London Street, Andover, Hampshire, SP10

7-21 London Street, Andover comprises a terrace of mixed-use commercial properties which are fully-let and income-producing assets. Planning consent was successfully obtained in 2014 (see application reference 14/00633/FULLN on Test Valley Borough Council website) to permit the upper floors conversion of 17-21 London Street to create three individual residential dwellings. A Certificate of Lawfulness for Existing Development was granted on 13th November 2023 confirming that the planning permission has been implemented.

No’s 7-11 are occupied by Duck & Tipple Café and Cocktail Bar, No 13 by Graham & Co Estate Agents, No 15 by Coco Cosmetic Beauty Salon and No’s 17-21 by Country Cousins.

It is felt that all of the buildings may lend themselves to future residential redevelopment, subject to securing any necessary consents along with the expiration of existing leases.

ACCOMMODATION
We have identified a cumulative internal area of 5,478 Sq. Ft. / 509 Sq. M, comprising:
7-11 London Street: 749 Sq. Ft. / 69.5 Sq. M.
13 London Street: 1,496 Sq. Ft. / 139 Sq. M.
15 London Street: 711 Sq. Ft. / 66 Sq. M.
17-21 London Street: 2,522 Sq. Ft. / 234 Sq. M.

EPC RATINGS
7 London Street: D (78), 9-11 London Street: D (85), 13 London Street: C (53), 15 London Street: E (108), 17-21 London Street: C (74).

RATEABLE VALUES
According to the Valuation Office Agency, as of 1st April 2023 the following rateable values apply: 7-11: £14,750; 13: £13,750; 15: £7,700; Ground Floor 17-21: £18,000; First & Second Floors above 17-21: £7,500.

TENURE
We are instructed to seek offers in the region of £900,000 for the freehold interest (title number HP592200) to include the existing commercial leases and implemented planning consent, subject to contract and exclusive of VAT. A freehold purchase at this level reflects a low capital value of £164 psf and a gross yield of 7.3%.

TENANCY SCHEDULE
Property Lease Start/End Term Rent Rent Review Breaks Tenant
7-11 London St 31.10.22
30.10.32 10 years £21, Duck & Tipple
13 London St 29.09.15
28.09.25 10 years £21,000 None None Graham & Co
15 London St 11.01.24
10.01.34
10 years £14, Coco Cosmetics
17-21 London St
Holding over £10,000 None None Country Cousins

LEGAL COSTS & VAT
Each party is expected to bear their own legal costs in this transaction. The property is elected for VAT however the sale can potentially be dealt with by way of a TOGC.

VIEWINGS
No direct approach to the current occupiers is permitted. For all enquiries please contact sole agent Trinity Rose Commercial on or email Jon Baud j. .

The subject properties are found on London Street in Andover, Hampshire just off Bridge Street/High Street in the centre of town. Andover is located just north of the A303, 16 miles north west of Winchester, 18 miles north east of Salisbury and 22 miles west of Basingstoke. Nearby businesses include: Foresters Arms Public House, Your Move, Brockenhurst, Connells, Pizza Express, Halifax, Mooch, Peacocks, BetFred, NatWest and Poundland.