112 Shirley High St 1,713 sq ft Retail Property Southampton SO16 4EZ £635,000 (£370.69/sq ft)

An excellent opportunity to acquire a well located mixed-use investment comprising a ground floor retail unit let to a highly established tenant, alongside a first floor residential development opportunity with significant value-add potential. The ground floor is let to Landmark Entertainments Ltd, trading as Richmond Leisure, a long-standing adult gaming centre operator who have traded from the premises for over 35 years. The tenant will enter into a new 15-year FRI lease (tenant break at year 10) at an
initial rent of £27,000 per annum, with 5-yearly upward only rent reviews. A rent deposit will be provided, and strong full company accounts are available upon request.
The first floor is currently arranged as a spacious 2-bedroom flat to the front and office accommodation to the rear. A planning process initiated in 2019 proposed reconfiguration of the upper parts to create 2 x 1-bedroom flats and 2 x studio flats. Architect's plans and historic planning documents are available upon request. Once
developed, the flats are anticipated to generate a rental income in excess of £36,500 per annum. The premises are available freehold with the benefit of the new lease
at a rent of £27,000 per annum. Flat rental income upon development completion is estimated at £36,500 per annum. Offers are invited in excess of £635,000. Subject to Planning offers will be considered.