196-198 Shirley Road & 1-3 Paynes Road, Southampton, Hampshire, SO153FL
Price: Sale Price: £950,000
Size: SOA Primary Category: Shop All Categories:
Shop, Property Ref/Movehut: MH618363 Property Ref/Agent: 196-198 Shirley Road & 1-3 Paynes Road, Southampton, Hampshire, SO153FL - 6116
*Please use the agent ref when calling the agent directly.
Property Date Information
Last Updated: October 21, 2019
The properties occupy a corner position at the junction of Shirley Road and Paynes Road, towards the Southampton end of Shirley's retail offering, circa 1.4 miles from the City centre and 1 mile from Southampton Central Train Station. The immediate vicinity predominantly comprises independent retailers with the exception of a Co-op convivence store.
196-198 Shirley Road comprises a pair of former semi-detached dwellings which have been extended and altered to provide open plan retail accommodation on ground floor with residential upper parts, comprising 1 x 1 bedroom & 1 x 2 bedroom which benefit from independent access to the rear.
1-3 Paynes Road comprises a two storey office building of traditional brick construction with glass frontage under a mansard roof. The ground floor is configured as cellular suites. The First floor provides open plan accommodation.
The properties two properties are separated by private car park providing space for 12 cars.
The site measures 0.184 acres and could be suitable for redevelopment subject to obtaining the necessary planning permissions and vacant possession.
The property is fully occupied and produces an income of £61,201.
Ground Floor 196 -198 Shirley Road - 107.7 sq. m 1,159 sq. ft.
Ground Floor 1-3 Paynes Road - 112.91 sq. m 1,215 sq. ft.
First Floor 1-3 Paynes Road - 119.55 1,286
Total - 232.46 sq., m 2,502.2 sq. ft.
196a - 1 x 1 bedroom apartment
198a - 1 x 2 bedroom apartment
1-3 Paynes Road falls under use class B1a and should be suitable for conversion under permitted development rights subject to obtaining vacant possession.
196-198 Shirley Road falls under use class A2.
The site offers scope for a corner development subject to obtaining the necessary planning consents.
Offers are invited with a guide figure of £950,000 for the freehold interest subject to the benefit of the existing leases. A purchase at this level reflects a Gross Yield of 6.4% and a Net Yield of 6.1% considering purchasers costs of 5.4%.