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310 Wimborne Rd 862 sq ft Retail Property Bournemouth BH9 2HN £550,000 (£638.05/sq ft) 8.49% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Excellent location in Winton Close to the junction with Alma Road & Talbot Road
- Well located with bus and rail links
- Generates combined annual rental from the retail and residential units
EXECUTIVE SUMMARY
The property is held freehold. Inviting offers in the region of £550,000.
The premises comprise a mid-terraced, three storey property forming part of an attractive red brick building, which we understand was constructed in 1904.
The property is arranged with a shop unit on the ground floor extending to c. 862 sq ft. The shop benefits from rear loading and a useful outbuilding located directly to the rear of the premises, currently used as storage.
The residential accommodation is accessed via a dedicated external staircase to the rear of the property. The property has been registered as a House of Multiple Occupation (HMO). The accommodation is located over the first and second floors and comprises 5 double bedrooms, lounge/diner, kitchen, bathroom, WC and top floor shower room also with a WC. The property has been maintained in very good order.
TENANCY
310 Wimborne Road
Let to NP Lounge Ltd t/a The Looking Glass, on an assignment of a Full Repairing and Insuring Lease with a term of 10 years from 25/05/2016 at a rent of £17,000 per annum. The lease was granted inside the protection of the 1954 Landlord & Tenant Act (as amended). There is security in the form of a rent deposit of £8,500, held by the Landlord under a Rent Deposit Deed.
310a Wimborne Road
The upper parts are let to students annually (via tenancy agreements) from 1st September 2024 for a term of 11 months at a current rent of £2,700 pcm (approx £135 per person per week). The Rent is inclusive of full fibre broadband, electricity, gas & water. Security is provided in the form of a returnable deposit of £2,700. All tenants are required to provide a guarantor (usually a parent). The total annual income from the student accommodation is currently £29,700 (inclusive of utility costs). The Landlord currently manages the property himself & reports strong demand for the student accommodation. A Tenancy is currently in place as above until 31st July 2025. The total income currently receivable for the building is £46,700 per annum.
The premises comprise a mid-terraced, three storey property forming part of an attractive red brick building, which we understand was constructed in 1904.
The property is arranged with a shop unit on the ground floor extending to c. 862 sq ft. The shop benefits from rear loading and a useful outbuilding located directly to the rear of the premises, currently used as storage.
The residential accommodation is accessed via a dedicated external staircase to the rear of the property. The property has been registered as a House of Multiple Occupation (HMO). The accommodation is located over the first and second floors and comprises 5 double bedrooms, lounge/diner, kitchen, bathroom, WC and top floor shower room also with a WC. The property has been maintained in very good order.
TENANCY
310 Wimborne Road
Let to NP Lounge Ltd t/a The Looking Glass, on an assignment of a Full Repairing and Insuring Lease with a term of 10 years from 25/05/2016 at a rent of £17,000 per annum. The lease was granted inside the protection of the 1954 Landlord & Tenant Act (as amended). There is security in the form of a rent deposit of £8,500, held by the Landlord under a Rent Deposit Deed.
310a Wimborne Road
The upper parts are let to students annually (via tenancy agreements) from 1st September 2024 for a term of 11 months at a current rent of £2,700 pcm (approx £135 per person per week). The Rent is inclusive of full fibre broadband, electricity, gas & water. Security is provided in the form of a returnable deposit of £2,700. All tenants are required to provide a guarantor (usually a parent). The total annual income from the student accommodation is currently £29,700 (inclusive of utility costs). The Landlord currently manages the property himself & reports strong demand for the student accommodation. A Tenancy is currently in place as above until 31st July 2025. The total income currently receivable for the building is £46,700 per annum.
PROPERTY FACTS Sale Pending
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Shopfront Retail / Residential
Property Size
862 sq ft
Costar Property Class
B
Year Built
1904
Price
£550,000
Price per sq ft
£638.05
Yield
8.49%
NOI
£46,700
Tenancy
Single
Number of Floors
3
Plot ratio
0.17
Total Plot Size
0.12 ac
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310 Wimborne Rd
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