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Auckland Road, Southampton, Hampshire, SO15

Offers in Excess of
£6,100,000

Business rates & charges may apply

CBRE Ltd, London (Licensed, Leisure & Hotel Property)
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SECTOR

Leisure facility for sale

Key features

  • Opportunity to acquire a prime freehold long income index-linked tenpin bowling investment offering more than 19 years term certain, with lease expiry on 14th September 2043.
  • Let on an FRI lease to one of the UK's largest and most established bowling operators, Tenpin Limited with a topco surety from Tenpin Entertainment Limited, benefitting from a 5A1 D&B credit score.
  • Situated in a densely populated suburb west of Southampton city centre serving a large residential catchment with major retailers and a large trade park in close proximity.
  • Limited bowling competition in Southampton with Tenpin offering an impressive 36 lanes, representing the largest bowling facility in the city with a diverse product mix following an extensive refurb.
  • A detached single storey building that extends to 51,259 sq ft (4,762 sq m) GIA on a circa 2.65 acre (1.07 ha) plot, providing 44% site coverage.
  • The current rent passing is £668,375 per annum, reflecting £13.03 psf. The next review will occur on 28th August 2027 where the rent will revert to £465,000 per annum (£9.07 psf) following a regear.
  • The rent is reviewed every fifth anniversary of the term with annually compounding CPI-linked uplifts subject to a collar and cap of 1% - 3%.
  • B-38 EPC rating valid until March 2027.
  • Business unaffected.
  • Offers are invited in excess of £6,100,000 (Six Million One Hundred Thousand Pounds), reflecting a Net Initial Yield of 10.3% once standard purchaser's costs have been deducted.

Description

The property is situated off a spur road linked to the A35 (Tebourba Way) which in turn connects to the A33, flanking the River Test and the Western Docks which acts as the arterial route linking Southampton city centre to the M27. The venue is situated in a densely populated residential suburb with retailers including ALDI, B&M, Screwfix and McDonald's all located within the immediate vicinity. Access to the city centre is approximately 10 minutes (3 miles) by car with the premises located on the western side of the city.

The surrounding area comprises a mix between retail, residential and light industrial premises with the trainline running parallel with the A33, providing local access to Southampton Central train station. Within a 10-minute drive time, there are approximately 170,000 residents.

The property is a detached former warehouse, converted to a bowling centre of steel frame construction with brick and steel cladding built beneath a multi-pitched roof. The venue benefits from access to the A33 via Tebourba Way, with the A-road running parallel with the River Test, providing access to the Port of Southampton and the city centre. The venue offers complementary customer parking for 120 vehicles whilst the building extends to 51,259 sq ft (4,762 sq m) GIA and is arranged over ground and first floors with facilities including: 36 bowling lanes; laser tag; Houdini's Escape Room Experience; karaoke; Prison Putt Golf; Children's Soft Play; extensive AWP area; diner and bar; customer WCs; commercial kitchen; beer cellar and ancillary accommodation.

The venue benefits from 338 covers and offers Sky and TNT Sports. Tenpin undertook a significant refurbishment and rebrand in 2023 and is strategically located to profit from sparse competition in the area with the next closest corporate bowling facility approximately 3 miles east in Southampton city centre, albeit the competing venue is considerably smaller with only 16 lanes.

Brochures

Auckland Road, Southampton, Hampshire, SO15

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Redbridge (Southampton) Station0.8 miles
  • Millbrook Station0.9 miles
  • Totton Station1.3 miles

About CBRE Ltd, London (Licensed, Leisure & Hotel Property)

Henrietta House Henrietta Place, London, W1G 0NB

CBRE Ltd, London (Licensed, Leisure & Hotel Property)

With an integrated network of over 300 wholly owned offices in more than 50 countries, our commercial property consultants advise more clients globally than any other commercial property adviser.

We work with occupiers, investors and developers of office, industrial, residential, retail and hotel property, providing strategic advice and execution for sales and leasing; tenant representation; corporate services; facilities, property and project management; appraisal and valuation; develo

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Disclaimer - Property reference Tenpin_Southampton. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by CBRE Ltd, London (Licensed, Leisure & Hotel Property). Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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