Offers over
£600,000
(£2,316.60/sq. ft)
Retail premises for sale7, 7A, 7B, 9, 9A & 11 New Street, Basingstoke RG21
From 259 - 3,094 sq. ft
Freehold
About this property
Rental income stream currently reflects £42,000 pax
Possible rental reversion
Rare freehold disposal on behalf of Basingstoke & Deane Borough Council
Includes vacant shop/takeaway fronting New Street
Development potential STPP
No VAT
Description
The property comprises a rare opportunity to acquire a multi let retail investment which is part vacant, with short and medium term development prospects (STPP). The asset is essentially formed as two connecting parts, comprising 7 New Street fronting the busy inner one way system (New Road), and three in line retail units, which are situated at the entrance to the Joyces Yard car park, prominently situated in the top of town.
Unit 7 provides prominent frontage onto New Street and comprises a former Pizza Takeaway, which requires a full and comprehensive refurbishment. We believe this offers short term development opportunities with the ability to develop additional storey(s) to include a residential element, subject to securing planning permission. Servicing is provided via the shared service route at the rear.
Unit 7b, 9 & 11 New Street is formed in the block of three in line units. Unit 9a comprises a double fronted shop which is currently let to Squirrels Antiques, who deal in second hand items including antiques and jewellery. The tenant also rents an additional lock up/store which is accessed via the service route to the rear known as Unit 7a.
Units 7b and 9 comprises the middle unit, which has been let as a taxi office.
Unit 11 comprises a sizeable retail unit which is currently let as a Chinese Takeaway, fitted out to comprise a counter / waiting area, with kitchen/preparation/ storage areas behind. These three units are fully self contained with own wc’s / staff welfare facilities. This unit benefits from rear servicing.
We believe Units 9-11 provide investors with medium term development opportunities for a mixed residential/commercial scheme (subject to planning).
Location
Basingstoke is 45 miles to the southwest of London adjacent to Junctions 6 & 7 of the M3 Motorway. The M4 and Reading can be easily accessed via the A33. There is also a frequent rail service to London Waterloo, timetabled at 45 minutes. Basingstoke, with a Borough population of approximately 180,000, is a major centre for commerce and industry, having attracted several international and national companies, enjoying the benefits of a diverse range of leisure/recreational facilities and the highly acclaimed Festival Place shopping centre.
Viewings
All internal inspections are strictly made by appointment through the sole agents bdt. We ask that interested parties to do not make any approach to view the let units without prior appointment.
Terms
Offers are invited, ideally on an unconditional basis, in excess of £600,000 for the freehold interest with the benefit of the existing tenancies and vacant retail unit. The preference is to treat unconditionally, although subject to planning, offers may be considered. Our clients are seeking to include an overage provision based on an agreed percentage uplift in residual land value upon the grant of any enhanced planning permission for a period of say 25 years.
Tenancies
A tenancy schedule is attached to these details which shows the lease terms for the various units, and current/possible erv.
EPC Ratings
There is a range of EPC ratings:
No. 7 e-111
No. 7a Awaited
No. 9 C- 65
No. 9a C- 53
No. 11 E - 106
The property comprises a rare opportunity to acquire a multi let retail investment which is part vacant, with short and medium term development prospects (STPP). The asset is essentially formed as two connecting parts, comprising 7 New Street fronting the busy inner one way system (New Road), and three in line retail units, which are situated at the entrance to the Joyces Yard car park, prominently situated in the top of town.
Unit 7 provides prominent frontage onto New Street and comprises a former Pizza Takeaway, which requires a full and comprehensive refurbishment. We believe this offers short term development opportunities with the ability to develop additional storey(s) to include a residential element, subject to securing planning permission. Servicing is provided via the shared service route at the rear.
Unit 7b, 9 & 11 New Street is formed in the block of three in line units. Unit 9a comprises a double fronted shop which is currently let to Squirrels Antiques, who deal in second hand items including antiques and jewellery. The tenant also rents an additional lock up/store which is accessed via the service route to the rear known as Unit 7a.
Units 7b and 9 comprises the middle unit, which has been let as a taxi office.
Unit 11 comprises a sizeable retail unit which is currently let as a Chinese Takeaway, fitted out to comprise a counter / waiting area, with kitchen/preparation/ storage areas behind. These three units are fully self contained with own wc’s / staff welfare facilities. This unit benefits from rear servicing.
We believe Units 9-11 provide investors with medium term development opportunities for a mixed residential/commercial scheme (subject to planning).
Location
Basingstoke is 45 miles to the southwest of London adjacent to Junctions 6 & 7 of the M3 Motorway. The M4 and Reading can be easily accessed via the A33. There is also a frequent rail service to London Waterloo, timetabled at 45 minutes. Basingstoke, with a Borough population of approximately 180,000, is a major centre for commerce and industry, having attracted several international and national companies, enjoying the benefits of a diverse range of leisure/recreational facilities and the highly acclaimed Festival Place shopping centre.
Viewings
All internal inspections are strictly made by appointment through the sole agents bdt. We ask that interested parties to do not make any approach to view the let units without prior appointment.
Terms
Offers are invited, ideally on an unconditional basis, in excess of £600,000 for the freehold interest with the benefit of the existing tenancies and vacant retail unit. The preference is to treat unconditionally, although subject to planning, offers may be considered. Our clients are seeking to include an overage provision based on an agreed percentage uplift in residual land value upon the grant of any enhanced planning permission for a period of say 25 years.
Tenancies
A tenancy schedule is attached to these details which shows the lease terms for the various units, and current/possible erv.
EPC Ratings
There is a range of EPC ratings:
No. 7 e-111
No. 7a Awaited
No. 9 C- 65
No. 9a C- 53
No. 11 E - 106
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