Freehold Restaurant Investment with Residential Redevelopment Consent
Prominent City Centre location fronting Commercial Road
Restaurant let until 2026 (No breaks)
Planning Permission for 4 residential flats and 2 maisonettes
Close to Cascades Shopping Centre with occupiers including Marks & Spencer, Next and H&M
Other nearby occupiers include McDonald's, Sports Direct and Argos
Currently producing £25,000 p.a.x. with vacant upper floors
Lot 61
Auction 13th July 2017
Rent £25,000 per Annum Exclusive
Status Sold
Price £515,000
Sector Restaurant
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
17 miles west of Chichester, 20 miles south-east of Southampton
Roads
A3, A27, M27
Rail
Portsmouth & Southsea Railway Station
Air
Southampton Airport
Situation
The property is situated on the western side of Commercial Road, Portsmouth's principal retailing thoroughfare and close to its roundabout junction with Marketway (A3). Cascades Shopping Centre is close by, with occupiers including Marks & Spencer, Next, New Look and TK Maxx. Other nearby occupiers include McDonald's, Boots the Chemist, Holland & Barrett, JD Sports, and Specsavers. The NCP Market Way Car Park is located to the rear of the property and provides car parking for some 500 cars. The bus stops for the northern end of the city centre are situated in close proximity.
Tenure
Freehold.
Location
Miles
17 miles west of Chichester, 20 miles south-east of Southampton
Roads
A3, A27, M27
Rail
Portsmouth & Southsea Railway Station
Air
Southampton Airport
Situation
The property is situated on the western side of Commercial Road, Portsmouth's principal retailing thoroughfare and close to its roundabout junction with Marketway (A3). Cascades Shopping Centre is close by, with occupiers including Marks & Spencer, Next, New Look and TK Maxx. Other nearby occupiers include McDonald's, Boots the Chemist, Holland & Barrett, JD Sports, and Specsavers. The NCP Market Way Car Park is located to the rear of the property and provides car parking for some 500 cars. The bus stops for the northern end of the city centre are situated in close proximity.
Tenure
Freehold.
Description
The property comprises restaurant accommodation on the ground floor with ancillary accommodation on the first and second floors. Planning permission has been granted for the conversion of the upper floors to form four residential flats and two residential maisonettes.
VAT
VAT is applicable to this lot.
Planning
Planning permission has been granted under reference 13/00416/FUL for the “conversion of upper floors to form four flats and two maisonettes”.
Portsmouth City Council, Civic Offices, Guildhall Square, Portsmouth PO1 2BG
Tel:023 9283 4092
Email: planningapps@portsmouthcc.gov.uk
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises restaurant accommodation on the ground floor with ancillary accommodation on the first and second floors. Planning permission has been granted for the conversion of the upper floors to form four residential flats and two residential maisonettes.
VAT
VAT is applicable to this lot.
Planning
Planning permission has been granted under reference 13/00416/FUL for the “conversion of upper floors to form four flats and two maisonettes”.
Portsmouth City Council, Civic Offices, Guildhall Square, Portsmouth PO1 2BG
Tel:023 9283 4092
Email: planningapps@portsmouthcc.gov.uk
Completion Period
Six Week Completion
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)
Ground
Restaurant
169.73 sq m
(1,827 sq ft)
TIAN YUE WAN LTD t/a Melody Chinese Restaurant
10 years from 07/12/2016
£25,000 (1)
07/12/2021 (06/12/2026)
Ground
Store
69.68 sq m
(750 sq ft)
VACANT POSSESSION
First & Second
Planning Permission for 3 x one bedroom, 2 x two bedroom and 1x three bedroom residential flats
414.40 sq m
(4,461 sq ft)
VACANT POSSESSION
Total
653.81 sq m
7,038 sq ft
£25,000
(1) The seller is holding a rent deposit of £10,046.51.
