361-363 and 361A Charminster Road, Bournemouth, BH8 9QS

Description

FOR SALE - Freehold Mixed Use Tenanted Investment

The densely populated and cosmopolitan Bournemouth suburb of Charminster is located approximately 2 miles north of the town centre. Good local shopping facilities are provided along Charminster Road (the B3063) which also supports a wide variety of catering businesses and professional services providers including estate agents, solicitors, accountants etc.

This semi-detached property comprises striking commercial premises at ground floor level together with a two bedroom self-contained flat above.

The commercial space is prominently positioned with return frontage which benefits from air conditioning, a good sized tarmacadam surfaced forecourt which provides the option to park approximately three vehicles.


Accommodation

Ground Floor Shop NIA 797 Sq. Ft. (74.01 Sq. M.)
First Floor Flat
Bedroom 1 191 Sq. Ft. (17.71 Sq. M.)
Bedroom 2 115 Sq. Ft (10.70 Sq. M.)
Lounge 160 Sq. Ft. (14.85 Sq. M.)
Bathroom 36 Sq. Ft. (3.39 Sq. M.)
Kitchen 113 Sq. Ft. (10.49 Sq. M.)
Net Internal Area 615 Sq. Ft. (57.14 Sq. M.)
Total Internal Area 1,412 Sq. Ft (131.15 Sq.M.)

Planning

Interested parties are advised to make their own enquiries of the Local Authority for confirmation. Under the new planning regulations, we believe the current permitted use to be use class 'E' which includes uses such as retail, professional services, cafe, health clinics, indoor recreation/sport and office. All parties are advised to make their own enquiries of the local authority for confirmation.

EPC Text

Asset Rating - Commercial D (79)
Residential D (56)

COUNCIL TAX - Band A

Rating

Rateable Value £10,250
Source www.voa.org.uk The 2024/2025 small business multiplier is 0.499 (XXX payable per £1). This determines what business rates are payable. All parties are advised to make their own enquiries for confirmation. *If you qualify as a 'small business' you may be eligible for substantial relief in connection with business rates payable. We advise all parties speak to the local authority in the first instance for confirmation.

Terms

Price on Application

VAT
The property is not elected for VAT.

TENANCY DETAILS

The ground floor commercial unit is let by way of an effectively full repairing and insuring lease to Flowers at 166 Ltd commencing 11th September 2020 expiring 10th September 2025 at a passing rent of £11,500 per annum with a fixed rent review in March 2025 upon which the rent will increase to £12,250 per annum. A three-month rental deposit is held by the landlord.


The Florist is a well established business and has been trading on this street for 18 years, which implies a strong client base and reputable status.

The two bedroom first floor flat is let by way of an assured shorthold tenancy dated 26th August 2023, later amended via a memorandum of agreement to extend for a further 12 months at an increased monthly rent of £1050 per calendar month. A deposit of £950 is held by the landlord.

Total Income Receivable: £24,100 per annum (£24,850 p/a from March 2025)

GF Estimated Rental Value - £15,000-£16,000 per annum, exclusive.

FF Estimated Rental Value - £13,200 per annum, exclusive.

Total Estimated Income Receivable, circa £28,000 - £29,000 per annum.

REDEVELOPMENT POTENTIAL

We have been advised that the ground floor could benefit from permitted development rights to convert the ground floor retail space into residential. This could either retain a front retail area with one bedroom flat at the rear or create a larger two-bedroom flat.

The vendor has commissioned drawings to show the above and also drawings to show the potential of converting the upper parts into a three-bedroom flat with alterations to the internal wall partitions. Plans available on request.

We have also been advised that the loft space above is large enough to create a further bedroom should this be economically viable to do so.

COMPARABLE EVIDENCE

JUNE 2024 377-381 Charminster Rd Freehold 830 Sq. Ft. £240,000 £289.16 Vacant Possession - Owner occupier
JULY 2023 360 Charminster Rd Leasehold 473 Sq. Ft. £11,000 P/A £23.26 Double fronted - subject property is return fronted
AUG 2020 315 Charminster Rd Leasehold 232 Sq. Ft. £6,000 P/A £25.87
MAY 2022 355 Charminster Rd Leasehold 500 Sq. Ft. £9,000 P/A £18.00 Single Fronted - Less desirable pitch to subject

Please note all prospective purchasers will need to be verified for 'Anti Money Laundering' purposes prior to issuing memorandum of agreed terms of sale.
( Agency Pilot Software ref: 10540 )