Southampton - Allsop auction

115
LOT
Southampton
Ground Floor
Orchard House
51/67 Commercial
Road
Hampshire
SO15 1GG
• Virtual Freehold Investment
• Ground floor of recently completed
development
• Let to Nisbets plc and Reed
Specialist Recruitment Ltd
• Total Current Gross Rents Reserved
£105,000 pa
SIX WEEK COMPLETION
AVAILABLE
Tenure
Leasehold. Held for a term of 999 years from 18th February 2014 at a
peppercorn ground rent.
Location
The city of Southampton is one of the country's major international ports
and commercial centres, with a resident population of some 210,000.
The city benefits from excellent communications, being close to the
junction of the M27 and M3 motorways, as well as having regular mainline
rail services to London and the South Coast.
The property occupies a prominent corner location at the junction of
Commercial Road with Morris Road and is opposite the recently completed
Station Quarter Regeneration Area.
Office occupiers on Commercial Road include PWC, Bond Dickinson, Old
Mutual and Maritime & Coastguard Agency. In addition, the Mayflower
Theatre is also on Commercial Road, as is the newly developed Mayflower
student halls of residence for the University of Southampton. Southampton
Rail Station is a few minutes walk to the south.
Description
The property comprises the ground floor only of a recently completed
development. Unit 1 is located on the corner and has been fitted out in
Nisbets’ corporate style. The property provides sales accommodation
The Property
No.
Present Lessee
Accommodation
Unit 1
Nisbets plc (1)
Ground Floor
8 Car Parking Spaces
496 sq m
Unit 2
Reed Specialist Recruitment Ltd Ground Floor
(2) (guaranteed by Reed
5 Car Parking Spaces
Executive Ltd)
308 sq m
Total
together with ancillary staff and storage. To the rear are eight designated
parking spaces. Unit 2 is adjoining and is occupied by Reed Specialist
Recruitment, providing a reception area and open plan offices with canteen
and staff accommodation. The offices were fitted out for the Tenant by the
Landlord to a high specification with air conditioning, carpets, internal
partitions and kitchen. To the rear are five designated parking spaces.
VAT
VAT is applicable to this lot.
Documents
The legal pack will be available from the website www.allsop.co.uk
Energy Performance Certificate
Range from EPC Rating 47-49 Band B (Copies available on website).
Viewings
If you would like to inspect the property please email
viewings@allsop.co.uk with the name and phone number of each party
wishing to attend, photographic ID will be required on the day. In the
subject box of your email please enter Lot 115 Southampton.
Current Rent
£ p.a.
Next Review/
Reversion
(5,339 sq ft) 10 years and 6 months from 20.08.2015
Rent review and tenant’s option to break at 5
years 6 months
Effectively FR & I
Service charge cap of £3,000 (linked to RPI)
plus VAT for maintenance of common areas
£60,000 p.a.
Rent Review 20th
February 2021
(3,315 sq ft) 5 years from 30.10.2015
Tenant’s option to break in the 3rd year
Effectively FR & I
£45,000 p.a.
Reversion 2020
Lease Terms
804 sq m
(8,654 sq ft)
(1) Website Address: www.nisbets.co.uk. “Our mission is to provide the widest choice of quality catering equipment to food service and hospitality
industries across the globe, while guaranteeing value for money and excellent customer service.” (Source: www.nisbets.co.uk)
For the year ended 31st December 2014, Nisbets plc reported a turnover of £226,743,019, a pre-tax profit of £28,448,285, shareholders’ funds of
£100,841,468 and a net worth of £96,858,010. (Source: riskdisk.com 03.06.2016.)
(2) Website Address: www.reed.co.uk
For the year ended 30th June 2015, Reed Specialist Recruitment Ltd reported a turnover of £931,497,000, a pre-tax profit of £12,112,000,
shareholders’ funds of £29,747,000 and a net worth of £31,153,000. (Source: riskdisk.com 03.06.2016.)
Prospective buyers are strongly advised to read the Auctioneers’ Notices Part One and Part Two and all applicable conditions of sale and addenda
156
NB. The plan is for identification only. © Crown Copyright, ES 100004106
Total £105,000 p.a.
Seller’s Solicitor Ms Cara Beveridge, Shoosmiths Solicitors. Tel: 03700 866732 e-mail: cara.beveridge@shoosmiths.co.uk
Joint Auctioneer Roger Holt, Holt Consult. Tel: 01794 518755 e-mail: roger@holtconsult.co.uk
157
LOT
115