Mixed use investment property for sale in Southampton

This property is marketed by:
Keygrove Chartered Surveyors

FREEHOLD INDUSTRIAL/RESIDENTIAL INVESTMENT PROPERTY PRODUCING £35,700 PER ANNUM. A semi-detached 2 storey property. The ground floor is a motor vehicle workshop and MOT garage with forecourt parking leased to the same tenant for many years https://www.blackfieldgarage.co.uk/. It benefits from a large pit for MOT works, MOT Licence, 3 phase electric, gas hot air blowers and LED strip lights.

The garage is let on a 5 year full repairing and insuring lease from 13th December 2023 to Peter Charles Cousins at a rent of £24,000 per annum exclusive. There is a rent review at the end of year 3.

The upper floors have been converted into 3 self contained flats with a separate access at the side of the building. All the flats have gas central heating, UPVC double glazing and velux windows in the bedrooms.

Flat 1 is vacant and it is understood this could be let at a rent of £650 pcm.

Flat 1a has been let to the same tenant since May 2018 at £475 pcm rising to £495 pcm in January 2024

Flat 2 has been let to the same tenant since August 2019 at £525 pcm.

Total rental income £36,000 per annum. Future potential income when flat 1 is let and the rent on flat 1A is increased is £43,800.

• Gross Income £35,700 per annum with potential to increase
• New 5 year lease to long established Blackfield Garage
• 1 x 2 bed & 2 x 1 bed flats
• Reversionary Yield 8.39% when flat 1 is let.