Freehold Land with Planning Southampton SO18

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Auction date: Tue, 29/10/2024 - 12:00

Guide Price £175,000+. This prime freehold parcel of land in Southampton presents a rare development opportunity with excellent long-term income potential. The development will consist of five one-bedroom assisted living flats, featuring curved double-aspect living areas. The property benefits from a secure annual rent of £92,300, backed by a 15-year lease signed by the Inclusion Housing Board, with a 10-year break clause offering flexibility. Inclusion Housing is also agreeable to a 10-year lease with a 5-year break clause with annual rent reviews capped at 4 % or CPI, whichever is the lower. Development progress is already underway, with foundations completed, and Southampton City Council's Planning Department has confirmed that planning permission has been fully implemented. 

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