Property
Key information
Features and description
- Freehold retail/nightclub investment
- Town centre location
- Lease renewal agreed on the nightclub for an additonal 20 years (1)
- New five year lease on the retail unit (2)
- Includes vacant offices
- Future residential redevelopment potential (subject to consents)
- Producing £123,000 per annum rising to £125,000 in 2024 (3)
- Online Auction on Thursday, 21 September 2023
A mid-terraced building of traditonal construction beneath a part pitched and part flat roof and orignally constructed in 1971. The building totals approximately 1,012.15 sq m (10,895 sq ft) and is arranged as a ground floor retail unit (29 Wote Street) and a bar/nightclub arranged over ground and part first floors (27 Wote Street). Additionally there are three vacant office suites at first floor level, which may lend themselves to alternative uses including residential, subject to obtaining the necessary consents. Externally there is an outdoor seating area to the front and rear access via Red Lion Lane to a rear yard area providing parking for a number of vehicles.
The property may offer alternative use or development potential and prospective purchasers are referred to the 'Planning Details' section in this regard.
Location:
Basingstoke lies approximately 45 miles south west of Central London and 30 miles north east of Southampton. It can be accessed via the A33 and A339, which provides direct access to the M3 motorway at junction 6 just over a mile to the south of the town centre. Basingstoke railway station lies within a few minutes' walk of the property and provides regional rail services as well as regular direct services to London Waterloo with a journey time of approximately one hour. Numerous bus services serve the area and Heathrow Airport and Southampton Airport are both within easy reach.
Wote Street is one of the main shopping thoroughfares in the pedestrianised section of the town centre. The property commands a prominent location on the east side of the street with rear access from Red Lion Lane. The entrance to Festival Place Shopping Centre is just to the north of the property where notable nearby occupiers include Burger King, Iceland, Greggs, Halifax, Lloyds Bank and Vue Cinema. The building is also located near to Market Place where further occupiers include McDonalds and Zizzi.
Online Auction on Thursday, 21 September 2023. For further information, such as legal documents and property information, please visit bidx1.com.