97-99 West Street
Fareham
Hampshire
PO16 0AS

Freehold Retail and Residential Development Opportunity

  • Large property comprising 8,706 sq ft (existing)
  • Redevelopment and Change of Use Potential - new scheme proposed to include three re-configured retail units with 5 x 1 bedroom apartments and 4 x 2 bedroom apartments above
  • Prominent corner location close to Fareham Shopping Centre and Market Quay
  • Potential dilapidations opportunity from outgoing tenant on lease expiry
  • VAT-free opportunity
  • Lot
    24
  • Auction
    28/Oct/2020
  • Vacant Possession
  • Status
    Sold
  • Price*
    £457,000
  • Sector
    Development
  • Auction Venue
    Live Streamed Auction
Important Auction & Property Update
  • 97-99 West Street<br>Fareham<br>Hampshire<br>PO16 0AS
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* More information on the term "price" can be found here

Property Information

Location
Miles
6 miles north-west of Portsmouth
11 miles south-east of Southampton
Roads
M27 (J10)
Rail
Fareham
Air
Southampton Airport
Situation

Fareham is an attractive market town approximately 6 miles north-west of Portsmouth and 11 miles south-east of Southampton. The property is located in a prominent location on the north side of West Street, at its junction with Westbury Road, less than 100m from Fareham Shopping Centre, with retailers including Estee Lauder, Boots the Chemist, JD Sports, B&M, Ernest Jones and Next.

Tenure

Freehold.

Description

The property comprises a large, well configured shop with ancillary accommodation on the first floor. The property benefits from good side and rear access.

VAT

VAT is not applicable to this lot.

Planning

A planning application was made in 2019 to reduce the size of the ground floor retail accommodation by dividing it into three separate retail units. The proposal also included two storeys of residential accommodation comprising 5x 1 bed apartments and 4x 2 bed apartments. A pre-application was made and the response from the planners at the time was positive. Planning Ref: P/19/1202/FP. Copies of the proposed development are available from the legal pack. For additional information, please contact Fareham Borough Council: T: +44 (0)1329 236100 E: devcontrol@fareham.gov.uk

Completion Period

Six Week Completion

EPC

Band C. See legal pack at www.acuitus.co.uk.

Tenancy & Accommodation

FloorUseFloor Areas (Approx)Possession
Ground
First
Retail
Ancillary
522.74 sq m
286.04 sq m
(5,627 sq ft)
(3,079 sq ft)
VACANT (1)
Total
808.78 sq m
(8,706 sq ft) 

(1) The property is currently let to Argos Limited on FRI terms on a lease expiring 24/12/2020 at a rent of £113,500 per annum.
The tenant is not in occupation of the property, having vacated the property in April 2018.

If you are the successful bidder, Acuitus requires a separate payment of £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    07.10.20
    File Size
    12 MB
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  • Site Plan
    Updated Date
    07.10.20
    File Size
    713 KB
    View PDF
  • Catalogue Page
    Updated Date
    07.10.20
    File Size
    3 MB
    View PDF
  • Common Auction conditions
    Updated Date
    01.07.20
    File Size
    277 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    07.10.20
    File Size
    1,016 KB
    View PDF
  • Customer Due Dilligence Form
    Updated Date
    20.05.20
    File Size
    585 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George GoucherGeorge Goucher +44 (0)20 7034 4860george.goucher@acuitus.co.uk
Seller's Solicitors
BTMK Solicitors Barringtons, Hockley Road
Rayleigh
Essex
SS6 8EH
William Todman 01268 774 073william.todman@btmk.co.uk

Useful Links

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