36 High Street, Lyndhurst, Hampshire, SO43 7BG

Lot Image

Auction sale - Monday 17th July 2017

Result:

Sold for £536,000

Upon the instructions of

Executors
  • Freehold retail & residential investment
  • Prominently situated adjacent to Costa Coffee and opposite Budgens
  • Includes 2 x three bedroom flats
  • Includes a rear garden with car parking
  • Current rent £17,500 (Rising to £25,000 in 2018)

Addendum

The most recent insurance premiums have just been demanded from the tenants. The Seller will manage any payments received between exchange and completion although some may remain outstanding upon completion.

Details

Location

Summary: Prominent mixed use building with asset management opportunities
Miles: Southampton 10 miles, Lymington 9 miles, Poole 30 miles
Roads: A35, A37, A31, M27
Rail: Ashurst New Forest, Beaulieu Road, Southampton Central
Nearby Occupiers: Budgens, Costa Coffee, Lloyds Bank

Description

The property comprises a substantial three storey building arranged as a ground floor retail unit with separate access internally and from the side of the property to two flats (2 x three bedroom flats), arranged over the first and second floors. There is a large attic space, a roof terrace and a rear garden. We understand that the tenant has an annual license from the Council that permits them access over a strip of land to the rear from the car park to provide the tenant with vehicular access to the property. There are two unmarked parking spaces. The property is situated on the south side of High Street, close to the junction with Church Lane.

Tenure

Freehold

VAT

The Seller has not elected to charge VAT

Energy Performance Certificate

See website

Address Tenant Floor Use Sq M Sq F Lease Terms Rent £ pa Rent Review
TOTAL £17,500 (Rising)
36 High Street J B Backhouse t/a Berties (1) Ground First/second Retail/kitchen/storage 2 x three bedroom flats 81.69 879 18 years from 01/04/2015 £17,500 (Rising) Increases to £25,000 per annum on 01/04/2018 and 5 yearly thereafter
The areas have been taken from the VOA website.
(1) The tenant has sub-let the first floor flat and occupies the second floor flat.

Contact

Seller's solicitor

ASB Law Solicitors

Jan Martell

01293 603600

jan.martell@asb-law.com

* Guide price

An indication of the seller’s current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

* Reserve price

The seller’s minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

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