31-33 High Street, Southampton, Hampshire, SO14 2DF

Guide Price* : £3,000,000

Town Centre Site with Planning Consent for Boutique Student Development

  • Large Town Centre Development Site
  • Consent for a boutique student development of 120 apartments
  • Retail accommodation to the front within the original baking facade
  • Potential for a variety of other uses (subject to planning)
  • To be sold by Online Auction if not sold prior

Description

The property comprises a former bank building, situated in the heart of Southampton. The property has consent for a scheme comprising 120 modular student studio apartments and a three storey commercial unit to the High Street Frontage. The plans allow for the retention of the bank facade which, while not listed, adds to the aesthetic of the street and allows for the creation of a truly unique student development.

The accommodation is likely to be popular with international, post graduate and mature students as this market moves towards a requirement for self contained studios rather than flats with multiple occupants. We envisage the unit to the High Street would appeal to a variety of retail uses, especially restaurants.

Whilst the property has consent for a student led development, it is envisaged that the property would be suitable for a variety of other uses, including residential or key worker accommodation.

Location

The property is located in Southampton, a large port city and the commercial hub of Hampshire and the South Coast.

The town has two universities, namely, the University of Southampton and Solent University. The University of Southampton is located in the north of the town in Portswood and is the largest and most well known of the two, whilst Solent University is located in the town centre and focusses primarily on industry led degree courses and makes use of the towns naval and industrial history. Both universities are widely recognised and attract a mix of students from across the nation and the globe.

The property is situated in the heart of the city on the High Street. The street itself is seeing large areas of redevelopment, particularly to the north but also along the waterfront to the south.

Tenure

Freehold

Planning

The property has consent under reference 17/00707/FUL for a comprehensive, mixed use development of a single open use retail unit (with the exception of hot food takeaway) across ground, first and second floors to the High Street frontage, with a separate block to the rear arranged across basement, ground and four upper floors to provide 120 studio apartments. It is considered that these student units could be suitable for either modular or traditional construction and indicative plans are available for the modular option.

The development is considered suitable for an additional 10 units within the approved envelope via a planning amendment. Indicative plans are available upon request.

It is envisaged that the property would be suitable for a variety of alternative uses, such as key worker accommodation, a hotel or as residential apartments (subject to planning).

Planning Authority

Southampton City Council

VAT

The property is not elected for VAT

Finance

Development finance options are available for this property via our property finance team. Please contact Ashley Elkin for more information.

aelkin@lsh.co.uk

Contact

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.

Bidding not yet open
Minimum Opening Bid

£2,500,000


Bidding Opens On
2nd Dec 2020 12:00
End Date

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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.


Office Contact

Max Mason
07917 865 212

Related Documents

Legal Documents

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Agreement Documents


Subject to Contract and Exclusive of VAT © Lambert Smith Hampton November 2020

Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.