54 - 56 London Road Portsmouth Hampshire PO2 0LN

54 - 56 London Road
Portsmouth
Hampshire
PO2 0LN

Freehold Retail Investment

Let on a new lease to Coral Racing Limited until 2026 (No breaks)
Prominent and busy City location
London Road connects London and Portsmouth via the A3
Nearby occupiers include Superdrug, Iceland and Sainsbury’s Local
For the Seller's Legal Pack, please click the Property Documents tab below
For a Buyer's Legal Report please click <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot
15
Auction
11th February 2016
Rent
£37,500 per Annum Exclusive
Status
Sold
Price
£500,000
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of McDonald's Restaurants Limited

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Freehold Retail Investment

Let on a new lease to Coral Racing Limited until 2026 (No breaks)
Prominent and busy City location
London Road connects London and Portsmouth via the A3
Nearby occupiers include Superdrug, Iceland and Sainsbury’s Local
For the Seller's Legal Pack, please click the Property Documents tab below
For a Buyer's Legal Report please click <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot 15
Auction 11th February 2016
Rent £37,500 per Annum Exclusive
Status Sold
Price £500,000
Sector
High Street Retail
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of McDonald's Restaurants Limited

Property Information

Location

Miles: 21 miles south-east of Southampton, 17 miles west of Chichester, 27 miles south-east of Winchester
Roads: M27, M275, A3, A27
Rail: Portsmouth & Southsea Railway Station
Air: Southampton Airport

Situation

London Road (A2047) is an important route which connects London and Portsmouth via the A3. The property is situated in a prominent position on the east side of London Road, between its junctions with Chichester Road and Laburnum Grove, in a predominantly residential area just north of Portsmouth City Centre. Nearby occupiers include Superdrug, Vision Express and Sainsbury’s Local.

Tenure

Freehold.

Location

Miles: 21 miles south-east of Southampton, 17 miles west of Chichester, 27 miles south-east of Winchester
Roads: M27, M275, A3, A27
Rail: Portsmouth & Southsea Railway Station
Air: Southampton Airport

Situation

Tenure

Freehold.

Description

The property, a prominent corner retail unit with access to Ashling Lane to the rear, comprises retail and ancillary accommodation on the ground and first floors.

Six Week Completion

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is 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)
Ground First	Retail Ancillary	252 sq m 157 sq m	(2,713 sq ft) (1,690 sq ft)	CORAL RACING LIMITED (1) (2)	10 years from 11/01/2016 on a full repairing and insuring lease (3)	£37,500	11/01/2021 (11/01/2026)
Totals		409 sq m	(4,403 sq ft)			£37,500

(1) For the year ending 27th September 2014, Coral Racing Limited reported a turnover of £668,107,000, pre-tax profits of £56,703,000 and a total net worth of £153,383,000. (Source: www.riskdisk.com 11/01/2015).
(2) We understand that the tenant may seek to sublet part of the property but no formal application has yet been made. The tenant is not currently in occupation of the property and is due to commence fitting out imminently.
(3) The tenant benefits from a 4 month rent free period commencing on 11/01/2016. The seller will pay the buyer the rent that would have been due in the absence of the rent free period, and therefore the property will produce £37,500 p.a.x. from completion of the sale.