Home > Auctions > 12 February 2025 12 February 2025 - 9:00am > Lot 55

12 February 2025: Wednesday 12 February 2025 - 9:00am
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    Key features

    • Freehold Commercial Ground Rent Investment
    • Located on Above Bar Street, an established trading location
    • Let on a lease expiring 2109
    • Rent geared to 15% of the rents receivable from the sub-tenants
    • Sub tenants paying £81,500 pa with opportunity for rental growth
    • VAT is not applicable
    • Investment let at £12,225 p.a.

    Description

    The property is arranged over lower ground, ground, and two upper floors.

    It has primary frontage onto Above Bar Street and benefits from excellent visibility and accessibility.

    Additional information

    Tenure

    Freehold

    Accommodation

    134 Above Bar Street

    Basement – 118.90 sqm (1,280 sq ft)

    Ground Floor - 133.31 sqm (1,435 sq ft)

    Total – 252.20 sqm (2,715 sq ft)

     

    136 Above Bar Street

    Ground Floor – 142.60 sqm (1,535 sq ft)

    Mezzanine – 29.43 sqm (317 sq ft)

    First Floor – 344.64 sqm (3710 sq ft)

    Second Floor – 317.28 sqm (3,415 sq ft)

    Total – 833.95 sqm (8,977 sq ft) 

    Tenancy

    The property let on a long lease to Panther (VAT) Properties Ltd for a term of 125 years from 25th December 1984, with 85 years remaining.

    The head rent payable is 15% of rents receivable from the sub-tenants or if greater, £450.00, currently equating to £12,225 per annum.


    Sub-tenancies


    134 Above Bar Street - sub let to Tony & Guy (South) Ltd on a 10 year lease from April 2020 at a rent of £21,500 p.a.

    136 Above Bar Street - sub let to Sharkeys Ent Ltd on a 20 year lease from 2018 at a rent of £60,000 p.a.

    Planning

    The property falls within Class E (Commercial, Business and Service Use).

    Rent

    12255

    Notes

    Joint Auctioneer

    Harry Heffer

    Savills

    harry.heffer@savills.com

    +44 7929 085103



    Please note the areas provided are approximate. The photos and any drawings are for illustrative purposes only and may not reflect the exact boundary of the property. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard. Please refer to the legal pack.


    Additional charges and fees might be charged by the seller and/or other third parties. You are strongly advised to read the Special Conditions of Sale for the Lot prior to bidding to check for any additional charges and fees

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        All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

        Savills are not holding any viewings for this property. For further information please download the legal pack or email the relevant Savills Contact directly.

        Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

        No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

        No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

        There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

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        Local information

        • The city of Southampton is a major commercial and administrative centre and international port with a population of some 248,922. 
        • The city lies approximately 70 miles southwest of London, 20 miles west of Portsmouth, 30 miles east of Bournemouth, and 13 miles south of Winchester.
        • Southampton is a stategic hub at the junction of the M27 and M3 motorways
        • The property is located on Above Bar Street the main retail thoroughfare in Southampton city centre.
        • The surrounding area features a mix of retail, leisure, and office developments, alongside cultural attractions such as the Southampton Guildhall and the Mayflower MAST Theatre. 
        Transport

        Rail - Southampton Central Station is approximately 0.5 miles to the west, providing regular services to London Waterloo in around 80 minutes.

        Air - Southampton International Airport, adjacent to Junction 5 of the M27, offers regular flights to major UK, European, and Channel Island destinations.

        Legal documents

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        EPC rating

        If no EPC rating appears please refer to the legal pack.

        Guide prices and common auction conditions

        •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

        •The reserve price is the minimum price at which the property can be sold.

        •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

        •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

        Please note that all prices listed, whether prior to or post auction, are subject to contract.

        The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

        The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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