Retail for sale - Westcliffe Buildings, 55 Seaward Avenue, Barton on Sea, New Milton, BH25 7HN

<strong>Description</strong><br>The property comprises of a three storey ‘art deco’ brick building with rendered façade, mixed glazing and a flat roof. The ground floor has been sensitively amalgamated and adapted to provide full glazed fenestration and a recently fitted out Co-op (opening date 25.07.25). There is an internal stair case and lift shaft which lead to the self-contained first floor of the Co-op unit and the first floor has been segregated for the various back of house areas including inhouse bakery, office, staff room etc. <br /> <br /> Access to the residential accommodation is via a communal entrance on the elevation fronting Seaward Avenue. A stair case leads to a 1 bedroom flat (included within the sale), which comprises of lounge/kitchen, bedroom and bathroom. The staircase then leads to a further three flats, a corner 2 bedroom ensuite flat (included within the sale), with lounge and kitchen. The two other flats have not been inspected but comprise a 2 bedroom and 1 bedroom apartment (both of these have been sold off on a long leasehold interest). The flats have recently been refurbished to a decent specification.<br><br><strong>External Areas</strong><br>The front and side have been recently tarmacked and provide retail parking and a servicing solution for the retail unit. Access at the rear is also provided to the flat meters.<br><br><strong>Tenure</strong><br>Freehold. The site has a lease to the Co-op Group Food Ltd at a rent of £72,500pa, 15-year term no breaks, 12 months at half rent, 5-yearly reviews to CPI collar at 1% cap at 3%.<br /> <br /> There are 4 flats, 2 have been sold-off on a long leasehold interest and 2 let (as described above) on Assured Shorthold Tenancy agreements at rentals of £15,000 pa and £9,900 pa. works and AST’s can be provided upon request.<br><br><strong>Price</strong><br>We are seeking offers in the order of £1,500,000 for the Vendor’s freehold interest. The price reflects a net initial yield of 6.12% against the fully income producing asset.<br><br><strong>VAT & Stamp Duty Land Tax</strong><br>VAT and SDLT may be applicable at the prevailing rate. It is assumed that the sale will be treated as a TOGC and therefore VAT waivered.<br><br><strong>Planning & Conservation</strong><br>From 1st September 2020 under the Town and Country Planning (Use Classes) Order 1987 (as amended) we understand the property benefits from Class E retail use on the ground and part first floor and then C3 residential on part first and second floors. <br /> <br /> We understand the property is not listed nor located in a Conservation Area.<br><br><strong>Rateable Value</strong><br>The unit will be assessed for its rateable value upon completion of the works.<br><br><strong>EPC</strong><br>The commercial unit will be assessed upon completion of the works.<br><br><strong>Viewings</strong><br>Formal viewings can be made strictly by appointment with Savills. Where appropriate, we recommend interested parties carry out a discreet customer inspection in the first instance. We kindly request that no approaches are made to staff or the business directly, where applicable.<br><br><strong>Money Laundering</strong><br>Regulations require Savills to conduct various checks on purchasers and tenants. Further details are available upon request.<br><br>