LOCATION
The premises are located in a prominent town centre position fronting Bridge Street but with rear access from Waterloo Court, close to a number of multiple and independent retailers including Iceland, NatWest & Wilko and close to several town centre car parks.
DESCRIPTION
Freehold Restaurant Investment & Residential Development Opportunity
The premises comprise two distinct portions:
16 Bridge Street comprises office accommodation totalling 375.6 m2 [4,044 ft2] with courtyard and rear car park for 14 cars together with planning permission for conversion to 6 flats.
16A Bridge Street comprises a single-storey restaurant of 131.4 m2 [1,414 ft2] currently producing £26,000 pax.
SERVICES
Mains electricity, gas, water and sewerage.
ACCOMMODATION
| |
m2 |
[ft2] |
| 16 BRIDGE STREET [OFFICES] |
|
|
| |
|
|
| Ground Floor |
150.9 |
[1,623] |
| First Floor |
171.4 |
[1,846] |
| Second Floor |
53.3 |
[575] |
| |
|
|
| TOTAL |
375.6 |
[4,044] |
| |
|
|
| 16A BRIDGE STREET [RESTAURANT] |
|
|
| |
|
|
| Restaurant |
131.4 |
[1,414] |
| |
|
|
| TOTAL |
131.4 |
[1,414] |
RATING ASSESSMENTS
| 16 BRIDGE STREET [OFFICES] |
|
| Rateable Value from 01/04/2017 |
£26,750.00 |
| |
|
| 16A BRIDGE STREET [RESTAURANT] |
|
| Rateable Value from 01/04/2017 |
£27,500.00 |
BUSINESS IMPROVEMENT DISTRICT [BID]
The premises are located within a BID and are subject to a charge of 2% of the RAteable Value per year.
ENERGY PERFORMANCE CERTIFICATES
| 16 BRIDGE STREET [OFFICES] |
|
| To be assessed |
|
| |
|
| 16A BRIDGE STREET [RESTAURANT] |
|
| Rating -D89 04/04/2012 |
TENURE
Freehold
LEASES
16 Bridge Street [Offices] will be sold with vacant possession.
16A Bridge Street [Restaurant] is let to Fevzi Gungor on the residue of a 20 year FRI lease from 01 June 2015 subject to 5 yearly non-downward rent reviews and at a current rent of £26,000 pax.
PLANNING
Full details of the Planning Permissions are available at:
https://www.testvalley.gov.uk/planning-and-building/viewplanningapplicationsonline
A) Planning Permission was granted under Application No: 19/02335/PDON on 06 November 2019 for Prior Approval notification for change of use under Class O - Change use of offices to 4 flats [1 X 3 bedroomed, 2 x 2 bedroomed & 1 x 1 bedroomed].
There may be scope to amend this planning consent to provide 6 flats [1 X 3 bedroomed & 5 x 1 bedroomed] and possibly add an additional floor to the modern wing providing an additional 2 flats [2 x 1 bedroomed].
B) Planning Permission was granted under Application No: 20/01056/PDON on 24 July 2020 for Prior Approval notification for change of use under Class O - Change use of offices to 2 flats. 2 x 2bedroomed [one with study].
We understand that it should be possible to satisfy Regulation 75 of the Conservation of Habitats and Species Regulations 2017 on payment of a figure in the region of £40,000.
TERMS
Price £700,000 subject to contract.
The Seller has not elected to charge VAT.
LEGAL COSTS
Each party to bear their own legal costs.
Ref: 4227C
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