264 London Road, Waterlooville, PO7 7HG

Description

Primmer Olds B.A.S are delighted to bring to the market this rare investment opportunity in the heart of Waterlooville. The site is
being sold with a commercial income and vacant possession of four newly created flats ready for rental. The ground floor consists
of a commercial retail unit let to national Charity Barnardo's, with frontage to the main route through Waterlooville town
centre. The first and second floors have been developed into 4 apartments which make ideal residential rental investments.

Accommodation

Floor Areas Sq Ft Sq M
Flat 1 559 52
Flat 2 645 60
Flat 3 538 50
Flat 4 710 66
Commercial 2,346 218

Planning

All parties are advised to make their own enquiries of the local
authority for confirmation.

EPC Text

Ground Floor Shop - TBC

Rating

Rateable Value £23,750
Source www.voa.org.uk The 2021/2022 small business multiplier is 0.499 (XXX payable per £1). The 2020/2021 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

Offers considered in the region of £900,000 subject to contract for the freehold interest with vacant possession on completion.

Please note all prospective purchasers will need to be verified for 'Anti Money Laundering' purposes prior to issuing memorandum
of agreed terms of sale.

TENANCIES
The ground floor retail is subject to a lease dated 14th June 2016, let to Barnardo's ( https://www.barnardos.org.uk/ ) for a
term expiring 31 October 2025 at a reduced rent of £18,500 per annum, from an original rent of £20,000 per annum. The
seller will provide a newly refurbished space back to the retailer on completion of the landlord's development. The tenant is
required to maintain the interior of the property subject to a schedule of condition.

There is an agreement dated 22nd June 2021 for the commercial tenant to temporarily vacate in return for no rent being due whilst
the freeholder undertakes the development works to create the new apartments and amend the ground floor entrances.

The residential element will be sold with vacant possession at completion, allowing a buyer to let on new Assured Shorthold
tenancies on terms to suit. The flats have a projected rental return of £3,330 per month, £39,960 per annum.

This shows a potential gross income of £58,460 per annum including the commercial tenancy.

( Agency Pilot Software Ref: 1211 )