40 Oxford Street, Southampton, SO14 3DP | Property for sale | Savills
206.99 to 278.71 sq m
£600,000(€684,127)

40 Oxford StreetSouthampton, SO14 3DP

  • Sold
  • Freehold
Investment
206.99 to 278.71 sq m

*Price Reduced*Investment - Commercial Restaurant & Residential Property in Southampton City Centre's sought after Oxford Street

About this property

  • Description
    The property occupies a mid-terrace position and is arranged over basement, ground, first, second and third floors. The property is of brick construction with a single story extension to the rear. The commercial restaurant property is arranged to provide an open plan area for 38 customers and trade kitchen at ground floor and WCs at basement.

    Lease Summary
    The restaurant is let on a 10 yr lease to Max’s Deli Ltd at a passing rent of £15,900 per annum commencing 23rd December 2014 expiring on 22nd December 2024. Rent reviews are to open market every 3 years with the next in December 2023. The business is not affected. The rooms are let on ASTs generating approximately £23,220 per annum (fully let).

    Tenure & Price
    Freehold guide price reduced to £600,000 reflecting a Net Initial Yield of 6.21% with scope to improve yield to 6.86% should ERV be achieved . Yields assume standard purchaser's costs.

    Planning
    We understand the ground floor benefits from Class E Use and the upper floors benefit from C3 Use Class. We understand the property is not listed and is located in the Oxford Street conservation area.

Local information

  • The property is located in Southampton, one of the largest cities in the South of England. Southampton has several academic institutions within the city; the University of Southampton, Solent University and their respective campuses accommodate large numbers of students (c.25,000) in addition to an office and
  • residential population. Southampton’s mainline railway station within the city centre provides fast and frequent rail services to London Waterloo. The following are approximate distances: London 70 miles (113 km), Portsmouth 20 miles (32 km) Bournemouth 30 miles (48 km) and Winchester 13 miles (21 km).
  • The property is located 0.2 miles (400m) north west of Ocean Village with its marina, cinema, residential apartments and commercial businesses and a collection of additional leisure operators including Southampton Harbour Hotel. The property occupies a prominent location on Oxford Street amongst a Number of independent hospitality businesses and the White Star Pub & Hotel.
  • Southampton is located within the newly designated Solent FreePort area.