78-82 Station Road, New Milton, BH25 6LE

£465,000 for sale

Overview

Retail
Property Type

Description

Location

Description

FOR SALE - Freehold Opportunity - Part Investment, Part Vacant

New Milton is a market town situated in the south-west of Hampshire within the New Forest District Council Area. The town is located approximately 12 miles from Bournemouth town centre via the A338.

The yachting town of Lymington is situated approximately 6 miles to the east. The train station is situated to the north of the town centre, whilst the subject property is located in close proximity to the junction with Ashley Road. There are other national retailers such as Boots, Superdrug, and M&S Food amongst other local operators.

The town has a population of circa 25,000 with an older population than the national average.

The property forms part of the retail frontage within the town centre. The property comprises of a mid-terrace commercial building which dates from the early 1900s.

78 Station Road comprises a vacant retail space previously occupied by Vision Express.

80-82 Station Road is also accessed from the ground floor from Station Road. The ground floor consists of a reception area with further ancillary offices on the ground floor.

Access to the office on the first and second floors is provided via an entrance to the right of the reception area. The first floor consists of six offices and a small kitchenette. On the second floor there are a further seven offices and two WCs. There is a further stairwell that leads up to the attic which currently provides additional storage for files.

TENANCIES

78 Station Road is vacant with potential rent of Circa £18,000 - £20,000 per annum.

80-82 Station Road is let by way of a lease dated 25th March 2018 for a term of 15 years at a passing rent of £24,500 per annum, expiring 24th March 2033.
The tenant is Heppenstalls Solicitors Limited.

The lease is subject to an open market upward only rent reviews at 5 yearly intervals and a tenant break, subject to six months notice.

The landlord covers some external repairs.

Accommodation

78 Station Road
Total Net Internal Area 1,274 Sq. Ft. (118.36 Sq. M.)

80-82 Station Road
Ground Floor 454 Sq. Ft. (42.18 Sq. M.)
First Floor 1,160 Sq. Ft. (107.76 Sq. M.)
Second Floor 1,130 Sq. Ft. (104.98 Sq. M.)
Attic 307 Sq. Ft. (28.52 Sq. M.)

Total Net Internal Area 3,051 Sq. Ft. (283.44 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 - 78 Station Road C (73)
Asses Rating - 80-82 Station Road E (120)

Rating

Rateable Value
78 Station Road £18,000
80-82 Station Road £13,500
Source www.gov.uk/find-business-rates

Terms

Offers considered in the region of £465,000, subject to single tenancy to Heppenstalls Solicitors of part and vacant possession of the retail unit at ground level.

The retail element has a potential rent of circa £18,000 - £20,000 per annum.

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.

Summary

Key points

Guide price £465,000 subject to single tenancy of part and vacant possession of ground floor retail space
Annual income for single tenancy £24,500
Allocated parking to the rear
Prominent location within established town centre
Nearby national retailers include Boots, Superdrug, M&S Food and more