BITTERNE ROAD, SOUTHAMPTON, SO18 5EE. Freehold Investment for Sale. 750,000 No VAT

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419-431 BITTERNE ROAD, SOUTHAMPTON, SO18 5EE Freehold Investment for Sale 750,000 No VAT 8.51% Net Initial Yield / 9.14% Reversionary Yield Total Rent 67,600 Per Annum.

1 BITTERNE ROAD, SOUTHAMPTON, SO18 5EE Freehold Investment for Sale 750,000 No VAT 8.51% Net Initial Yield / 9.14% Reversionary Yield Total Rent 67,600 Per Annum. Savers Health and Beauty Limited - 7 years unexpired J &M Gannaway (Florist and Greengrocers) - 6 years unexpired 7 Flats above sold on single 125 year lease. HARBOUR LIGHTS, MARITIME WALK, OCEAN VILLAGE, SOUTHAMPTON, SO14 3TL

2 LOCATION Bitterne is a busy suburb situated about 2.1 miles/3.4 km east of Southampton City Centre with a local population of 13,800, (Census 2011). Southampton is located on the south coast of Hampshire, approximately 79 miles/127 km south west of London and 19 miles/30 km west of Portsmouth. The city has an urban area population of approximately 209,648 which increases to the junction of the A3024 Bitterne Bypass (Maybray King Way) and Bitterne Road (A334). This precinct comprises a mix of independent and nationwide retailers. Primary occupiers in the area include Sainsbury, Superdrug, Boots Opticians, Stead & Simpson, Greggs, Pizza Hut and Dominoes. There are two free public car parks nearby. to 384,500 within a 10 km radius of its centre. The city benefits from good road communication with direct access to the M27 and M3 via the M271, A35 and A33. Rail services run regularly from Southampton to London Waterloo, with a fastest journey time of approximately 1 hour 10 minutes. DESCRIPTION A prominent refurbished three-storey building comprising two retail units with seven self contained flats on the upper floors. The entrance to the flats and loading areas for the retail units are at the rear, accessed from Angel Crescent. SITUATION The property is located on the pedestrianised shopping precinct opposite an Iceland store and close

TENANCY DETAILS The two ground floor retail units are let to Savers Health & Beauty Limited and J & M Gannaway until 2016 on effectively full repairing and insuring leases.

3 TENANCY DETAILS The two ground floor retail units are let to Savers Health & Beauty Limited and J & M Gannaway until 2016 on effectively full repairing and insuring leases. A single 125 year tenancy has been granted on effectively FRI terms for the seven residential units on the upper floors. Please refer to the Tenancy Schedule below:- Unit Tenant Lease Rent PA Next Rent Expiry PSF Review 425 J & M 10 years from 35,000 19/11/ /11/2020 Gannaway 19/11/ year rent review. 429 Savers 15 years from 32,500 25/12/ /12/2021 Health & Beauty Limited 25/12/2001 and subsequently extended. Effectively FRI. 5 yearly reviews with the next review capped at 10% increase ( 35,750 pa). C A Upper R T Clarke & 125 years from /4/2129 Floors C S Grayston 22/04/2004 Total Income PA 67,600

ACCOMMODATION The approximate Net Internal Floor RENTAL VALUES Areas are shown on the Schedule below:- The Savers unit is considered to be rack No.425 Gannaways No.429 Savers rented at 30.

4 ACCOMMODATION The approximate Net Internal Floor RENTAL VALUES Areas are shown on the Schedule below:- The Savers unit is considered to be rack No.425 Gannaways No.429 Savers rented at per square foot ( per square metre) Zone A. Sq m Sq ft Sq m Sq ft Sales , ,043 Area Overall Sales , ,036 Area (ITZA) Kitchen / Storage First Floor Store First Floor Staff/ Kitchen Area Total , ,531 Upper floors not measured. The rent at the Gannaway unit shows per square foot ( per square metre). This unit was originally designed as five units and so quantum allowances have been made to reflect size but we believe the adjusted rental value to be per square foot ( per square metre) Zone A. Comparable letting evidence is seen at Unit 1, 20 West End Rd where psf Zone A was achieved on 1,466 sq ft for a 7 year lease in November 2012; 417A Bitterne Rd where psf Zone A was achieved on a 10 year lease in September At the time of writing there is only one vacant unit within the precinct where a tenant is attempting to assign a short reversionary lease and an offer has been received at the passing rent of psf Zone A.

