High Yielding Freehold Retail Investment (with Future Development Potential)
Let to Darker Enterprises Limited
Pedestrianised City Centre location
Planning Permission approved in June 2018 for conversion of upper parts to two x 1 bedroom/studio flats (subject to lease)
Nearby occupiers include Primark, Pandora, Warren James, Lush, Bodyshop, Puregym, Wilko and Superdrug
High Yielding on Guide Price
Lot 19
Auction 10th December 2020
Rent £36,000 per Annum Exclusive
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
18 miles south-east of Southampton
70 miles south-west of London
Roads
M275, M27, A3(M)
Rail
Portsmouth & Southsea
Air
Southampton
Situation
Portsmouth is a popular port and coastal city approximately 18 miles south-east of Southampton and 70 miles south-west of London. The property is situated in a prominent location on the pedestrianised Arudel Street, in the heart of the city centre, less than half a mile from Portsmouth University and a short walk to Cascades Shopping Centre, with retailers including Primark, Pandora, Warren James, Lush and Bodyshop. Other nearby occupiers on Arundel Street include Puregym, Wilko and Superdrug.
Tenure
Freehold.
Location
Miles
18 miles south-east of Southampton
70 miles south-west of London
Roads
M275, M27, A3(M)
Rail
Portsmouth & Southsea
Air
Southampton
Situation
Portsmouth is a popular port and coastal city approximately 18 miles south-east of Southampton and 70 miles south-west of London. The property is situated in a prominent location on the pedestrianised Arudel Street, in the heart of the city centre, less than half a mile from Portsmouth University and a short walk to Cascades Shopping Centre, with retailers including Primark, Pandora, Warren James, Lush and Bodyshop. Other nearby occupiers on Arundel Street include Puregym, Wilko and Superdrug.
Tenure
Freehold.
Description
The property comprises a two storey building, arranged as a ground floor shop with ancillary accommodation on the first floor. The second floor is a facade only and therefore void, but allowing for possible development.
VAT
VAT is applicable to this lot.
Planning
Planning permission was approved in June 2018 for two x 1 bedroom/studio flats above (Ref: 18/00005/PASBD). For more information please contact Portsmouth City Council:
T: 023 9282 2251
E: planning@portsmouthcc.gov.uk
Completion Period
Six Week Completion
EPC
D. See legal pack at www.acuitus.co.uk.
Description
The property comprises a two storey building, arranged as a ground floor shop with ancillary accommodation on the first floor. The second floor is a facade only and therefore void, but allowing for possible development.
VAT
VAT is applicable to this lot.
Planning
Planning permission was approved in June 2018 for two x 1 bedroom/studio flats above (Ref: 18/00005/PASBD). For more information please contact Portsmouth City Council:
T: 023 9282 2251
E: planning@portsmouthcc.gov.uk
Completion Period
Six Week Completion
EPC
D. See legal pack at www.acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Ground First
Retail/Ancillary Ancillary
78.50 sq m 78.50 sq m
(845 sq ft) (845 sq ft)
DARKER ENTERPRISES LIMITED (1)
15 years from 02/04/2007 until 01/04/2022 on a full repairing and insuring lease (2)
£36,000
Total
157.00 sq m
(1,690 sq ft)
£36,000
(1) For the year ending 31/12/2018, Darker Enterprises Limited did not report a turnover or pre-tax profits, but reported total assets of £1,361,952 (NorthRow 18/11/2020). (2) The lease is FR&I, subject to a Schedule of Condition.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
