Unit 1 Red Lion Court, 445, Bitterne Road, SOUTHAMPTON, Hampshire, SO18 5EE
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Read more Read moreTHE SELLER RESERVES THE RIGHT TO SELL LOTS 59 TO 62 AS ONE LOT, A Selection of Four Retail Investments, Part of Modern Development, Prominent and Busy Retail Location Location: The property forms part of the main retail area of Bitterne a busy part of Southampton with multiple retailers in the locality including Iceland, Pizza Hut, Coral, and many others. This is the main retail centre for Bitterne which provides services to a densely populated immediate catchment and outlying areas. Accomodation/Tenancy: Lot: 59 Address: Unit 1 Red Lion Court, 445 Bitterne Road Accommodation: Retail Zone A 28.3 sq. m (304 sq. ft) Retail Zone B 32.5 sq. m (349 sq. ft) Retail Zone C 2.5 sq. m (26 sq. ft) TOTAL 63.3 sq. m (681 sq. ft) Tenancy: Let to Venus Nails NL Limited for 10 years from 29/09/2015 Current Rent £ pa: £11.250 Rent Review/Notes: Valuable reversion/ review due September 2025. No break option. Lot: 60 Address: Unit 2 Red Lion Court, 447 Bitterne Road Accommodation:Retail Zone A 34.6 sq. m (372 sq. ft) Retail Zone B 32.8 sq. m (353 sq. ft) Retail Zone C 5.6 sq. m (60.2 sq. ft) TOTAL 73.1 sq. m (786 sq. ft) Tenancy: Let to DP Realty Limited for 20 years from 29/09/2015. Current Rent £ pa: £11,250 Rent Review/Notes: Rent reviews every 5 years. Next due September 2025. Note the 2020 rent review was not carried out and is not time of essence. There is a tenant break option 28/09/2026. Lot: 61 Address: Unit 3 Red Lion Court,449 Bitterne Road Accommodation: Retail Zone A 34.6 sq. m (372 sq. ft) Retail Zone B 33.1 sq. m (356 sq. ft) Retail Zone C 1.7 sq. m (18 sq. ft) TOTAL 69.4 sq. m (747sq. ft) Tenancy: Let to G Issa with guarantor for 20 years from 23/12/2023. Current Rent £ pa: £11,500 Rent Review/Notes: RPI rent reviews every 5 years. Note a rent deposit of £11,500 is held together with guarantor in place. No break option. Lot: 62 Address: Unit 4 Red Lion Court, 451 Bitterne Road Accommodation: Retail Zone A 32.5 sq. m (349 sq. ft) Retail Zone B 27.7 sq. m (298 sq. ft) TOTAL 60.2 sq. m (647sq. ft) Tenancy:Let to A Chowdhury with guarantor for 20 years from 13/10/2023 Current Rent £ pa: £11,000 Rent Review/Notes: RPI rent reviews every 5 years. Note a rent deposit of £5,500 is held together with guarantor in place. No break option. Description: Each of the lots provides a ground floor retail unit within this modern building. Each unit has a good frontage within this busy shopping location with strong passing pedestrian trade. Tenure: Each unit will be sold on a new lease for a term of 999 years at a ground rent of £250 per annum (see note). Note: The Seller is the freeholder of the building. Following these sale, they shall serve requisite notices under the Landlord and Tenant Act enabling them to then sell the freehold ground rent investment at the earliest available opportunity.
