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Lot 26 Click here for addendum

Gross Yield 10.4%
Completion 20th August 2019

Situation

Occupying a prominent trading position in this busy local shopping centre, at the junction with Villiers Road, adjacent to a Cash Converters and a J D Wetherspoon, and amongst such multiple traders as Barclays, Halifax, Savers, McDonald's, Santander, Poundland, Boots, Specasavers, Royal Mail Sorting Office and many others.
There is a new Lidl Supermarket currently under construction on the corner of Villiers Road.
Shirley is a popular residential suburb less than 2 miles from Southampton city centre and within easy access of the M27 and M3.

Property

A mid terrace building comprising a deep Ground Floor Restaurant with internal access to a Karaoke Room at first floor level and a Staff Area at second floor level used as bedrooms.
In addition, the property benefits from a rear service road with off-street parking for 1 car plus an enclosed 10' deep front forecourt for outside seating.

ACCOMMODATION¹

Ground Floor Restaurant
Gross Frontage 18'2"
Internal Width 17'0"
Built Depth 124'3"
Area Approx 1,850 sq ft
First Floor Karaoke Room
Area Approx. 560 sq ft
incl. 2 WC's
Second Floor Staff Area
3 Bedrooms Approx. 443 sq ft

¹ Not inspected by Barnett Ross - Areas supplied by the Vendor

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to ZNY Ltd as a Chinese Restaurant for a term of 20 years from 8th February 2012 at a current rent of £26,000 per annum exclusive.

Rent Reviews 2022 & 2027

Note 1: The Tenant's Break in October 2019 was NOT exercised.

Note 2: There is a £6,500 rent deposit held.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

376 Shirley Road, Shirley, Southampton, Hampshire SO15 3HY