97-99 West Street Fareham Hampshire PO16 0AS

  • 97-99 West Street<br>Fareham<br>Hampshire<br>PO16 0AS

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
    28th October 2020
  • Vacant Possession
  • Status
    Sold
  • Price
    £457,000
  • Auction Venue
    Live Streamed Auction
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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 28th October 2020
  • Vacant Possession
  • Status Sold
  • Price £457,000
  • Sector
    Development
  • Auction Venue
    Live Streamed Auction

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.

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.

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

Floor Use Floor 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 £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@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

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk
Property InsuranceBrown & BrownNatasha WardBroking Director+44 7545 208 759bbrown.com

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