Guide price
£690,000
Property for saleLondon Street, Basingstoke, Hampshire RG21
1 bath
Freehold
About this property
Freehold for Sale – Prime Mixed-Use Investment Opportunity – Basingstoke Town Centre
Galaxy Real Estate are excited to offer the market this excellent opportunity to acquire a fully let freehold mixed-use investment located in the heart of Basingstoke town centre, London Street, RG21, which comes with further potential to increase the rental income.
The property comprises a ground-floor commercial unit currently occupied by Bethesna Turkish Bar together with two self-contained 1-bedroom residential flats above (Coral Apartments), producing a strong combined rental income of £42,000 per annum.
The ground-floor commercial unit is let on a 10-year lease commencing from 11 August 2021 at a passing rent of £18,000 per annum, with approximately 5 years remaining.
The upper residential accommodation consists of 2 x 1-bedroom flats, both fully let at £1,000 pcm each, generating £24,000 per annum.
In addition, the property offers excellent future development potential with a previous pre-application submitted for 3 additional 1-bedroom flats in 2019, creating significant scope for further value enhancement (subject to planning). Once completed, there will be an additional income of £70k per annum.
The entire building is held freehold and offers investors a rare opportunity to secure a strong income-producing asset with long-term growth potential in a prominent town centre location close to Festival Place Shopping Centre, Basingstoke Railway Station, and major transport links, including the M3 motorway.
Key Features:
• Freehold mixed-use investment for sale
• Ground floor commercial unit let to established Turkish Barbar
• 2 x self-contained 1-bedroom flats fully let
• Total current rental income: £42,000 per annum
• Revised Annual Income: £70,000 per annum
• Potential for 3 additional flats (STPP)
• Prime central Basingstoke location
• Strong investment and development opportunity
Guide Price: Offers in Excess of £690,000
Serious enquiries only. Further information available upon request.
Galaxy Real Estate are excited to offer the market this excellent opportunity to acquire a fully let freehold mixed-use investment located in the heart of Basingstoke town centre, London Street, RG21, which comes with further potential to increase the rental income.
The property comprises a ground-floor commercial unit currently occupied by Bethesna Turkish Bar together with two self-contained 1-bedroom residential flats above (Coral Apartments), producing a strong combined rental income of £42,000 per annum.
The ground-floor commercial unit is let on a 10-year lease commencing from 11 August 2021 at a passing rent of £18,000 per annum, with approximately 5 years remaining.
The upper residential accommodation consists of 2 x 1-bedroom flats, both fully let at £1,000 pcm each, generating £24,000 per annum.
In addition, the property offers excellent future development potential with a previous pre-application submitted for 3 additional 1-bedroom flats in 2019, creating significant scope for further value enhancement (subject to planning). Once completed, there will be an additional income of £70k per annum.
The entire building is held freehold and offers investors a rare opportunity to secure a strong income-producing asset with long-term growth potential in a prominent town centre location close to Festival Place Shopping Centre, Basingstoke Railway Station, and major transport links, including the M3 motorway.
Key Features:
• Freehold mixed-use investment for sale
• Ground floor commercial unit let to established Turkish Barbar
• 2 x self-contained 1-bedroom flats fully let
• Total current rental income: £42,000 per annum
• Revised Annual Income: £70,000 per annum
• Potential for 3 additional flats (STPP)
• Prime central Basingstoke location
• Strong investment and development opportunity
Guide Price: Offers in Excess of £690,000
Serious enquiries only. Further information available upon request.
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