196-198 Shirley Road and 1-3 Paynes Road, Southampton, SO15 3FL

Description

The properties occupy a corner position at the junction of Shirley Road and Paynes Road, towards the Southampton end of Shirley's retail offering, circa 1.4 miles from the City centre and 1 mile from Southampton Central Train Station. The immediate vicinity predominantly comprises independent retailers with the exception of a Co-op convivence store.

196-198 Shirley Road comprises a pair of former semi-detached dwellings which have been extended and altered to provide open plan retail accommodation on ground floor with residential upper parts, comprising 1 x 1 bedroom and 1 x 2 bedroom which benefit from independent access to the rear.

1-3 Paynes Road comprises a two storey office building of traditional brick construction with glass frontage under a mansard roof. The ground floor is configured as cellular suites. The First floor provides open plan accommodation.

The properties two properties are separated by private car park providing space for 12 cars.

The site measures 0.184 acres and could be suitable for redevelopment subject to obtaining the necessary planning permissions and vacant possession.

The property is fully occupied and produces an income of £XXX

Accommodation

Ground Floor 196 -198 Shirley Road - 107.7 sq. m 1,159 sq. ft.

Ground Floor 1-3 Paynes Road - 112.91 sq. m 1,215 sq. ft.
First Floor 1-3 Paynes Road - 119.55 1,286
Total - 232.46 sq., m 2,502.2 sq. ft.

Residential
196a - 1 x 1 bedroom apartment
198a - 1 x 2 bedroom apartment


Planning

1-3 Paynes Road falls under use class B1a and should be suitable for conversion under permitted development rights subject to obtaining vacant possession.
196-198 Shirley Road falls under use class A2.

The site offers scope for a corner development subject to obtaining the necessary planning consents.

Terms

Offers are invited with a guide figure of £XXX for the freehold interest subject to the benefit of the existing leases. A purchase at this level reflects a Gross Yield of 6.4% and a Net Yield of 6.1% considering purchasers costs of 5.4%.



196-198 Shirley Road is let under a lease dated 24th March 2016 for a term of 5 Years expiring 23/03/2021 to Verve Accounting Limited at a passing rent of £XXX per annum on IRI terms subject to a service charge. the lease. The lease is contracted outside 'the Act'.
First and Part Ground floor 1-3 Paynes Road is let under a lease dated 1st February 2016 for a term of 6 years expiring 31/01/2022 at a passing rent of £XXX per annum on IRI terms subject to a service charge. Most recently they have extended the lease contract by a further 3 months. The lease is contracted outside of 'the Act'. There is a rent review clause on the 3rd anniversary of the lease that has not been actioned.
Part Ground floor (front) let under a licence agreement to Advanced Lettings at a passing rent of £XXX per annum. Licence is terminable by 6 months notice in writing.
196a and 198a let under an AST agreement at a combined passing rent of £XXX per annum. The current AST's are subject to an 8 week notice period.
The properties produce a combined rent of £XXX per annum.
( Agency Pilot Software ref: 6116 )