Lot 06 163 Wych Lane, Bridgemary, Gosport, PO13 0NW

Property Enquiries

Mat Harris

mat.harris@bidx1.com
+44 (0) 7732 681 152

Property Enquiries

Simon Bailey

simon.bailey@bidx1.com
+44 (0) 7732 681 156

Viewing/ Registration Enquiries

BidX1 Support Team

info@uk.bidx1.com
+44 (0) 20 7703 4401
Description
Map
Viewings

Property Summary
  • Secure convenience store investment opportunity
  • Well-presented, recently refurbished and re-fit
  • Located in the thriving local community of Bridgemary
  • 3,003 sq ft ground floor supermarket with 1,514 sq ft flat above
  • Let to Southern Co-operative Retailers Limited
  • 15 years with effect from 2 August 2010, expiring 1 August 2025
  • Current rent of £61,000 per annum (£18 psf)
  • Reversionary lease to sub-tenant, Badrunisa Limited (Premier) from 2 August 2025 until 1 August 2038
  • 5 yearly uncapped RPI reviews
Tenure

Freehold

Location

Gosport is not only an attractive Hampshire coastal town but is also home to the Royal Navy’s HMS Sultan, the Defence School of Marine Engineering (DSMarE) and the Royal Naval Air Engineering and Survival School (RNAESS). The town is situated on a peninsular to the west of Portsmouth Harbour and the city of Portsmouth to which it is linked by the Gosport Ferry.
The town is located approximately 13 miles south west of Portsmouth, 19 miles south east of Southampton and 6 miles south east of Fareham.
The property benefits from good road communications with the Stoke Road linking north via the A32 Forton Road to junctions 10 and 11 of the M27. The M27 in turn provides access west to the M3 at Southampton and east to the A3(M) at Havant.
Portsmouth Harbour railway station, accessed via the Gosport Ferry, provides a fastest journey time to London Waterloo in 1hr 36 mins.
Southampton International Airport is 20 miles to the north west, providing domestic, european and international flights.
Furthermore, Gosport has three yacht marinas with over 1,400 berths attracting numerous visitors particularly over the summer months.

Gosport has a catchment of 360,000 within a 10km radius and a town population of approximately 82,000. The demographic profile of the Gosport area is typically an older, affluent and skilled worker in employment (or now retired). The CACI
Lifestyle groups percentage of skilled workers for the area is 36.7% as opposed to the average for Great Britain of 12.8%.
This affluent population is highlighted further by 66% of the population owningtheir homes outright or owning with a mortgage compared to the Great Britain average of 63.5%. Unemployment within Gosport is only 1.1% of the economically active population in comparison to the Great Britain average of 4.9%. Furthermore, 72% of the local population are aged 35 or over.

The property is situated on Wych Lane, adjacent to Bridgemary School, a secondary school for 570 pupils.
Bridgemary is a densely populated residential suburb to the north west of Gosport town centre.

Description

The property is comprises a former public house, which has been refurbished and extended to provide a modern format convenience store on ground floor with a large 3 bedroom flat above.
There is rear access with loading yard.

Accommodation

The property extends to a total of 3,003 sq ft on the ground floor. The residential accommodation extends to 1,514 sq ft providing a total area of 4,509 sq ft.
The property sits on a site of 0.23 acres (0.93 hectares) which includes a delivery yard to the rear and 8 car parking spaces to the front.

Tenancy

The entire property is let to Southern Co-operative Retailers Limited on an FRI lease (subject to schedule of condition) for a term of 15 years with effect from 2 August 2010, expiring 1 August 2025 (5.1 years unexpired).
The current rent of £61,000 per annum (£18 psf) is subject to one further review on 2nd August 2020 to the open market rental value.
There is a reversionary lease in place with the sub-tenant, Badrunisa Limited on identical terms to the over-riding lease for a term of 13 years from 2 August 2025, expiring 1 August 2038.
The reversionary rent is the current passing sub-let income of £35,000 per annum and is reviewed to uncapped RPI on 2 August 2025, 2 August 2030 and 2 August 2035.
Therefore, the current estimated rental value is £38,520 per annum (base month January 2017 – 265.5 current RPI – 292.2)

VAT
Please refer to Legal Documents

*Terms and Conditions

Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.

  1. The reserve price is the minimum price at which the property can be sold at auction.
  2. Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted subject to contract. Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
  3. Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
  4. The guide price for the Lot does not include the administration fee of £1,000 (inclusive of VAT) charged by BidX1. In the case of a joint agent this administration fee will be £2,000 (exclusive of VAT). In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
  5. To participate in the sale BidX1 must hold a minimum amount from all bidders. This participation amount is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £4,500 comprises £3,500 relating to your bidder security (partial deposit payment) and an administration fee of £1,000 inc. VAT payable directly to BidX1. A higher participation amount may be payable depending on the reserve price of the Lot.
  6. Please note that Lots may be sold or withdrawn prior to auction.
  7. No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the seller in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the seller. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the seller. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller.


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