Commercial Investment For Sale in Portchester, Hampshire PO16

This property is marketed by:
Bonsors / SHW

Key Features

• Adjacent to the main arterial route through Portchester on the A27 in the centre of Porchester. Situated on the pedestrianised West Street.
• Let in its entirety to Tesco Stores Limited on a 15 year lease from and including 27th November 2020 to 26th November 2035 on a full and repairing basis
• Current passing rent of £70,000 per annum.
• The lease benefits from a rent review of the fifth and tenth anniversaries of the lease term commencement date.
• The rent is to be reviewed on an Open Market Value (OMV) basis, with the total rental increase being capped at 112.5% of the current passing rent. The November 2025 rent review is outstanding.
• Long Leasehold of 999 years from September 2020
• Strong PLC Covenant.
• Offers in excess of £875,000 (Eight Hundred and Seventy Five Thousand Pounds) are invited for the long leasehold interest, subject to contract and exclusive of VAT.
• A purchase at this level would equate to a net initial yield of 7.58% assuming standard purchase costs.

Description

The property has a brick façade with a glazed shop frontage to the ground floor and benefits from a flat roof. Internal accommodation includes sale floor, bakery, storeroom, small office, kitchen/ break out area and WCs.

Location

Porchester is a suburb of Portsmouth. Portchester is 13 miles to the East of Southampton, 43 miles to the West of Brighton & Hove and 60 miles to the South West of London. Portchester benefits from excellent road connection being in close proximity to the A27 and M27 which provide easy access to Southampton, Chichester and Brighton & Hove. Portchester train station offers excellent rail connectivity, providing regular services to Southampton, Portsmouth, Brighton and London Waterloo.