https://www.thelandsite.co.uk/files/properties/84d89688cce911ea98240afeec538f48/1314-681da0231b1e4705532336.jpeg

Mixed use investment property for sale in Southampton

Shirley High Street, Southampton, Hampshire, SO16 4EZ
For sale
£635,000
keygrove-chartered-surveyors
This property is marketed by:
Keygrove Chartered Surveyors

An excellent opportunity to acquire a well located mixed-use investment comprising a ground floor retail unit let to a highly established tenant, alongside a first floor residential development opportunity with significant value-add potential.

The ground floor is let to Landmark Entertainments Ltd, trading as Richmond Leisure, a long-standing adult gaming centre operator who have traded from the premises for over 35 years. The tenant will enter into a new 15-year FRI lease (tenant break at year 10) at an initial rent of £27,000 per annum, with 5-yearly upward only rent reviews. A rent deposit will be provided, and strong full company accounts are available upon request.

The first floor is currently arranged as a spacious 2-bedroom flat to the front and office accommodation to the rear. A planning process initiated in 2019 proposed reconfiguration of the upper parts to create 2 x 1-bedroom flats and 2 x studio flats. Architect's plans and historic planning documents are available upon request. Once developed, the flats are anticipated to generate a rental income in excess of £36,500 per annum.

Subject-to-planning offers will be considered.

  • New 15 Year Commercial Lease
  • Subject To Planning Offers Invited
  • Estimated £63,500 Reversionary Income
  • Commercial Tenant Well Established For 35+ Years

 


Find Professionals in your search area

Contact us via [email protected]