117-147 Commercial Road Portsmouth Hampshire PO1 1BU

117-147 Commercial Road
Portsmouth
Hampshire
PO1 1BU

Freehold Ground Rent Investment

Substantial City Centre Department Store with 4 adjoining shops
Approx. Site area of 0.60 Ha (1.49 Acres)
Buildings which extend to an approximate Floor Area of 13,984.09 sq. m. (150,524 sq. ft.)
Occupiers include Primark, H&M, H Samuel, Footasylum and Schuh
A Primark Lease to expire in January 2049 offering Valuable Reversion
Prime position on Commercial Street adjacent to Cascades Shopping Centre
Nearby occupiers include River Island, Superdrug, JD Sports, Waterstones, Burger King, Wendy's and KFC

Lot
14
Auction
7th November 2024
Rent
£12,925 per Annum Exclusive
Status
Sold
Price
£550,000
Auction Venue
Live Streamed Auction
On Behalf of a Cambridge College

Important Update Interested?

Expand
Photos
Map

Freehold Ground Rent Investment

Substantial City Centre Department Store with 4 adjoining shops
Approx. Site area of 0.60 Ha (1.49 Acres)
Buildings which extend to an approximate Floor Area of 13,984.09 sq. m. (150,524 sq. ft.)
Occupiers include Primark, H&M, H Samuel, Footasylum and Schuh
A Primark Lease to expire in January 2049 offering Valuable Reversion
Prime position on Commercial Street adjacent to Cascades Shopping Centre
Nearby occupiers include River Island, Superdrug, JD Sports, Waterstones, Burger King, Wendy's and KFC

Lot 14
Auction 7th November 2024
Rent £12,925 per Annum Exclusive
Status Sold
Price £550,000
Sector
Ground Rent
Auction Venue
Live Streamed Auction
On Behalf of a Cambridge College

Property Information

Location

Miles: 15 miles south east of Southampton, 13 miles west of Chichester
Roads: M275, A3
Rail: Portsmouth & Southsea Railway Station
Air: Southampton Airport

Situation

Portsmouth is a major port and coastal city, popular with tourists and retailers. The property is situated the prime retailing pitch on the north side of the pedestrianised Commercial Road, Portsmouth's principal retailing thoroughfare, home to the Cascades Shopping Centre. Nearby occupiers include River Island, JD Sports, Waterstones, Burger King, Wendy's and KFC.

Tenure

Freehold.

Location

Miles: 15 miles south east of Southampton, 13 miles west of Chichester
Roads: M275, A3
Rail: Portsmouth & Southsea Railway Station
Air: Southampton Airport

Situation

Tenure

Freehold.

Description

The property comprises a site of 0.60 Ha (1.49 Acres). upon which sits an extensive department store with 4 adjoining shops with a total approximate floor area of 13,984.09 sq. m. (150,524 sq. ft.) (1)

Current occupiers within the property include Primark, H&M, Schuh, Footasylum and H. Samuel.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Address	Tenant	Term	Rent p.a.x.	Review	Reversion
117 Commercial Road	DENTON & CO TRUSTEES LIMITED and INDIVIDUAL	125 years from 25/03/1996	£8,500	25/03/2026 and 5 yearly thereafter (2)	24/03/2121
119 Commercial Road	ACSL PROPERTIES LIMITED	116 years from 18/05/2005	£500	18/05/2030 and 25 yearly thereafter (3)	24/03/2121
121-127 Commercial Road	PRIMARK STORES LIMITED	99 years from 03/01/1950	£3,925		02/01/2049
129-135 Commercial Road	PRIMARK STORES LIMITED	150 years from 14/01/1999	£0		13/01/2149
137-143 Commercial Road	BANKUWAIT NOMINEES LIMITED and GRAVITAS HOLDINGS PLC	125 years from 28/06/2002	£0		27/06/2127
145-147 Commercial Road	NT PROPERTY NOMINEES 1A LIMITED and NT PROPERTY NOMINEE	125 years from 13/12/1989	£0		09/12/2114
Total			£12,925

(1) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk).
(2) The five yearly rent reviews are to 8.5% of the occupational rents or Estimated Rental Value (subject to min. rent of £6,205 p.a.), whichever is the greater.
(3) RPI Linked Rent Reviews.

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.