Home > Auctions > 12 February 2025 12 February 2025 - 9:00am > Lot 86

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

    • Freehold Industrial Ground Rent Investment
    • Let to Biffa, a 5A3 covenant, on a lease expiring 2085
    • Arranged on a surfaced 0.58 acre site
    • VAT is not applicable
    • Investment let at £34,850 p.a. (5.48% GIY on Guide Price)

    Description

    The property comprises a surfaced industrial site of 0.58 acres, secured with perimeter fencing.

    Additional information

    Tenure

    Freehold

    Accommodation

    Buildings on-site include: ·        


    Warehouse - 146.15 sq m (1,573 sq ft)·        

    Office - 75.70 sq m (815 sq ft)·        

    Mezzanine store - 75.00 sq m (807 sq ft)


    Total - 296.85 sq m (3,195 sq ft)

    Tenancy

    Let to Biffa Waste Services Ltd for a term of 99 years from 1986 (thus having approximately 61 years unexpired) at a current rent of £34,850 per annum.


    The lease provides for upward only rent reviews every 5th year


    By way of a Deed of Variation in 2006, further rent in addition to the passing rent maybe due. This is calculated as follows;

    50% x (gross annual rent payable to the tenant by the sub tenant) - the rent payable under the lease = further rent due.


    Sub Tenancy


    The site is currently occupied byThrifty Car Hire under a sub-tenancy from Biffa Waste Services Ltd and is used for vehicle storage, office operations, and workshop facilities. The sub-tenancy between Biffa Waste Services Ltd and Scot Group Limited (t/a Thrifty Car HIre) is for a term of 10 years from November 2016 at a current sub rent of £44,000 per annum.



    ------


    Biffa Waste Services Ltd        

    D&B Rating: 5A3       

    Turnover: £1,153,400000        

    Pre-tax profit: -£36,600,000        

    Shareholders Funds: £306,600,000

    (Source: Incans 17.01.2025)

    Planning

    Existing industrial use (B2/B8) – No pending planning applications. Previous planning consent (Ref:1630/M23) for vehicle workshop, offices, and transfer station.

    Rent

    34850

    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 nternally 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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        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 in Longbridge Industrial Estate on Floating Bridge Road in Southampton, within close proximity to thecity centre.
        • The surrounding area features a mix of commercial, leisure, and residential developments.
        • Floating Bridge Road is situated to the north, between sections of the Longbridge Industrial Estate, and leads from CanuteRoad to Southampton Water Activities Centre, with the River Itchen beyond.
        • To the south of the property lies Alcantara Crescent residential estate
        Transport

        Road - Close to Albert Road North (B3038) extending south to the A3025 (Bursledon) and the A27, and north to the A3024 (M27 access)

        Rail - Southampton Central Station is approximately 1.5 miles northwest, 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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