Salisbury Street, Fordingbridge, Hampshire, SP6

Property Description

Investment Opportunity - Retail/residential investment in Fordingbridge town centre.
| Rental income: £18,810 per annum
| Potential to reinstate additional flat in early 2021.
| Convenient for Town’s amenities


Location
The property occupies a position in the centre of Fordingbridge opposite Tesco Metro and within a convenient walking distance of all the Town’s amenities including a Co-op supermarket. The central car park is also within a short walk. Fordingbridge is an attractive country town lying on the edge of the New Forest and benefits from good connections to Southampton and Bournemouth. The Cathedral city of Salisbury lies approximately 10 miles to the north east along the A338.

Description
No.s 25-27 comprise a ground floor retail area with ancillary upper parts which previously provided a self-contained flat. This could be reinstated at the end of Age UK’s lease in March 2021 subject to the stairs reverting to their original position which allowed for separate access via a ground floor corridor which runs between the two shops. No.31 comprises a ground floor shop currently let to a beautician while No.29 comprises a one bedroom flat let on an assured shorthold tenancy agreement.

Accommodation
Approximate Gross Internal Areas
m2 ft2

No.s 25-27 (shop)
Ground floor
Shop 28.4 306
First floor
Offices/Storage 29.1 313
WC and Kitchen - -
Second floor
Storage 11.1 120

No.29 (flat)
First Floor
Living/dining room: 4.6m x 4.2m (15’1” x 13’9”)
Kitchen: 3.6m x 1.7m (11’10” x 5’7”)
Bathroom/WC
Second Floor
Bedroom: 4.6m x 4.6m (15’1” x 15’1”)

No.31 (shop)
Ground Floor
Shop 31.5 339
External store & WC - -

Occupation Leases
No.s 25-27 (shop) let to Age UK on a full repairing and insuring lease for a term of 10 years expiring 28th February 2021 at a passing rent of £7,500 per annum. It is understood that the tenant will not renew the lease.

No.29 (flat) let on an AST for a term of 12 months from 14th May 2020 at a rent of £520 per calendar month (£6,240 per annum) with a deposit of £530.77.

No.31 (shop) let to a beautician is on a full repairing and insuring lease for a term of 12 years from 1st April 2017 at a rent of £5,070 per annum. There are tenant only break options and rent reviews in April 2023 and 2026.

Tenure
Freehold subject to the existing leases and tenancy agreements.

Price
£265,000 reflecting gross initial yield of 7.1%. We are advised that VAT will not be applicable.

Business Rates/Council Tax
Nos.25-27: rateable value - £5,600
No.31: rateable value - £5,700
No.29: council tax band - A

Services
Electricity: Separate supplies are connected to all three properties. We are also advised that there is a separate meter covering the upper parts of Nos. 25-27.

Water: Water is connected to Nos. 25-27. We are advised that there is a single supply serving Nos. 29 and 31. Bills are apportioned.

Caution
Woolley and Wallis Commercial have not tested the services mentioned in these particulars.

Energy Performance Certificates
Nos. 25-27: D
No. 29: E
No. 31: E

Code of Practice
You should be aware that the Code of Practice on commercial leases in England and Wales recommends that you seek professional advice from a qualified Surveyor, Solicitor or Licensed Conveyancer before agreeing or signing a business tenancy agreement. The code is available from professional institutions and trade associations or through the website www.commercialleasecodeew.co.uk.

Viewing
Strictly by appointment only through Woolley & Wallis Commercial (01722 330333).

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