Industrial for sale in Millhouse Centre, Mill Road, Totton, Southampton, Hampshire SO40

Description

Primmer Olds B.A.S are pleased to bring to the market this mixed commercial investment on the outskirts of Southampton extending to 0.82acres. The site known as 'The Mill House Centre' forms four buildings and ample external parking.

The main building is a former flour mill that dates back to 1885 and retains the original character and has been sympathetically converted to serviced office suites, units two and three are attached to the main building with unit one being a separate detached building.

The property is located in Totton, just off the Totton by-pass, providing easy access to the M271 and M27. Nearby occupiers include Argos, Lidl, & Newmans Suzuki.

The Mill House Centre is conveniently located facing Commercial Road providing easy walking distance to the retail shops at Totton Shopping Centre and Totton train station.

Accommodation

Office Suites range from circa 100 sq.ft - 1,100 sq.ft
Warehouse - 5,550 sq.ft & Mezzanine - 3,000 sq.ft
Warehouse - 5,937 sq.ft & Mezzanine - 277 sq.ft
Warehouse - 2,674 sq.ft

Terms

Offers considered in the region of £2,500,000 subject to contract for the freehold interest with the benefit of the on going tenancies.

We understand that VAT is applicable, however all parties are advised to make their own enquiries into the matter. It is assumed the sale will proceed as a Transfer of a Going Concern (togc).

Planning

All the buildings on the site fall under use class E in addition there is current planning in place for the conversion of the Mill House into 15 residential flats and can be found on New Forest District Council planning portal under reference (ref - 21/10773).

EPC Text

Asset Rating Millhouse Centre - C(53)
Unit 1 - C (58)
Unit 2 - E (109)
Unit 3 - C (61)

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.

Lease Terms

The original building on the site and houses 16 serviced offices, the building benefits from a recent new roof with solar panels that produces approx. 12-15000KWH per year. The building is currently all let bar one office space with a summary of leases on the table below.

Unit 1 is let by way of of a lease dated 30th September 2023 for a term of 15 years at a passing rent of £50,600 per annum, expiring 29th September 2038. The tenant is City Electrical Factors Ltd.

The lease is drawn on full repairing & insuring terms.

Unit 2 is let by way of a lease dated 1st April 2023 for a term of 4 years at a passing rent of £45,000 per annum, expiring 5th April 2027. The tenant is Turbo Services International.

The lease is drawn on full repairing & insuring terms and subject to schedule of condition.

Unit 3 is let by way of of a lease dated 1st March 2024 for a term of 4 years at a stepped passing rent starting at £21,000 per annum, expiring 1st March 2028. The tenant is mkg Southampton Ltd.

The lease is drawn on full repairing & insuring terms and subject to schedule of condition.