Freehold Retail and Residential Ground Rent Investment
Substantial Former Bank Building
Currently comprises 2 shops with 4 flats on the second & third floors (sold off)
Approximate commercial floor area of 435.80 sq m (4,685 sq ft)
Prominent corner position in town centre
Popular seaside resort town
VAT Free Investment
Lot 19
Auction 27th March 2024
Rent £68,960 per Annum Exclusive
Status Sold
Price £455,000
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
1.8 miles south of Portsmouth, 1.5 miles south east of Gosport, 17 miles south east of Southampton,
Roads
M275, M27, A3(M)
Rail
Portsmouth & Southsea Railway Station, Fratton Railway Station
Air
Southampton Airport
Situation
Southsea is a popular seaside resort located 1.8 miles south of Portsmouth's city centre. The property is prominently situated on the corner of the pedestrianised Palmerston Road and Osborne Road, in the main commercial area of Southsea. Other occupiers on Palmerston Road include JD Wetherspoon, New Look, Iceland, Boots, Robert Dyas and Clarks.
Tenure
Freehold.
Location
Miles
1.8 miles south of Portsmouth, 1.5 miles south east of Gosport, 17 miles south east of Southampton,
Roads
M275, M27, A3(M)
Rail
Portsmouth & Southsea Railway Station, Fratton Railway Station
Air
Southampton Airport
Situation
Southsea is a popular seaside resort located 1.8 miles south of Portsmouth's city centre. The property is prominently situated on the corner of the pedestrianised Palmerston Road and Osborne Road, in the main commercial area of Southsea. Other occupiers on Palmerston Road include JD Wetherspoon, New Look, Iceland, Boots, Robert Dyas and Clarks.
Tenure
Freehold.
Description
The property comprises a substantial former bank building currently arranged to provide two retail units over ground, basement, mezzanine and first floors. The second and third floors provide four residential flats which have been sold off on long leases.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a substantial former bank building currently arranged to provide two retail units over ground, basement, mezzanine and first floors. The second and third floors provide four residential flats which have been sold off on long leases.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Address
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
68 Palmerston Road
Ground Basement Mezzanine First
Retail Ancillary Ancillary Ancillary
179.20 118.40 64.20 33.80
(1,928) (1,274) (691) (363)
INDIVIDUAL
5 years from 6/10/2023
£59,860
92 Osborne Road
Ground First
Retail Ancillary
29.10 10.80
(313) (116)
84 CARE SERVICES LTD t/a Sam Arabbetou Jewellers
16 years from 13/10/2023
£8,250
17/02/2029 17/02/2034
94-100 Osborne Road
Second Third
4 x flats
-
-
INDIVIDUALS
Let on 4 leases for a term of 125 years
£850
Total Approximate Commercial Floor Area
435.80
(4,685) (1)
£68,960
(1) The commercial floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk).
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.
