Lot 74 Freehold Investment With Development/refurbishment PotentialAuction Date:
28th July 2022
162 Holdenhurst Road, Bournemouth, BH8 8AS
Currently let at £14,000 per annum
This imposing three storey building is situated in a busy retail parade about 250 yards from Bournemouth mainline railway station and diagonally opposite Lidl and Halfords. It is also close to Bournemouth University’s Landsdowne Campus.
The property comprises a shop at ground floor level (front) and a large residential maisonette at the rear of the ground floor, together with the first and second floors, with a garden and separate access from the rear.
The property is currently let on a commercial lease but there is potential for the residential accommodation to be extended, refurbished and/or sub-divided on a floor by floor basis on the expiry of the existing lease, or earlier by negotiation with the tenant, subject to all necessary consents being obtainable. Many of the properties on Holdenhurst Road have been extended to the rear or within loft spaces to facilitate additional residential accommodation.
Alternatively, the property represents an attractive investment with potential for a significant increase in rent on review in July 2023, as the current rent of £14,000 per annum is only slightly higher than the rent that the tenant receives from the sub-tenant of the residential maisonette.
Commercial
Main retail area, staff kitchen and staff W.C.
Residential
Ground Floor
Kitchen, dining room, shower room with W.C. and hallway to stairs.
First Floor
Two bedrooms, living room and shower room with W.C.
Second Floor
Two bedrooms and loft storage.
Tenancy
Let under the terms of a commercial lease for a term of 5 years expiring on 30th June 2025 at a current rent of £14,000 per annum. There is a rent review on 1st July 2023.
The maisonette is underlet on an Assured Shorthold Tenancy at a rent of £960 per month (£11,520 per annum) with effect from 1st April 2019. We have been informed that the rent has been increased subsequently to £1,008 per month (£12,096 per annum), but we have not been able to verify this.
Local Planning Authority
BCP Council. Tel: 01202 123321. Website: bcpcouncil.gov.uk.
Council Tax Band B
There is an addendum available to be read
in conjunction with the legal documentation.
Joint Agents
Goadsby Commercial
01202 550 135
Important
All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.
* Price Information
Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).
We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.
Additional Fees
An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.
All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to Buyers Fees
