Description
The property is detached in the main and flanked by a branch of JD Weatherspoon’s to the left elevation and Mercure/Dolphin Hotel to the right. There is vehicular access to the site from East Gate Street. Part of the High Street is pedestrianised but not so the section within which the subject property is situated.

The site extends to approximately 0.329 acres (0.1332 hectares).

The site is bound to the north and south by existing buildings. To the south of the site is a modern residential development, whilst the building to the north is grade II listed and occupied by an Italian restaurant.

The older part of the property appears to date from the middle of the 20th century and was originally built as a banking hall for the Bank of England. The property was significantly extended in the 20th century.

The property is arranged with accommodation over three floors including within a vault and basement. The modern extension is similar in height
Although the majority of the building is to be demolished/redeveloped, the front section is locally Listed and is to be retained.

Planning
Planning approval was granted on 11 June 2018 Ref: 17/00707/FUL for alterations, extension and conversion to provide a purpose-built student accommodation block of 120 student units with associated facilities including 5 (ground +4) storey extension to rear, commercial unit (Use Class A1-A4) and parking accessed from East Gate Street.

For more information please contact Southampton City Council planning department.

Statutory Costs
The consent is conditional and inter alia is subject to a Section 106 agreement and CIL totalling £354,888, plus £82,944 in respect of Site-Specific Transport Contributions, Employment and Skills Contributions, Solent Disturbance Management, Late-Night Community and Safety contributions.

The vendor has advised that planning has been implemented with £254,000 currently paid to the local authority, with approximately £183,832 outstanding.

Tenure
Freehold with vacant possession.

Guide Price
Offers are invited in the order of £2,995,000 for the freehold interest, subject to the existing implemented consent.

VAT and Sale Structure
The sale price is exclusive of any VAT, which if applicable, will be in addition at the appropriate rate. The vendor holds the asset in a clean SPV and therefore there is the opportunity to purchase this company.

Viewings
External viewings are advised in the first instance. A more formal viewing can be arranged by appointment with Savills.

AML
In accordance with anti-money laundering regulations, the successful purchaser will be required to provide identification documents upon request and without delay.