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Fairways House Mount Pleasant Rd 26,362 sq ft 100% Let Office Property Southampton SO14 0YS £3,750,000 (£142.25/sq ft) 8.59% Net Initial Yield
Investment Highlights
- Prominent Freehold Income Producing E-Class Property For Sale.
- Site extending to 1.673 acres (0.677 hectares).
- Car park for approximately 130 parking spaces.
- Operated as managed workspace with a gross income of c£322,000 pa.
- Property arranged over two levels extending to approximately 33,500 Sq Ft.
- Adjacent to the landmark Meridian Waterside development.
Executive Summary
Our clients own the freehold interest and operate the building as managed workspace.
The building is currently at 85% occupancy and generates an annual gross rental income of £322,000, (including rent, car park, electrical recharges and other rental income. Full details on request. Occupancy is by way of short term licences, outside the Landlord and Tenant Act 1954 (as Amended) provisions relating to security of tenure.
Offers in excess of £3,750,000 for the freehold interest, subject to the current licences.
Description
The site is roughly rectangular in shape and extends to 1.673 acres (0.677 hectares) which comprises a detached two storey industrial unit converted into serviced office space. Current site coverage from the building is approximately 40%. With over 130 car parking spaces.
The immediate area includes views and access to walks along the River Itchen, further employment and to the east the landmark Meridian Waterside development, a major regeneration scheme creating a dynamic destination for riverside living.
Planning
The property is currently used as an office and benefits from Class E consent. The building is not listed and does not sit within a conservation area.
There is potential for redevelopment, subject to the necessary consents.
Local information
Fairways House occupies a prominent position on the site of the former Meridian TV Studios, on the bank of the River Itchen, Southampton. Situated on Meridian Way, closely located to the A3024, which offers connections to the M27 and A27.
Southampton is a major port city in Hampshire with around 249,000 residents and a wider urban area exceeding one million people. By road, London lies approximately 80 miles to the north-east. Situated only a 10 minute drive from the prime retail centre of Southampton, comprising of landmarks like West Quay shopping centre, Sea City Museum, Mayflower Park and the Ocean and Mayflower cruise terminals.
Southampton Central railway station is situated 1.8 miles to the south west which offers services along the south coast and to London Waterloo.
Southampton Airport is situated 3.2 miles to the northeast, around a 15 minute drive, offering a range of UK and European connections.
Southampton is also a major university city, the University of Southampton is ranked highly amongst modern universities and has more than 25,000 students, with a strong reputation in the engineering, nursing, physics and ocean and earth sciences. Southampton Solent university, which is known for its courses in the creative industries.
The building is currently at 85% occupancy and generates an annual gross rental income of £322,000, (including rent, car park, electrical recharges and other rental income. Full details on request. Occupancy is by way of short term licences, outside the Landlord and Tenant Act 1954 (as Amended) provisions relating to security of tenure.
Offers in excess of £3,750,000 for the freehold interest, subject to the current licences.
Description
The site is roughly rectangular in shape and extends to 1.673 acres (0.677 hectares) which comprises a detached two storey industrial unit converted into serviced office space. Current site coverage from the building is approximately 40%. With over 130 car parking spaces.
The immediate area includes views and access to walks along the River Itchen, further employment and to the east the landmark Meridian Waterside development, a major regeneration scheme creating a dynamic destination for riverside living.
Planning
The property is currently used as an office and benefits from Class E consent. The building is not listed and does not sit within a conservation area.
There is potential for redevelopment, subject to the necessary consents.
Local information
Fairways House occupies a prominent position on the site of the former Meridian TV Studios, on the bank of the River Itchen, Southampton. Situated on Meridian Way, closely located to the A3024, which offers connections to the M27 and A27.
Southampton is a major port city in Hampshire with around 249,000 residents and a wider urban area exceeding one million people. By road, London lies approximately 80 miles to the north-east. Situated only a 10 minute drive from the prime retail centre of Southampton, comprising of landmarks like West Quay shopping centre, Sea City Museum, Mayflower Park and the Ocean and Mayflower cruise terminals.
Southampton Central railway station is situated 1.8 miles to the south west which offers services along the south coast and to London Waterloo.
Southampton Airport is situated 3.2 miles to the northeast, around a 15 minute drive, offering a range of UK and European connections.
Southampton is also a major university city, the University of Southampton is ranked highly amongst modern universities and has more than 25,000 students, with a strong reputation in the engineering, nursing, physics and ocean and earth sciences. Southampton Solent university, which is known for its courses in the creative industries.
Property Facts
Sale Type
Investment
Property Type
Office
Tenure
Freehold
Property Size
26,362 sq ft
Costar Property Class
B
Year Built/Renovated
2002/2022
Price
£3,750,000
Price per sq ft
£142.25
Yield
8.59%
NOI
£322,000
Occupancy Rate
100%
Tenancy
Multiple
Number of Floors
2
Typical Floor Size
13,181 sq ft
Floor To Floor Height
12 ft
Plot ratio
0.36
Total Plot Size
1.67 ac
Parking
130 Spaces (4.93 Spaces per 1,000 sq ft Leased)
Major Tenants
- Tenant
- Industry
- sq ft Occupied
- Rent/sq ft
- Lease End
- Autism Hampshire
- -
- -
- -
- -
- Cobra Installations Ltd
- -
- -
- -
- -
- Donna Nile Peck Interiors
- -
- -
- -
- -
- Epos Group
- -
- -
- -
- -
- Freedom Works
- -
- 5,000 sq ft
- -
- -
- Pathways 2 Enlightenment
- -
- -
- -
- -
- Product 5 Retail
- -
- 4,194 sq ft
- -
- Jun 2024
- Rainbow Project
- -
- -
- -
- -
- Rainbow Trust
- -
- -
- -
- -
-
- Service type
- -
- -
- -
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| Tenant | Industry | sq ft Occupied | Rent/sq ft | Lease End | ||
| Autism Hampshire | - | - | - | - | ||
| Cobra Installations Ltd | - | - | - | - | ||
| Donna Nile Peck Interiors | - | - | - | - | ||
| Epos Group | - | - | - | - | ||
| Freedom Works | - | 5,000 sq ft | - | - | ||
| Pathways 2 Enlightenment | - | - | - | - | ||
| Product 5 Retail | - | 4,194 sq ft | - | Jun 2024 | ||
| Rainbow Project | - | - | - | - | ||
| Rainbow Trust | - | - | - | - | ||
|
|
Service type | - | - | - |
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Fairways House | Mount Pleasant Rd
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