9 Arundel Street
Portsmouth
Hampshire
PO1 1NB

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
10/Dec/2020
Rent
£36,000 per Annum Exclusive
Status
Available
Price*
£225,000+
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Expand
Photos
Map

* More information on the term "price" can be found here

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.

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 £1,000 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.