Mixed use commercial building for sale in Southampton

This property is marketed by:
Keygrove Chartered Surveyors

Key Features

• Income Producing - Current income £27,040 per annum
• Initial Yield 6.76% before purchasers costs
• Potential reversionary yield of 10.23% excluding purchasers costs
• Opportunity to add value through refurbishment

Description

A semi-detached 2 and 3 storey property. The ground floor is a retail shop used as a bakery/ coffee shop, there is rear kitchen space for preparation, baking and first floor office and storage space. There is a secondary entrance to the kitchen and first floor from Ascupart Road. The tenant has a lease of 10 years from 2016 and is paying the passing rent of £15,600 per annum.

The residential upper floors have been partially converted into 3 self contained studio flats with a separate access at the side of the building from Ascupart Road. There are currently two tenants paying a combined rental of £11,440 per annum. The flats have gas central heating, and UPVC double glazing. Planning has been granted for the additional flats and can be found under reference no 22/01026/FUL. The anticipated rental income for the flats when works are complete is approximately £18,900 per annum.