Starbucks Coffee
Burrfields Road
Portsmouth
Hampshire
PO3 5NP

Freehold Drive-Thru Investment

  • Let to 23.5 Degrees Limited (t/a Starbucks Coffee)
  • New 20 year lease expiring May 2038 (no breaks)
  • RPI linked Rent Review in August 2022 and five yearly thereafter (2)
  • Prominent roadside location adjacent to Ocean Retail Park and near to Burrfields Retail Park
  • Lot
    9
  • Auction
    14/Feb/2019
  • Rent
    £100,000 per Annum Exclusive
  • Status
    Sold
  • Price*
    £1,430,000
  • Sector
    Leisure
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • Starbucks Coffee<br>Burrfields Road<br>Portsmouth<br>Hampshire<br>PO3 5NP
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* More information on the term "price" can be found here

Property Information

Location
Miles
1 mile east of Portsmouth city centre, 23 miles south-east of Southampton
Roads
A2030, M275 (Junction 2),, M27 (Junction 12)
Rail
Hilsea Railway Station
Air
Southampton Airport, Gatwick Airport
Situation

The property, adjacent to Ocean Retail Park, occupies a prominent trading location fronting Burrfields Road, close to the roundabout junction with Dundas Lane, Moneyfield Avenue and entrance to Ocean Retail Park. Burrfields Road connects the residential suburbs of Copnor/North End to the west with Ocean Retail Park, Portsmouth Golf Centre and the A2030 to the east. Ocean Retail Park houses retailers including Marks & Spencer, TK Maxx, Halfords and Boots. Other occupiers close by include Buildbase, Office Outlet, Vets and Pets at Home.

Tenure

Freehold.

Description

The property comprises a recently constructed single storey drive-thru with indoor and outdoor seating. The property includes car parking for approximately 20 cars.

VAT

VAT is applicable to this lot.

EPC

Band A. Please see legal pack at acuitus.co.uk.

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReviews
GroundRetail/Ancillary
167 sq m
(1,800 sq ft)
23.5 DEGREES
LIMITED (1)
t/a Starbucks
Coffee
20 years and 9
months from
16/08/2017 until
15/05/2038 on a
full repairing and
insuring lease
£100,000 (3)RPI linked review on
16/08/2022 and five
yearly thereafter (2)
Total
167 sq m
(1,800 sq ft)
  £100,000 

(1) 23.5 Degrees Limited was Starbuck’s first franchised business partner, currently operating from approximately 60 stores throughout the UK with plans for a further 23 stores (Source: www.23-5degrees.com 10/01/2018).
(2) The rent is reviewed to RPI capped and collared at 4.5% and 2.0% per annum and compounded five yearly.
(3) The seller will adjust the completion monies so that the unit effectively produces £100,000 per annum from completion of the sale. The passing rent is £95,000 until 8th May 2019, then £80,000.00 until 8th May 2020 and then rising to £100,000 per annum.

Property Documents

  • Site Plan
    Updated Date
    22.01.19
    File Size
    980 KB
    View PDF
  • Catalogue Page
    Updated Date
    22.01.19
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    15.08.19
    File Size
    144 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Peter MayoPeter Mayo +44 (0)20 7034 4864 +44 (0)7833 459318Peter.mayo@acuitus.co.uk
Peter CunliffePeter Cunliffe +44 (0)20 7034 4852 +44 (0)7836 742834peter.cunliffe@acuitus.co.uk
Seller's Solicitors
Blake Morgan New Kings Court, Tollgate, Chandler's Ford
Eastleigh
Southampton
SO53 3LG
Allen Townsend 02380 857 457allen.townsend@blakemorgan.co.uk

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