Starbucks Coffee Burrfields Road Portsmouth Hampshire PO3 5NP

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
14th February 2019
Rent
£100,000 per Annum Exclusive
Status
Sold
Price
£1,430,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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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 14th February 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

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.

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

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.

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

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground	Retail/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.