The Black Phoenix, 29 Carlton Place, Southampton, Hampshire, SO15 2DX
Guide Price* : £600,000
- Prominent pub investment
- Let on a lease expiring 2032
- Producing £45,000 per annum
- 2,745 sq ft (255.06 sq m)
- Guide Price of £600,000 reflects an attractive Net Initial Yield of 7.16%
The property comprises a public house arranged over ground and first floors. The ground floor principally comprises a bar area with approximately 40 covers indoors and additional seating outside. The ground floor also includes a kitchen, storage area and customer toilets.
The first floor includes further storage as well as living accommodation, this includes two double bedrooms, kitchen and a bathroom.
There is a small courtyard to the rear which provides further seating as well as storage.
The property benefits from the pedestrianisation of Carlton Place, which was part of a trial and made permanent in February 2022, the pub therefore has seating outside the frontage and has become a destination for al fresco drinks and dining within Southampton.
The property is located in the Polygon area of Southampton, to the north of the city centre. The area is known as the nightlife epicentre of Southampton with many bars and nightclubs including Brewdog, Revolution and Popworld.
The property occupies a prominent corner frontage at the junction of Carlton Place and Upper Bannister Street. The property is surrounded on almost all sides by properties in a similar use including Piecaramba, XOXO and Fever and Vibe, which occupy the other corner sites of the same junction and all benefit from the recent pedestrianisation of the street.
The property is let in its entirety to AMJH Limited on a 13 year lease expiring February 2032 and producing a rent of £45,000 per annum. Please see the tenancy schedule and legal pack for more information.
We understand the property has been elected for VAT. It is envisaged the sale will be dealt with as a TOGC
* 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.
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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.
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