Units A-D & Flats 1-4 The George, George Yard, Andover, Hampshire, SP10 1PD

Guide Price* : £975,000

Mixed Use Investment In the Heart of Andover

  • High Yielding Mixed Use Investment
  • Desirable Town Centre Location
  • Producing £78,144 per annum
  • WAULT of 6.11 years to Expiry on the Commercial Leases
  • Guide Price of £975,000 represents an attractive NIY of 7.6%

Description

The property comprises four commercial units and four residential flats. The commercial units are arranged around Georges Yard, a pedestrian route connecting one of the principal town-centre car parks and the pedestrianised High Street. The units are used as a salon and a beauty parlour, with the remaining two units both being used by a pet shop.

The residential flats are situated above Unit A and are within a Grade II listed building. The flats include 2x one bedroom, 1x 3 bedroom and 1x four bedroom and benefit from excellent views over Georges Yard and the centre of Andover.

Location

The property is located in Andover, one of the principal towns in Hampshire and a gateway town to South West England due to its location on the A303.

The property is situated just off the High Street, with Georges Yard forming the main accessway between the High Street and the central car park.

Tenure

Freehold

Tenancy

Please see the Tenancy Schedule provided under "Related Documents" (to the right hand side of the page)

The commercial units are let on four separate leases as follows:

Unit A - Let to Burgos Pet World on a ten year lease expiring May 2029 and paying a rent of £16,800 per annum
Unit B - Let to The Bad Penny Hair Studio Ltd on a ten year lease expiring July 2029 and paying a rent of £8,772 per annum
Unit C - Let to Andover Engineering Limited on a five year lease expiring January 2025 and paying a rent of £8,772 per annum
Unit D - Let to Burgos Pet World on a nine year lease expiring May 2029 and paying a rent of £6,600 per annum

The residential units are all let on separate Assured Shorthold Tenancy (AST) agreements. These tenancies are on a rolling periodic basis and producing a total rent of £37,200 per annum.

VAT

We understand the property has been elected for VAT and that it is envisaged the sale will be dealt with as a TOGC

Contact

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. 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.

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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 June 2022

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.