Rolling landlord & tenant break options, subject to 2 months' notice
Lease excluded from the provisions of the Landlord & Tenant Act 1954
Of interest to owner occupiers, developers or investors
Asset management opportunities
Prime City Centre location close to Primark, H&M, TK Maxx, Next, Sports Direct, Superdrug and Boots
Lot 26
Auction 13th December 2021
Rent £18,000 per Annum Exclusive
Status Sold
Price £350,000
Sector High Street Retail
Auction Venue Live Streamed Auction
On the Instructions of a Major Fund
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 prominent position on the pedestrianised Commercial Road, less than 500m from Portsmouth & Southsea Train Station and a short walk to Cascades Shopping Centre, with retailers including Primark, H&M, TK Maxx, Next, Lush and Bodyshop. Other nearby occupiers include Sports Direct, Boots, Superdrug and Burger King.
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 prominent position on the pedestrianised Commercial Road, less than 500m from Portsmouth & Southsea Train Station and a short walk to Cascades Shopping Centre, with retailers including Primark, H&M, TK Maxx, Next, Lush and Bodyshop. Other nearby occupiers include Sports Direct, Boots, Superdrug and Burger King.
Tenure
Freehold.
Description
The property comprises a two storey building, arranged as a well configured ground floor shop with ancillary accommodation on the first floor.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
E. See legal pack at www.acuitus.co.uk.
Description
The property comprises a two storey building, arranged as a well configured ground floor shop with ancillary accommodation on the first floor.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
E. 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
232.82 sq m 157.56 sq m
(2,506 sq ft) (1,696 sq ft)
TESSUTI LTD (1)
Approximately 1.5 years from 26/01/2021 until and including 23/06/2022 (2) on a full repairing & insuring lease
£18,000
Total
390.38 sq m
(4,202 sq ft)
£18,000
(1) Tessuti was founded in 1985 and now operates from over 30 stores across the UK. In 2016, Tessuti was acquired by JD Sports PLC (www.tessuti.co.uk). (2) The landlord & tenant benefit from a rolling option to determine the lease, subject to two months notice. The lease is excluded from the Security of Tenure provisions of the Landlord & Tenant Act 1954.
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.
