156 Commercial Road
Portsmouth
Hampshire
PO1 1EX

Highly Reversionary Freehold Retail Ground Rent Investment

  • Significant reversion in 2053 (circa 35 years)
  • Entirely sub underlet to tenant trading as Select Clothing at £130,000 p.a.x.
  • Approximately 4,780 sq ft
  • First class location opposite The Cascades Shopping Centre with retailers including Primark, Marks & Spencer, H&M, Next and TK Maxx
  • VAT-free Ground Rent Investment
  • Lot
    14
  • Auction
    14/Feb/2018
  • Rent
    £900 per Annum Exclusive
  • Status
    Withdrawn Post
  • Price*
     
  • Sector
    Ground Rent
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Property Update
  • 156 Commercial Road<br>Portsmouth<br>Hampshire<br>PO1 1EX
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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 eastern side of the pedestrianised Commercial Road, Portsmouth's principal retailing thoroughfare. The Cascades Shopping Centre is directly opposite the property, with occupiers including Marks & Spencer, Primark, Next, H&M and TK Maxx. WHSmith and Burger King are adjacent to the property, with other nearby occupiers including Boots the Chemist, Debenhams, JD Sports and River Island. NCP Crasswell Street Multi Storey Car Park is located nearby, with parking for over 900 cars.

Tenure

Freehold.

Description

The property comprises a well configured ground floor shop with further sales accommodation on the first floor and ancillary accommodation on the second floor.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

Tenancy & Accomodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.x
Ground
First
Second
Retail/Ancillary
Retail/Ancillary
Ancillary (Disused)
223.88 sq m
220.17 sq m
-
(2,410 sq ft)
(2,370 sq ft)
(-)
BAYSIDE
INVESTMENT
COMPANY
LIMITED (1)
99 years from 29/09/1954
until 28/09/2053 on a full
repairing and insuring lease
£900
(sub-underlet
at £130,000)
Total
444.05 sq m
(4,780 sq ft)
  £900

(1) The entire property is sublet to Gilberts Fashions Limited for a term of 99 years less three days from 29th September 1954 and expiring 25th September 2053 at a fixed rent of £1,800 p.a.x. Gilberts Fashions Limited sublets the entire property to Genus UK Limited t/a Select Clothing for a term of 10 years from July 2010 at a rent of £130,000 p.a.x.

Property Documents

  • Catalogue Page
    Updated Date
    23.01.18
    File Size
    173 KB
    View PDF
  • Site Plan
    Updated Date
    23.01.18
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George WatkinsGeorge Watkins +44 (0)20 7034 4861george.watkins@acuitus.co.uk
Seller's Solicitors
Spratt Endicott Linden House, 55 The Green, South Bar Street
Banbury
Oxfordshire
OX16 9AB
Ben Madden 01295 204 156bmadden@se-law.co.uk

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