PRIME RETAIL/MIXED USE INVESTMENT 33 & 37 High Street, Lyndhurst, SO43 7BE
Investment Summary Lyndhurst is an attractive village in the heart of the New Forest National Park. Prime position along the High Street. Freehold. Multi-let to three tenants on FRI leases. Fully occupied except garage. Coffee shop, Estate Agency, Chiropractors clinic, two bedroom apartment and a detached garage. Car park with rear access. 33 & 33a High Street 33b High Street Asset management and development potential. Total rental income 54,125 pa. Offers in excess of 750,000 (Seven Hundred and Fifty, Thousand Pounds), subject to contract and exclusive of VAT. This reflects a net initial yield of 6.85% assuming purchaser s costs of 5.1%. 37 High Street Garage 2
Location Lyndhurst is an attractive village, situated in the heart of the New Forest National Park. It has a population size in excess of 3,000 and is a popular tourist destination with many independent shops, art galleries, cafés/ restaurants, museums, pubs and hotels. Lyndhurst is situated approximately 9 miles to the west of Southampton and about 20 miles to the east of Bournemouth. Ashurst railway station is approximately 2.5 miles to the east, which provides regular direct rail services to Southampton, Bournemouth and London. Lyndhurst is the meeting point of the A35 and A337. The A35 links Southampton to Bournemouth and the A337 runs between Lymington (with a ferry to the Isle of Wight) and Cadnam (Junction 1 of the M27). Situation Lyndhurst The properties are located on the northern side of the High Street which is the principal retail pitch in Lyndhurst. The properties are situated opposite the entrance to the main village car park (300 cars) which houses the New Forest Centre and Museum. 33, 33a and 37 all front the High Street, whereas 33b and the garage are located to the rear of 33. There is an walkway beside 33 High Street and a rear driveway from Wellands Road, each providing access to 33b, the garage and a car park for the units. Local occupiers of note include Costa Coffee, Budgen s, Lloyds Bank, Maserati & Ferrari, Prezzo, Austin & Wyatt and Greene King. 3
Description 33, 33a and 33b High Street 33 and 33a comprises a semi-detached retail and residential building, arranged over ground, first and second floors, and is of brick built construction under a pitched tiled roof. The ground floor comprises a retail unit with a glazed shop front. Above is a two bedroom apartment arranged over first and second floors which is separately accessed from the rear. There are two allocated parking spaces with the property. 33b High Street, also known as Elliotts Courtyard comprises a rear semi-detached Chiropractors clinic arranged over ground and first floors and is of brick built construction under a pitched tiled roof. Access to the property is from the side walkway leading to the High Street. Internally the property is arranged as various treatment rooms and offices. There are four allocated parking spaces to the rear of the property. There is a detached, concrete prefabricated garage to the rear of 33. 37 High Street 37 High Street comprises a mid terraced retail building arranged over ground and first floors, which is of brick built construction under a pitched slate tiled roof. Internally the property is arranged as a sales/office area to the ground floor and office, kitchenette, meeting room and storage to the first floor. There is a small self contained, courtyard to the rear of the property. 33b High Street Interior 33b High Street Car Park 4
Garage Interior 33 High Street Interior 37 High Street Accomodation We have measured the properties in accordance with the RICS Code of Measuring Practice (6th Edition). Schedule of areas: Description Sq ft Sq m ITZA 33 High Street* 615 Ground Floor 552.6 51.3 33a High Street** 552.6 51.3 2 Bed Flat 868.2 80.7 33b High Street* 868.2 80.7 Ground Floor 448.3 41.7 First Floor 311.5 28.9 759.8 70.6 37 High Street* 747 Ground Floor 735.7 68.3 First Floor 492.8 45.8 Garage to the rear of 33** 1,228.5 114.1 112.0 10.4 112.0 10.4 Total Area 3,521 327.1 *Measured on an NIA basis. **Measured on a GIA basis. 5
Tenancies The properties are let in accordance with the tenancy schedule below. Unit Tenant Terms Passing Rent pa Comments 33 & 33a High Street D Clarke t/a Sweet Chillies New Forest Ltd 9 year lease from 21 April 2015 expiring 19 June 2024 22,000 Zone A rate of 35.8 per sq ft 33b High Street M Garfath & Z Wheeldon t/a Lyndhurst Chiropractic Clinic 10 year lease from 1 September 2008 expiring 31 August 2018 8,125 Overall rent of 10.70 per sq ft 37 High Street Countrywide Estate Agents t/a Austin & Wyatt 5 year lease from 17 June 2016 expiring 16 June 2021 24,000 Zone A rate of 32.12 Total Rent 54,125 Covenant Information Rear Access Road Sweet Chillies New Forest Limited (registration number 09555769) has been established since 2015 and trades as a coffee shop, specialising in cakes, cream teas, light snacks and ice creams. The Lyndhurst Chiropractic Clinic is a family partnership and a long established practice, providing diagnosis and treatment of neuromuscular disorders. They are registered with the General Chiropractic Council and a member of the British Chiropractic Association. Rear Car Park Countrywide Estate Agents trading as Austin and Wyatt (registration number 00789476), were Established in 1836 and sell and rent residential properties across Dorset, Southampton, the New Forest, Hampshire and the Meon Valley. Austin and Wyatt are part of Countrywide plc, the UK s largest estate agency group with around 1,400 offices nationwide. They have an Experian score of 93/100 and a very low risk rating. 6
Further information To arrange inspections contact: Roger Holt roger@holtconsult.co.uk 01794 518 755 077 8872 7760 VAT The property is elected for VAT. It is proposed the property is sold by way of a Transfer of Going Concern (TOGC). EPC 33 High Street - F, 33a - D, 33b - F and 37 - D. Copies are in the data room. Data Room Supporting documentation relating to the property is available in the dataroom for access please contact Liz Dixon on ldixon@vailwilliams.com. Proposal Offers in excess of 750,000 (Seven Hundred and Fifty, Thousand Pounds), subject to contract and exclusive of VAT. This reflects a net initial yield of 6.85% assuming purchaser s costs of 5.1%. Julian Walker jwalker@vailwilliams.com 023 8082 0905 07836 774 406 Robert Lee rlee@vailwilliams.com 023 8082 0920 07880 362 951 MISREPRESENTATION ACT 1967 Vail Williams and Holt Consult as for the vendors themselves give notice that: 1) These particulars do not constitute an offer, or contract or any part thereof. 2) The statements contained in the particulars are made in good faith but are issued without responsibility on the part of Vail Williams and Holt Consult or vendors and are not to be relied upon as statements or representations of fact. 3) Intending purchasers or lessees must satisfy themselves by inspection or otherwise as to the correctness of each of the statements made herein. 4) The vendor does not make or give, nor is Vail Williams and Holt Consult or its staff authorised to give, any representation or warranty in respect of the property. 5) All negotiations are subject to contract and exclusive of VAT unless otherwise specifically stated. Nov 2016. 7