Retail/Student Housing Investment

Key Features

• Freehold Interest.
• Ground floor retail premises let on an FRI lease, with 5 bed student accommodation above.
• Generates combined annual rental income of c. £46,700 per annum.
• Inviting offers in the region of, £595,000 exclusive.
• Excellent location in Winton close to the junction with Alma Road & Talbot Road.

Location

The property is situated in Winton, a densely populated suburb of Bournemouth. Winton features a large student population who attend the nearby campuses of Bournemouth University and The Arts College, Bournemouth.

The property is located in a prominent position fronting the main retail thoroughfare of Wimborne Road and is situated close to the junction with Talbot Road and Alma Road.

Nearby operators include Waitrose, Lidl, WH Smith, Pizza Hut, Superdrug & Boots amongst others.

Description

The premises comprise a mid-terraced, three storey property forming part of an attractive red brick building, which we understand was constructed in 1904.

The property is arranged with a shop unit on the ground floor extending to c. 862 sq ft. The shop benefits from rear loading and a useful outbuilding located directly to the rear of the premises, currently used as storage.

The residential accommodation is accessed via a dedicated external staircase to the rear of the property. The property has been registered as a House of Multiple Occupation (HMO). The accommodation is located over the first and second floors and comprises 5 double bedrooms, lounge/diner, kitchen, bathroom, WC and top floor shower room also with a WC. The property has been maintained in very good order.

Available area

The accommodation comprises the following areas:

Tenancy

310 Wimborne Road

Let to NP Lounge Ltd t/a The Looking Glass, on an assignment of a Full Repairing and Insuring Lease with a term of 10 years from 25/05/2016 at a rent of £17,000 per annum. The lease was granted inside the protection of the 1954 Landlord & Tenant Act (as amended). There is security in the form of a rent deposit of £8,500, held by the Landlord under a Rent Deposit Deed.

310a Wimborne Road

The upper parts are let to students annually (via tenancy agreements) from 1st September 2024 for a term of 11 months at a current rent of £2,700 pcm (approx £135 per person per week). The Rent is inclusive of full fibre broadband, electricity, gas & water. Security is provided in the form of a returnable deposit of £2,700. All tenants are required to provide a guarantor (usually a parent).

The total annual income from the student accommodation is currently £29,700 (inclusive of utility costs).

The Landlord currently manages the property himself & reports strong demand for the student accommodation. A Tenancy is currently in place as above until 31st July 2025.

The total income currently receivable for the building is £46,700 per annum.

Tenure

The property is held freehold.

Price

Inviting offers in the region of £595,000.

VAT

We understand the property has not been elected for tax.

Legal Costs

Each party to be responsible for their own legal costs involved in the transaction.

EPC

The property ihas the following energy ratings:

310 Wimborne Road - E109
310a Wimborne Road - D-58

Full copies of the EPC’s are avaialble on request.