Overview
Description
Location
Description
Portsmouth is a maritime city situated on Portsea Island that fronts out onto the Spithead. It is located approximately 20 miles east of Southampton and 17 miles west of Chichester.
Portsmouth is the most densely populated city in the UK outside London. The subject property is situated in an area known as North End and the majority of retail activity is centred on London Road.
The property comprises a ground floor retail premises trading as a pizza takeaway. The property also consists of two self-contained residential apartments on the upper parts, both sold off on long leasehold for a period of 125 years dated June 2017.
The property benefits from 1 parking to the rear of the property including rear loading.
Accommodation
Total Ground Internal Area - 1,137 sq.ft (105.65 sq.m)
Planning
Under the new planning regulations, we believe the current permitted use to be use class 'E' which includes uses such as retail, professional services, café, health clinics, indoor recreation/sport and office. All parties are advised to make their own enquiries of the local authority for confirmation.
EPC Text
Asset Rating Retail Unit - To be assessed
Flat A - D (64)
Flat B - D (66)
Rating
Rateable Value £11,750
Source www.voa.org.uk The 2024/2025 small business multiplier is 0.499 (4.99p payable per £1).
Terms
Offers invited in the region of £220,000 subject to contract for the freehold interest subject to the subsisting tenancy.
A purchase at this level shows a Net Initial Yield of 8.1% after allowing usual buyers costs.
Ground floor is let by way of a lease dated 28th February 2023 for a term of 10 years at a passing rent of £18,000 per annum, expiring 27th February 2033.
The lease is subject to an open market upward only rent review on the fifth anniversary and no break clause.
The residential apartments on the upper parts are both sold off on long leasehold for a period of 125 years dated June 2017.
We understand there is a ground rent payable of £125 per annum per flat.
Summary
Key points
- Located in busy retail parade popular for hot food uses
- Total income £18,250 per annum
- Attractive Net Initial Yield 8.1%
- Lease expiry 2033
- Uppers sold off on a long leasehold
- 1 allocated parking space to the rear
Contact
Primmer Olds UK Ltd
Tel: 07918 926 119
Dominic Arkell
darkell@mavarealestate.co.uk
https://www.primmeroldsbas.co.uk
EPC
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