Ownership of town centre commercial property changes hands

Ownership of a commercial property with corner frontage in the retail heart of Eastleigh has changed hands in a freehold investment sale.

Property consultancy Vail Williams acted for the landlord in the disposal of 38 Market Street – the guide price was £400,000.

With return frontage to Market Street and Leigh Road, the two-storey building is occupied by UK coffee house chain Coffee#1.

The property is let on a 20-year lease, expiring in 2034, the rent is £31,950 per annum, with an open market rent review every fifth anniversary.

“What is clear is that the UK’s coffee market is worth billions of pounds a year, with demand for properties in busy retails areas, such as 38 Market Street.

“Eastleigh itself is a well-located town five miles north of Southampton with its own mainline railway station and excellent access to the M27 (Junction 5), M3 (Junction 13) and Southampton International Airport. Market Street is Eastleigh’s busiest shopping street and links Sainsburys supermarket and the Swan Centre.”

It is the latest investment deal by Vail Williams, with a number of disposals and acquisitions across southern England on behalf of clients.