Marketed by
Warrant Properties
Watford
1 Wellstones, Watford WD17 2AE
Available
1 of 26
Fixed Price
£2,250,000
100-102 East Street / 57 & 59 Queensway / Eighteeneast 65 Queensway Southampton Hampshire SO14 3BL
Key features
- City Centre Location adjacent to the Redevelopment of the Bargate Centre, the proposed former Debenhams redevelopment and the recent completion of a number of Flat developments on Queensway
- Total Income of £166,890 per annum
- Income split between Commercial Leases (67,500 pax - 41.45%), Residential Ground Rents (£1,800 pax - 1.11%) and the Residential & Store Room 12-Month Business Tenancies (£97,590- 57.44%)
- Equates to a Net Initial Yield of approximately 7% assuming normal purchaser’s costs
Description
Southampton has a population of approximately 253,651 and is recognised as one of the major commercial centres on the South Coast. The City is situated approximately 80 miles south west of London, 20 miles west of Portsmouth and 30 miles east of Bournemouth, benefiting from excellent road communications via the M3 and M27 motorways. Southampton has two mainline railway stations with journey times to London (Waterloo) of approximately 60 minutes, a regional airport offering domestic and non-domestic flights and passenger car ferry services to the Isle of Wight.
The property occupies a prominent position on Queensway in central Southampton, immediately opposite the former Debenhams building (which now has planning consent for 617 new residential dwellings) and within a few yards of the end of East Street, a location popular with independent traders and the new Bargate Quarter. There are already a number of other high-density student and residential developments in the immediate vicinity. East Street itself comprises a mixture of multiple retailers as well as independent retailers. Nearby occupiers include GAMES WORKSHOP, HOLLAND & BARRETT, STEAD & SIMPSON, GREGGS, and SUBWAY.
The property is a modern five storey building and comprises two retail and a restaurant unit arranged on ground floor with twenty four apartments arranged over mezzanine, first, second and third floors. The 18No. Apartments across the first, second and third floors were constructed in 2005, each have been sold by way of Long Leasehold. In 2013, the former commercial space at the Mezzanine Floor was converted to provide a further 6No. Apartments and 4No. Store Rooms.
Marketed by
Warrant Properties
Watford
1 Wellstones, Watford WD17 2AE
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