Property Description
A substantial property comprising a bar / nightclub
arranged over basement, ground and first floors
together with two flats (not inspected) which we
understand the tenant sub-lets by way of Assured
Shorthold Tenancies.
The bar / nightclub premises were extensively
refurbished in 2013 when they were let to Orange
Room (Bournemouth) Limited, trading as Orange Rooms (www.orangerooms.co.uk), a sister operation
to the renowned Orange Rooms Bar and Nightclub in
Southampton established in 2001. EPC rating D82.
Measurements
The Orange Rooms 24-26 Holdenhurst Road Bournemouth - Orange Rooms Bournemouth Limited| Measurement | imperial | metric |
|---|
| Basement | 1,367 sq.ft | 127 sq.m |
| Ground Floor | 1,292 sq.ft | 120 sq.m |
| First Floor | 1,098 sq.ft | 102 sq.m |
| Total Floor Area | 3,757 sq.ft | 349 sq.m |
Agent's Disclaimer
These particulars are believed to be correct, but their accuracy is not guaranteed and they do not constitute an offer or contract. Strictly subject to contract, all measurements approximate. Agents Note: At no time have we undertaken a structural survey and services have not been tested. Interested parties should satisfy themselves as necessary, as to the structural integrity of the premises and condition/working order of services, plant or equipment.
Sale Terms
Offers are sought in excess of £795,000 subject to contract and exclusive of VAT. A purchase at
this price would reflect a net initial yield of 6.53% after allowing for
usual purchaser’s costs of 5.8%, and a capital value of £212 per sq ft.
Tenant, lease and rent summary
24-26 Holdenhurst Road Bournemouth BH8 8AD
| Retail Unit | Tenant | Rental Income | Lease Dates |
|---|
| The Orange Rooms |
Orange Rooms Bournemouth Limited |
£55,000 |
13.05.2013 -start
13.05.2038 -expiry
No -break |
| Total Rent |
|
£55,000 |
|
Covenant Information:
Orange Rooms Bournemouth LimitedThe premises are let to Orange Rooms (Bournemouth)
Limited (co.reg.no.8190580) under a full repairing and
insuring lease (subject to a photographic schedule of
condition) for a term of 25 years commencing 13 May
2013 at a rent of £55,000 per annum, exclusive subject
to upwards only rent reviews every 5 years. In lieu of the tenant’s extensive refurbishment and fitting out costs, a concessionary rent of £27,500 per annum,
exclusive is payable during the period 1 September
2013 to 31 August 2015, although the vendor will
make up the balance to reflect an annual rent of
£55,000 per annum, exclusive in relation to the
proposed sale. The landlords hold a rent deposit of £13,750 being
equivalent to one quarter’s rent.
We understand that Orange Rooms (Bournemouth)
Limited sub-lets the two flats by way of Assured
Shorthold Tenancies although we have not seen any
related paperwork.
Agent's Disclaimer
These particulars are believed to be correct, but their accuracy is not guaranteed and they do not constitute an offer or contract. Strictly subject to contract, all measurements approximate. Agents Note: At no time have we undertaken a structural survey and services have not been tested. Interested parties should satisfy themselves as necessary, as to the structural integrity of the premises and condition/working order of services, plant or equipment.
Plans/drawings for this property:
Property Location
The premises are located within central Bournemouth's
Lansdowne area. This part of town plays host to a large
student population with Bournemouth University and
the Bournemouth and Poole College both having
teaching facilities closeby. The town also has a
significant language school trade with the many foreign
students adding to the town's cosmopolitan feel.
This immediate area enjoys a strong night time
economy with numerous bars, restaurants, hot food
take aways and night clubs in evidence. Also within the immediate vicinity are branches of
Lloyds TSB, Coral Bookmakers, Ladbrokes,
Subway, Lloyds Pharmacy, Tesco Express, KFC,
Domino's Pizza, Wetherspoons and ASK together
with numerous hotels at the nearby East Cliff.
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