9-11 Gervis Place, Bournemouth, Dorset, BH1 2AL

Property Details: • Type: N/A • Tenure: N/A • Floor Area: N/A

Key Features: • Excellent Town Centre Location • Two Commercial Tenants • 14 Flats above (sold off) • Opposite proposed major redevelopment of Beales Department Store • Total Income £62,100 rising to £63,100 per annum

Location: • Nearest Station: N/A • Distance to Station: N/A

Agent Information: • Address: Minster Chambers, 43 High Street, Wimborne, BH21 1HR

Full Description: DescriptionFOR SALE - Freehold Town Centre Commercial Investment Plus Ground Rents achieving £62,100 per annum, exclusive. Bournemouth is Dorset's principal commercial centre and one of the UK's premier seaside resorts. It has a residential population in excess of 160,000 persons and a primary shopping catchment of 396,000 persons within a 6-mile radius (FOCUS).The town is a renowned tourist destination and also benefits from a substantial student population within excess of 20,000 students attending the University.The premises occupy an excellent location fronting Gervis Place opposite the historic Bournemouth Arcade which links to the pedestrianised section of Old Christchurch Road, which is one of Bournemouth's principal shopping streets. Also close by is the recently created Beale Place which has attracted numerous cafes and other eateries.Hilton and Hampton by Hilton both feature in the town centre together with the BH2 Leisure Complex which comprises approximately 115,000 Sq. Ft (10,683 Sq. M) of retail and leisure space arranged over 5 levels.Opposite the subject premises is the former Beales Department Store where an exciting mixed use redevelopment project is proposed The Pavilion Theatre and BH2 leisure scheme are each a short walk away.A substantial mid terraced property comprising two well-proportioned commercial units each being arranged over ground and lower ground floors.In addition, 14 self-contained flats are arranged over four upper floors.TENANCIES9 Gervis PlaceLet to Bones Restaurant Group Ltd trading as 7 Bone by way of a full repairing and insuring lease granted for a term expiring 7th August 2034.The current passing rent is £32,500 per annum, exclusive and the lease provides for an upwards only rent review on 8th August 2029. There is an option for the tenant to break the lease on 8th August 2029 subject to granting the landlord not less than 6 months' prior written notice.11 Gervis PlaceLet to a private individual trading as Puro Gusto (Italian & Seafood Restaurant) by way of a full repairing and insuring lease granted for a term of 10 years commencing 14th December 2020 and expiring 13th December 2030.The current passing rent is £30,000 per annum, exclusive, The Lease provides for an open market rent review on 14th December 2026 until lease expiry.Ground RentsWe are advised that ground rents totalling £600 per annum are receivable from three flats. Each of the other flats pay a peppercorn rent. All are held on concurrent leases granted for a term of 125 years from 01 January 2022.Total current income: £63,100 Accommodation9 Gervis PlaceInternal Width 20'3" 6.17Net Sales Area 949 Sq.Ft 88.2 Sq.MLower Ground Floor Ancillary 962 Sq.Ft 89.3 Sq.M11 Gervis PlaceInternal Width 19'9" 6.02Net Sales Area 934 Sq.Ft 86.8 Sq.MLower Ground Floor Ancillary 844 Sq.Ft 78.43 Sq.MRear CourtyardFlatsThe upper floors comprise 14 flats all of which have been sold offRatingRateable Value 9 Gervis Place £24,50011 Gervis Place £24,500 Source TermsTENURE - FreeholdPRICE - Offers are invited in the region of £700,000 for the freehold interest.PlanningInterested parties are advised to make their own enquiries of the Local Authority for confirmation. Under the new planning regulations, we believe the current permitted use to be use class 'E' which includes uses such as retail, professional services, café, health clinics, indoor recreation/sport and office. All parties are advised to make their own enquiries of the local authority for confirmation.EPC TextAsset Rating - 9 Gervis Place B34 11 Gervis Place B45Anti Money LaunderingPlease note all prospective purchasers will need to be verified for 'Anti Money Laundering' purposes prior to issuing memorandum of agreed terms of sale.