£4.95m leisure investment brought to market
A food and beverage leisure investment in Southampton has been placed on the investment market with a price tag of £4,950,000, reflecting a net initial yield of 9.17%.
Located at 138-152 Above Bar Street, The Arts Complex extends to 26,453 sq ft and comprises seven fully-let F&B units with mezzanine levels.
The subject property is situated within the city’s cultural quarter, with the O2 Guildhall, City Art Gallery, Solent University, and multiple restaurants and cafes located within the immediate area. Southampton Central Station is located within 0.5 miles of the complex.
Tenants at The Arts Complex include Nando’s, Mettricks, Tang Chao, Dice & Dumplings, Grumpy Monkey, Tsunami, and Hokkaido.
The upper parts of the building, comprising an arts centre and residential apartments, have been sold off on long leasehold interests and produce a ground rent income of £12,551 per annum.
In total, the asset produces a total net passing rent of £484,051 per annum and has a weighted average unexpired lease term of 9.56 years to expiry and 6.45 years to break.
Green & Partners has been appointed to find a purchaser.