The property comprises a detached steel framed industrial building with brick external elevations with cladding above. The unit, with an eaves height of 19’6 (5.95m), is accessed by 3 roller shutter doors. There are uPVC windows throughout. The property benefits from gas heating units with gas fired central heating to the offices. There is a tarmac/concrete forecourt/yard/parking area at the front. The tenant has installed various improvements including a mezzanine floor with partitioned offices, air-conditioning and under floor trunking.
Location
The property is located in the established industrial area of Northam, Southampton. The property is situated on a prominent island site bounded by Guildford Street, Britannia Road, Wilson Street and Rochester Street. The property overlooks the A3024, Northam Road, which links Southampton City Centre and the M27 to the east. The property is approx 2 miles from Southampton City Centre & central railway station. Industrial occupiers at Northam include Elliott Brothers Builders Merchants, Magnet, Travis Perkins Trimline, Yau Brothers, Polystar Plastics and others. The property is close to Freeborn Citroen Car dealership and also Southampton Football Club.
Accommodation
The property has been measured on a gross internal area basis, as follows:-
GROUND FLOOR
Workshop - 8,083 sq ft
Mezzanine Floor - 484 sq ft
The tenant has installed additional mezzanine floors to provide mezzanine offices of 1,933 sqft (179.58 sq m) and mezzanine storage of 390 sqft (36.23 sq m)
Terms
Lease
The property is let under a single lease agreement to Zillwoods Ltd for a term of 10 years from 22nd January 2012, without breaks, at a rent of £40,000 pa subject to an upward only rent review in January 2017. The premises are let on the basis of a full repairing and insuring lease save that the landlord is responsible for the roof and roof structure. Should the landlord replace the roof at any time, then the repairing obligation of the roof is transferred to the tenant.
Tenant Profile
Zillwoods Ltd are sign manufacturers established in 1970. www.zillwoods.co.uk. As at 31 May 2012 they reported a net worth of £600,378 and credit score of ‘Very low risk’ (source Experian). Zillwoods is a subsidiary of TDZ Ltd.
Tenure
The property is held under a ground lease originally granted from Southampton City Council for a term from 29th November 1974 to 31 December 2072 at a current rent of £20,000 pa fixed with effect from 29 November 2002 anis reviewable every 14 years on an upward only basis. The property is held under a full repairing and insuring lease and the rent review is based upon the ‘market ground rent of the property’.
Proposal - The long-leasehold is offered for sale with a guide price of £200,000 subject to contract.
Specification
- Located in established industrial area of City on the Northam Industrial estate
- Good access to City centre and to main road network via A3024 and A33
- Property situated on an island site close to Southampton Football Club
- Let to on 10 year lease from January 2012 to January 2022
- Let to Zillwoods Ltd sign manufacturers establish in 1970
- Property held on long lease until 2072
- Ground rent fixed until November 2016 with 14 yearly rent reviews
- Current net rent receivable - £20,000 pa
- Detached industrial unit of 8,083 sqft (750.93 sqm) plus mezzanine floor 484 sqft (44.96 sqm)
- EPC - C (73)