FOR SALE Mixed use investment opportunity
14 ELING LANE, TOTTON, SOUTHAMPTON, HAMPSHIRE, SO40 9GA
KEY FEATURES
• Income weighted towards Residential
• 2 x 2 Bedroom Apartments
• 2 x Studio Apartments
• 2 x Retail Units
• Combined Income of £37,260 Per annum
• Guide Price of £485,000
Primmer Olds B·A·S 61 Cromwell Road, Southampton, Hampshire SO15 2JE Enquiries: Call us on 023 8022 2292 Call us on 023 8022 2292 www.primmeroldsbas.co.uk 14 ELING LANE, TOTTON, SOUTHAMPTON SO40 9GA
DESCRIPTION ACCOMMODATION Totton is situated outside the eastern edge of the New Forest and on Residential Floor Areas Sq Ft Sq M Commercial Floor Areas Sq Ft Sq M the River Test, approximately 4.5 miles to the city of Southampton. 14a First floor 2 Bedroom 667.37 62 Unit 1 344.44 32 The town is within the New Forest non-metropolitan district. 14b First floor 2 Bedroom 667.37 62 Surrounding towns and villages include Ashurst, Marchwood, Unit 2 321.16 29 Cadnam and Ower. 14c Ground floor Studio 247.58 23 TOTAL 656.6 61 The property fronts Eling Lane, situated just off Rumbridge Street 14d Ground floor Studio 150.7 14 which offers a range of independent and national retailers and also TOTAL 1,733.02 161 home to a number of local businesses. The property comprises two ground floor retail units with traditional shop frontage and four TERMS residential apartments, 2 x 2 bedroom at first floor level and 2x studios at ground floor rear. The property is available freehold subject to the benefit of the existing lease agreements with a guide price of £485,000. A purchase at this level reflects a Gross Yield of circa 7.7% and a Net Initial Yield of 7.3% subject to purchasers costs of 4.6% The property is fully occupied and produces a residential income of £26,760 and a commercial income of £10,500 per annum. The LEASE TERMS combined annual income reflects £37,260. Commercial:
Units 1 & 2 are let under a lease dated 1st of April 2019 to a K Ginnifer for a term of 5 years at a passing rent of £10,500 per annum. The lease is subject to a EPC break clause in favour of the tenant on the 3rd anniversary of the lease, subject Rating Unit 1: C-53 to 6 months notice in writing. Unit 2: C-63 Residential: RATES •14a Let to a private individual on an AST agreement commencing 4th Rateable Value Unit 1: £4,400 September 2014 at a passing rent of £675pcm Unit 2: £3,600 •14b Let to a private individual on an AST agreement commencing 6th July The 2019/2020 standard multiplier is 0.491(49.1p payable per £1). 2013 at a passing rent of £675pcm This determines what business rates are payable. All parties are •14c Let to a private individual on an AST agreement commencing 29th April advised to make their own enquiries for confirmation. 2017 at a passing rent of £450pcm •14d Let to a private individual on an AST agreement commecning 5th June ANTI MONEY LAUNDERING 2010 at a passing rent of £430pcm Please note all prospective purchasers will need to be verified for ‘Anti Money Laundering’ purposes prior to issuing memorandum of Subject to a break clause on the 3rd anniversary of the lease subject to 6 agreed terms of sale. months notice in writing.
VIEWING & FURTHER INFORMATION: CALL 023 8022 2292
Property Misdescriptions Act 1991 – Services & Planning. We have not tested any of the service installations including heating and lighting. Prospective purchasers or tenants should satisfy themselves independently that appropriate connections exist and as to the state and condition of such items. Any plans included in these particulars are provided only to indicate the general location of the property. Tom George Duane Walker Prospective purchases or tenants should verify any stated planning use in these particulars with Local Planning Authority and should Senior Surveyor Director satisfy themselves that their proposed use is compatible with planning requirements. Misrepresentation Act 1967 – Whilst all the information in these particulars is believed to be correct neither the agents nor their clients guarantee its accuracy nor is it intended to [email protected] [email protected] form part of any contract. All areas quoted are approximate. No representative of Primmer Olds B.A.S has any authority to make or give any representation or warranty whatsoever in relation to this property. Finance Act 1989 – Unless otherwise stated, all prices and rents are quoted exclusive of Value Added Tax (V.A.T.). Any intending purchasers or lessees must satisfy themselves independently as to the