182-184 Bitterne Road West, Southampton, SO18 1BE
Property Description
This prime freehold parcel of land in Southampton presents a rare development opportunity with excellent long-term income potential. The property benefits from a secure annual rent of £92,300, backed by a 15-year lease signed by the Inclusion Housing Board, with a 10-year break clause offering flexibility. Inclusion Housing is also agreeable to a 10-year lease with a 5-year break clause with annual rent reviews capped at 4 % or CPI, whichever is the lower. Development progress is already
+ Read MoreThe development will consist of five one-bedroom assisted living flats, featuring curved double-aspect living areas.
The ground floor will include a communal area, office, staff restroom, and access to a lift and stairs leading to the upper levels.
On the first floor, there will be two one-bedroom apartments with floor areas of 39.6 sq m and 46.6 sq m.
The second floor will also house two one-bedroom apartments, each with the same floor areas of 39.6 sq m and 46.6 sq m. The third and final floor will contain the last one-bedroom apartment, measuring 49.4 sq m.
On 25/08/21, reference 21/00412/FUL, Southampton City Council granted planning permission for:
"Erection of a part 3 part 4 storey building with roof terrace, for use as specialist supported accommodation comprising 5 no.1-bed flats within use class C3, with associated communal accommodation and staff office at ground floor level, bin store and parking, following demolition of the existing building."
Auction Surveyor: Bryn Nettle
Contact: 07854 829415 bryn.nettle@strettons.co.uk
* The Notice to Bidders, which can also be seen on the inside front cover of the hard copy catalogue, includes a definition of Guide Price [section #17] Note that in addition to the purchase price there is a buyer’s administration fee [section #13] and there may be additional non-optional fixed or variable fees and costs [section #8]. To establish the full cost of purchasing a property, please inspect the legal documentation/special conditions. Please also check strettons.co.uk for updates.
