119 Commercial Road Portsmouth PO1 1BU

119 Commercial Road
Portsmouth
PO1 1BU

Prime City Centre Retail Investment

Let to Schuh Limited on a 10 year lease until September 2021
Pedestrianised city centre location
Nearby occupiers include Marks & Spencer, Top Shop, H&M and WH Smith
Adjacent to the recently extended Primark unit
Six Week Completion Period Available
Rent: £140,000 p.a.x. (gross), £139,500 p.a.x. (net)

Lot
17
Auction
24th May 2012
Rent
£140,000 per Annum Exclusive
Status
Withdrawn Post
Price
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP

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Prime City Centre Retail Investment

Let to Schuh Limited on a 10 year lease until September 2021
Pedestrianised city centre location
Nearby occupiers include Marks & Spencer, Top Shop, H&M and WH Smith
Adjacent to the recently extended Primark unit
Six Week Completion Period Available
Rent: £140,000 p.a.x. (gross), £139,500 p.a.x. (net)

Lot 17
Auction 24th May 2012
Rent £140,000 per Annum Exclusive
Status Withdrawn Post
Price
Sector
High Street Retail
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 50 miles west of Brighton, 74 miles south-west of London
Roads: A3(M), M275, M27 (via M272)
Rail: Portsmouth Rail Station (2 hours to London Waterloo)
Air: Southampton International Airport (21 miles to the west)

Situation

The property is situated on the prime pedestrianised retail pitch of Commercial Road in Portsmouth city centre adjacent Cascades Shopping Centre and opposite Debenhams department store. Other nearby retailers include Primark, H&M, WH Smith, Boots and Waterstones. The city centre provides generous car parking provision with Portsmouth and Southsea Rail Station situated 300 metres to the south.

Tenure

Long Leasehold. Held for a term of 116 years from 18th May 2005 from Trinity College, Cambridge at a rent of £500 per annum to be reviewed every 25 years in line with the Retail Price Index.

Location

Miles: 50 miles west of Brighton, 74 miles south-west of London
Roads: A3(M), M275, M27 (via M272)
Rail: Portsmouth Rail Station (2 hours to London Waterloo)
Air: Southampton International Airport (21 miles to the west)

Situation

Tenure

Long Leasehold. Held for a term of 116 years from 18th May 2005 from Trinity College, Cambridge at a rent of £500 per annum to be reviewed every 25 years in line with the Retail Price Index.

Description

The property comprises ground floor retail accommodation with self contained storage and ancillary accommodation on first and second floors accessed via an external staircase to the rear of the property.

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

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground First Second	Shop Storage Ancillary	309 sq m (1) 28.52 sq m 25.73 sq m	(3,326 sq ft) (307 sq ft) (277 sq ft)	SCHUH LIMITED (1)	10 years from 23/09/2011 until 22/09/2021 on full repairing and insuring terms	£140,000 (2)	23/09/2016
Totals		363.25 sq m	(3,910 sq ft)			£140,000

(1) For the year ending 27th March 2011, Schuh Limited reported a turnover of £163,601,000, pre-tax profits of £14,828,000 and a total net worth of £53,576,000 (Source: www.riskdisk.com 26/04/2012). The company sells footwear through its chain of retail stores, from concession operations and via online activities. There are currently over 75 Schuh stores in the UK and the company is planning to expand. (www.schuh.co.uk)
(2)Under the terms of the lease, the current rent reserved is £135,000 per annum exclusive with a rent free period expiring 22nd September 2012. The lease provides for annual fixed rental increases as follows: to £136,000 p.a.x. from 23rd September 2012, to £137,000 p.a.x. from 23rd September 2013, to £138,000 p.a.x. from 23rd September 2014 and to £140,000 p.a.x. from 23rd September 2015. The seller will pay the buyer the difference between the passing rent and £140,000 p.a.x. from completion of the sale until September 2015. As a result, the property will produce a total income of £140,000 per annum exclusive from the completion of the sale.