54-56 High Street, Lyndhurst, SO43 7BG

£525,000 for sale

Overview

Retail
Property Type

Description

Location

Description

FOR SALE - Mixed-Use Investment Opportunity

The town of Lyndhurst is situated at the heart of the New Forest and forms the administrative centre with the New Forest District Council offices being located in the town.

Lyndhurst is a popular tourist destination having a variety of independent shops, art galleries, cafes and restaurants.

Southampton is approximately nine miles to the north-east and there is a good road access to the M27 motorway (junction 1) within
about four miles.

The subject occupies a superior trading position at the corner of High Street and Gosport Lane (A35) opposite the Meridien Modena
Ferrari dealership.

The property comprises two ground floor retail/commercial spaces with extensive frontage to High Street.

The upper floors comprise residential flats with a self contained entrance to the rear. The building is attractive with a combination of brick, render and hung tile elevations beneath a pitched tiled main roof with gables.

Accommodation

No 56
Size - 1,169 Sq. Ft (108.60 sq.m)

No 54A
Size - 591 Sq. Ft. (54.90 sq.m)

Planning

Under the new planning regulations, we believe the current permitted use to be use class 'E' which includes uses such as retail, professional services, café, 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 - B (32)

Rating

Rateable Values
No 56 £24,250
No 54a £12,250
Source www.gov.uk/find-business-rates

Terms

Offers considered in the region of £525,000 subject to contract for the freehold interest subject to subsisting tenancies.

A purchase at this level will show an attractive net initial yield of 7.42% after allowance for buyer's costs at 4.8%.

We understand VAT is applicable. The sale is envisaged as a Transfer of a Going Concern (TOGC).

Anti Money Laundering

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

Lease Terms

COMMERCIAL

No 56

Tenant - Forest Leisure Cycling Burley Ltd
Start Date - 01/08/2022
End Date - 24/12/2040
Rent Review 25/12/2027 (Breaks) - 2032 & 2037 (tenant breaks 2030 & 2035)
Passing Rent - £27,000
Notes - Effective FRI with schedule of condition. Lease excluded from 1954 Act

No 54A

Tenant - Forest Leisure Cycling Burley Ltd
Start Date - 01/08/2020
End Date - 24/12/2040
Rent Review (Breaks) - 25/12/2030 & 2035 (tenant breaks 2030 & 2035)
Passing Rent - £13,000

RESIDENTIAL

No 54

Tenant - Skyline Homes (lyndhurst) Ltd
Term - 150 Years
Start Date - 08/06/2025
End Date - 07/06/2165
Ground Rent £800
Rent Reviews - Escalates by £400 per annum every ten years