth's principal shopping streets. Also close by is the recently created Beale Place which has attracted numerous cafes and other eateries.

Hilton and Hampton by Hilton both feature in the town centre together with the BH2 Leisure Complex which comprises approximately 115,000 (10,683 sq m) of retail and leisure space arranged over 5 levels.

Opposite the subject premises is the former Beales Department Store where an exciting mixed use redevelopment project is proposed

The Pavilion Theatre and BH2 leisure scheme are each a short walk away.

A substantial mid terraced property comprising two well-proportioned commercial units each being arranged over ground and lower ground floors.

In addition, 14 self-contained flats are arranged over four upper floors.

Tenancies

9 Gervis Place

Let to Bones Restaurant Group Ltd trading as 7 Bone by way of a full repairing and insuring lease granted for a term expiring 7th August 2034.

The current passing rent is £32,500 per annum, exclusive and the lease provides for an upwards only rent review on 8th August 2029. There is an option for the tenant to break the lease on 8th August 2029 subject to granting the landlord not less than 6 months' prior written notice.

11 Gervis Place

Let to a private individual trading as Puro Gusto (Italian & Seafood Restaurant) by way of a full repairing and insuring lease granted for a term of 10 years commencing 14th December 2020 and expiring 13th December 2030.

The current passing rent is £28,000 exclusive, rising to £29,000 exclusive during the year commencing 14 December 2024 and then £30,000 exclusive during the year commencing 14 December 2025. There will then be a rent review with effect from 14 December 2026 until lease expiry.

Ground Rents

We are advised that ground rents totalling £600 per annum are receivable from three flats. Each of the other flats pay a peppercorn rent. All are held on concurrent leases granted for a term of 125 years from 01 January 2022.

Total current income: £61,100 (year ending 13/12/24)

Accommodation

9 Gervis Place
Internal Width 20'3" 6.17
Net Sales Area 949 Sq.Ft 88.2 Sq.M
Lower Ground Floor Ancillary 962 Sq.Ft 89.3 Sq.M
11 Gervis Place
Internal Width 19'9" 6.02
Net Sales Area 934 Sq.Ft 86.8 Sq.M
Lower Ground Floor Ancillary 844 Sq.Ft 78.43 Sq.M
Rear Courtyard
Flats
The upper floors comprise 14 flats all of which have been sold off

Rating

Rateable Value

9 Gervis Place £24,500
11 Gervis Place £24,500

Source

Terms

Tenure - Freehold

Price - Offers are invited in the region of £800,000 for the freehold interest.

Planning

Interested parties are advised to make their own enquiries of the Local Authority for confirmation. Under the new planning regulations, we believe the current permitted use to be use class 'E' which includes uses such as retail, professional services, café, health clinics, indoor recreation/sport and office. All parties are advised to make their own enquiries of the local authority for confirmation.

EPC Text

Asset Rating - 9 Gervis Place B34
11 Gervis Place B45

Anti Money Laundering

Please note all prospective purchasers will need to be verified for 'Anti Money Laundering' purposes prior to issuing memorandum of agreed terms of sale.