Property Information
Address:
120 St Mary Street, Southampton, Hampshire
, SO14 1PG
, Hampshire
, United Kingdom
Price: Buy: POA
Size: 1554 sq ft144 sqm
Primary Category: Investment
All Categories:
Investment,
Property Ref/Movehut: MH664513
Property Ref/Agent: 751
*Please use the agent ref when calling the agent directly.
Property Date Information
Last Updated: April 26, 2024
Property description
A semi-detached 2 and 3 storey property. The ground floor is a retail shop used as a bakery/ coffee shop, there is rear kitchen space for preparation, baking and first floor office and storage space. There is a secondary entrance to the kitchen and first floor from Ascupart Road.
There has been a bakery at 120 St Mary Street for 135 years. The current bakery tenant has a lease of 10 years from 2016, with a passing rent of £23,000.
The property has 2 occupied studio flats and the residential upper floors have been partially converted into two self contained 1 bedroom flats with a separate access at the side of the building from Ascupart Road. As per the planning permission, one of the studio flats will be incorporated into the 1 bedroom flat. Therefore, upon completion of works there will be 2 x 1 bedroom flats and 1 x studio flat.
The current rental income for the flats is £12,600 per annum.
The flats have gas central heating, and UPVC double glazing. Planning has been granted for the additional flats and can be found under reference no 22/01026/FUL. The anticipated rental income for the flats when works are complete is approximately £25,800 per annum.
Income Producing - Current income £35,600 per annum
Initial Yield 8.9% before purchasers costs
Potential reversionary yield of 12.2% excluding purchasers costs
Opportunity to add value through refurbishment
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