Acquired
Bournemouth – Shop & Vacant Maisonette – Development Opportunity For Upper Parts
7/7A Southbourne Grove, Southbourne, Bournemouth BH6 3QSFreehold Shop and Residential Maisonette
Investment Consideration
- ERV fully let ~ £32,200 p.a. (based on letting vacant maisonette as is).
- Vacant 3/4 bed maisonette above shop.
- Planning consent to convert the living accommodation into two x 2 bed flats. ERV of two x 2-bed flat is ~ £1,800 pcm (£21,600 p.a.).
- Shop let to Parlourmentary Limited, lease expires in 2029.
- VAT is NOT applicable to this property.
- Located in Southbourne Grove, the main shopping area that services Southbourne and Tuckton, Boscombe Manor and Boscombe East.
- Nearby occupiers include Lloyds Bank, Sainsbury Local, Coffee No1., Tesco Express, Boots the Chemists, Costa Coffee and Loungers Café.
VAT
VAT is not applicable.
Property Description
The property comprises a ground floor lock up shop with upper floors arranged as large self contained maisonette with planning consent to convert into two x 2 bed flats. At the rear of the property there is a tarmacked hardstanding for off road parking, loading and unloading.
The property provides the following accommodation and dimensions:
Ground Floor
Sales Area: 72.09 sq m (776 sq ft)
Cloakroom
Rear access into the yard
Shared use of the yard for parking and deliveries
Maisonette
Rear Access with staircase to first floor landing
First Floor
Lounge 19’00” x 13’09” (5.8 x 4.2m)
Dining room (Bed4) 12’10” x 13’00” (3.9m x 3.9m)
Bathroom 4’08” x 8’06” (1.4m x 2.6m)
Kitchen 10’06” x 14’00” (3.2m x 4.2m)
Second Floor
Bedroom 1 13’00” x 10’00” (3.9m x 3.0m)
Bedroom 2 9’05” x 16’08” (2.8m x 5.0m
Bedroom 3 9’05” x 13’04” (2.8m x 4.0m)
Planning:
Planning consent was granted on 11th July 2019 for alterations and conversion of First and Second Floor Maisonette into two flats, erection of bin and bike store. Planning Application No. 7-2019-6294-A. Further information and plans are available upon request.
The property provides the following accommodation and dimensions:
Ground Floor
Sales Area: 72.09 sq m (776 sq ft)
Cloakroom
Rear access into the yard
Shared use of the yard for parking and deliveries
Maisonette
Rear Access with staircase to first floor landing
First Floor
Lounge 19’00” x 13’09” (5.8 x 4.2m)
Dining room (Bed4) 12’10” x 13’00” (3.9m x 3.9m)
Bathroom 4’08” x 8’06” (1.4m x 2.6m)
Kitchen 10’06” x 14’00” (3.2m x 4.2m)
Second Floor
Bedroom 1 13’00” x 10’00” (3.9m x 3.0m)
Bedroom 2 9’05” x 16’08” (2.8m x 5.0m
Bedroom 3 9’05” x 13’04” (2.8m x 4.0m)
Planning:
Planning consent was granted on 11th July 2019 for alterations and conversion of First and Second Floor Maisonette into two flats, erection of bin and bike store. Planning Application No. 7-2019-6294-A. Further information and plans are available upon request.
Tenancy Description
The shop is at present let to Parlourmentary Limited t/a specialist cheese and charcuterie retailer for a term of 10 years from 24th June 2019 at a current rent of £19,000 per annum and the lease contains full repairing and insuring covenants. The lease provides rent review every fifth year and the tenant has option to determine on the 24th June 2024. Rent deposit held of £4,750. The upper floors maisonette is vacant.
Tenancies & Accommodation
Location Description
The property is located opposite Lloyds Bank and close to the junction with Beresford Road, Seabourne Road and Wentworth Avenue. Southbourne is a popular and affluent residential district approximately midpoint between Bournemouth town centre and Christchurch. Southbourne Grove is the main shopping area that serves not only Southbourne but Tuckton, Boscombe Manor and Boscombe East. The road has a good mix of both local and national retailers including Sainsbury Local, Coffee No1., Tesco Express, Boots the Chemists, Costa Coffee and Loungers Café.
