42 High Street, Winchester, Hampshire, SO23 9BL

Lot Image

Auction sale - Monday 17th July 2017

Result:

Sold for £1,150,000

Upon the instructions of

Trustees
  • Prime freehold retail investment
  • Let to L'Occitane Ltd until 2024
  • Affluent city on the edge of the South Downs National Park
  • Nearby occupiers include Café Nero, Specsavers and NatWest
  • Current rent £70,000 per annum

Details

Location

Summary: Well located retail investment in the historic city centre
Miles: Southampton 12 miles, Farnham 26 miles, Portsmouth 29 miles
Roads: B3331, B3404, A31, M3 (junction 9)
Rail: Winchester
Air: Southampton, London Heathrow
Nearby Occupiers: Specsavers, Café Nero, Pandora & NatWest

Description

The property comprises a Grade II listed three storey building arranged as ground floor retail, basement storage and ancillary/storage on the first floor and second floors.

The property is situated in the busy pedestrianised position on the south side of High Street within the historic city centre close to the Cathedral.

Tenure

Freehold

Planning

Winchester City Council (01962 840222) www.winchester.gov.uk

VAT

Refer to the legal documentation

Energy Performance Certificate

No EPC required

Address Tenant Floor Use Sq M Sq F Lease Terms Rent £ pa Rent Review
TOTAL 148.90 1,603 £70,000
42 High Street L'Occitane Ltd (1)(2)(3) Basement Ground First Second Storage Retail Ancillary Storage 25.54 40.13 37.71 45.52 275 432 406 490 10 years from 08/08/2014 £70,000 08/08/2019
(1) The tenant is a large multi national retailer selling skin, bath and hair products, many with natural ingredients. For the FY 2016 they traded from 2,924 retail locations, 1,463 of their own stores, employed 8,371 staff and had a revenue of 1.28 Billion Euros. Visit their website at www.uk.loccitane.com.
(2) There is a tenant's break option on 08/08/2019. If the tenant serves their break notice a compensation penalty of £17,500 plus VAT will be payable to the Landlord.
(3) There are some external maintenance repairs to the render and redecoration that are required under the terms of the occupational lease that were agreed to be completed by the Landlord before 15/10/2015. The Landlord has had quotes of between £2,000 and £10,000 for the works to be completed. Our client has also acknowledged that the tenant would be entitled to undertake these works and recharge them for the cost thereof. These works remain outstanding and the responsibility for them will pass to the purchaser upon completion. Refer to the legal documentation for further information.

Contact

Seller's solicitor

Manuel Swaden

Jeremy Manuel OBE

020 7431 4999

jeremym@manuelswaden.co.uk

* 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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