Property Details

COMMERCIAL INVESTMENT - Bournemouth

For Sale - Available
Download Marketing Details
  • 20190307_103801

Property ID: C6385

For Sale

Features

  • 1 commercial uit sold on long leasehold
  • 1 commercial unit on short term letting
  • 3 residential flats sold on long leaseholds

Address

  • 15, 15a, 15b, 17 & 21 St Michael's Road, Bournemouth, BH2 5DP

SITUATION AND DESCRIPTION
The property is located  on the West Cliff and a short distance from the  commercial area of The Triangle.   St Michaels Road is located just off Commercial Road and is a mix of commercial and residential occupiers including some hotels and guest houses.

The property comprises 3 residential flats, 15a, 15b and 17 St Michaels Road, which have been sold off on long leases and two commercial units, 15 and 21 St Michaels Road, No 21 having been sold off on a long lease.  Each residential and commercial unit has its own entrance.  There are no shared entrances, corridors or shared external space.

ACCOMMODATION
15 St Michaels Road
Width  : 15’10” (4.82m) max
Depth  : 19’00” (5.79m)
Sales Area   273 sq.ft. (25.36 sq.m.)  Approx
Cloakroom

3 residential flats and 21 St Michaels Road uninspected.

TENANCIES
15 St Michaels Road is currently occupied on a short term licence agreement at a rental of £100 per week.
The tenant is content to remain under the existing agreement for the foreseeable future, but understands and accepts that new ownership could change his position

15A St Michaels Road  (two bedroom maisonette over 1st and 2nd floors).  125 year lease from July 1998. Ground rent £100 p.a for first 33 years increasing to £200 p.a. for second 33 years, £400 for third 33 years and £800 p.a. until lease expiry

15B St Michaels Road (one bedroom basement flat). 125 year lease  from March 2017 Ground rent £250 p.a. for first 33 years increasing to £500 p.a. for second 44 years, £750 p.a. for third 33 years and £1,000 p.a. until lease expiry

17 St Michaels Road ( three bedroom maisonette over 1st and 2nd floors). 125 year lease from July 1998. Ground rent £100 p.a for first 33 years increasing to £200 p.a. for second 33 years, £400 for third 33 years and £800 p.a. until lease expiry

21 St Michaels Road (commercial unit).  999 year lease from 1st January 2003 at a peppercorn ground rent

Service charge and maintenance
Service charge is issued  twice yearly which includes building insurance, planned maintenance, and sinking fund.  All units contribute     20%
Sinking Fund currently         £1,950
Buildings Insurance              £370

Price
£89,000 for the freehold subject to and with the benefit of the existing long leases and ground rent income and rental income from 15 St Michaels Road

VIEWING AND FURTHER DETAILS

By arrangement with Ellis and Partners through whom all negotiations are to be conducted.

Property Map
Call today to discuss your property needs on 01202 551 821 for Commercial, 01202 552 236 for Residential or 01273 771 393 for Brighton