5 COVENANT INFORMATION Unit Savers Health & Beauty Limited- The most recently audited Financial Statements for the year ended 31 December 2013 show continued improvement in profitability. Turnover, operating profit and the profit for the financial year all increased compared to the previous year. An additional 10 shops were open during 2013 increasing the company s trading stores to 253. SERVICE CHARGE There is a service charge in respect of maintaining and repairing the structure and exterior of the building and common parts. There is 100% recovery from the tenants. BUSINESS RATES We have referred to the Valuation Office website which confirms the rateable values as shown below with effect from April 1st ,499,000 turnover and a pre tax profit of 6,952,000 to year ending 31/12/2012. Unit 425 J & M Gannaway trading as Property Rateable Value No.425 Gannaway 37,000 No.429 Savers 25,750 Gannaways Florist and Greengrocer is a family run business based in Southampton for over 40 years. VAT We understand the property has NOT been registered for VAT purposes but purchasers must satisfy themselves in this respect.

6 Bitterne Road, Southampton, SO18 5EE ENERGY PERFORMANCE CERTIFICATES Energy Rating of C. Certificates are available upon request. PROPOSAL We are instructed to seek offers for the Freehold interest at 750,000 (Seven Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. TENURE Freehold. An acquisition at this level will show a Net Initial Yield of 8.51% and a reversionary yield of 9.14% after allowing for purchasers costs if at 5.80%. For further information of if you wish to arrange an inspection please contact: Richard Nevines BSc MRICS APAEWE Keygrove Chartered Surveyors Harbour Lights, Maritime Walk Ocean Village, Southampton, SO14 3TL T: E: rhn@keygrove.com Details Ref: Ref: 3179/14/1 November 2014

KEYGROVE IMPORTANT NOTICE The mention of any appliances and/or services within these sales particulars does not imply they are in full and efficient working order. Services have not been tested.

Whilst we endeavour to make our sales details accurate and reliable, if there is any point that is of particular importance to you, please contact the office and we will be pleased to check the

9 KEYGROVE IMPORTANT NOTICE The mention of any appliances and/or services within these sales particulars does not imply they are in full and efficient working order. Services have not been tested. Measurements are made in accordance with the code of Measuring Practice issued by the Royal Institution of Chartered Surveyors and the Incorporated Society of Valuers and Auctioneers. Whilst we endeavour to make our sales details accurate and reliable, if there is any point that is of particular importance to you, please contact the office and we will be pleased to check the information. Do so particularly if contemplating some distance to view theproperty. Misrepresentation Act Whilst all the information in these particulars is believed to be correct, neither the agents nor their client guarantees its accuracy nor is it intended to form part of any contract. All areas quoted are approximate. Finance Act Unless otherwise stated, all prices and rents are quoted exclusive of Value Add Tax (VAT). Any intending purchasers or lessees must satisfy themselves independently as to the incidence of VAT in respect of any transactions. Guidance is provided to parties involved in any transaction by way of the Code of Practice for Commercial Leases which is available online at The vendors do not make or give and neither Keygrove nor any person in their employment has any authority to make or give any representation or warranty whatever in relation to this property. The attached Ordnance Survey Extract is to identify the site mentioned in these marketing particulars. The surrounding area may have changed since it was produced and, therefore, may not be an accurate reflection of the area around the property s boundaries. Licence Number

129/133 STOKE ROAD, GOSPORT, HAMPSHIRE

FREEHOLD MIXED USE INVESTMENT FOR SALE DAVID BAROUKH ASSOCIATES 129/133 STOKE ROAD, GOSPORT, HAMPSHIRE Summary Purchase price in excess of 3,250,000, subject to contract. Net initial yield of 7.3%. 83%