Nearby occupiers include Marks and Spencer, Next, Debenhams, Costa, Argos, McDonald’s, JD Wetherspoon and McColl’s
Lot 44
Auction 11th December 2014
Rent £74,500 per Annum Exclusive
Status Sold Prior
Price
Sector High Street Retail
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
6 miles north-west of Portsmouth
12 miles south-east of Southampton
Roads
M27 (Junction 11), A27, A32
Rail
Fareham Railway Station
Air
Southampton Airport, Bournemouth International Airport
Situation
The property is prominently situated on the northern side of West Street, the town’s principal retailing thoroughfare and is close to Fareham Shopping Centre with occupiers including Marks & Spencer, Next, Debenhams and Costa. Other nearby occupiers include Argos, McDonald’s, JD Wetherspoon and McColl’s.
Tenure
Freehold.
Location
Miles
6 miles north-west of Portsmouth
12 miles south-east of Southampton
Roads
M27 (Junction 11), A27, A32
Rail
Fareham Railway Station
Air
Southampton Airport, Bournemouth International Airport
Situation
The property is prominently situated on the northern side of West Street, the town’s principal retailing thoroughfare and is close to Fareham Shopping Centre with occupiers including Marks & Spencer, Next, Debenhams and Costa. Other nearby occupiers include Argos, McDonald’s, JD Wetherspoon and McColl’s.
Tenure
Freehold.
Description
The property comprises Post Office accommodation on the ground and part first floor. Additionally there is self-contained office accommodation on part of the first floor accessed via West Street.
The property benefits from a substantial frontage to the busy West Street. The Post Office benefits from a recent refurbishment programme undertaken by the tenant.
Six Week Completion
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises Post Office accommodation on the ground and part first floor. Additionally there is self-contained office accommodation on part of the first floor accessed via West Street.
The property benefits from a substantial frontage to the busy West Street. The Post Office benefits from a recent refurbishment programme undertaken by the tenant.
Six Week Completion
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/(Reversion)
Part Ground Part First
Post Office Office
323.44 sq m 61.00 sq m
(3,482 sq ft) (657 sq ft)
POST OFFICE LIMITED (1)
16 years from 11/05/2007 until 2023 on a full repairing and insuring lease (2)
£64,000
(10/05/2023)
Part Ground Part First
Reception Office
9.29 sq m 105.58 sq m
(100 sq ft) (1,136 sq ft)
SOLAR PLUS SERVICES LIMITED (3)
3 years from 11/04/2014
£10,500
(09/04/2017)
Totals
499.31 sq m
(5,375 sq ft)
£74,500
(1) For the year ending 25/03/2013, Post Office Limited reported a turnover of £1,234,000,000, pre-tax profits of £18,000,000 and a total net worth of £288,000,000. (Source: www.riskdisk.com 10/11/2014) (2) As to the Post Office, the original lease was for a term of 10 years from 11/05/2007 until 10/05/2017 and the reversionary lease was for a term of 6 years from 11/05/2017 until 10/05/2023. (3)Solar Plus Services Limited was incorporated on 24th September 2008 and is a leading UK supplier of solar energy systems to the home improvements industry (www.solarplusservices.com). As to the part first floor office let to Solar Plus Services Limited, the tenant has served notice to determine the lease on 10th April 2015.
