Retail Investment For Sale in Portsmouth, Hampshire PO3

This property is marketed by:
Bonsors / SHW

Key Features

• Located in an suburb of Portsmouth which benefits from a high density of residential dwelling
• Let in its entirety to Southern Co-Operative Limited on a 15 year lease with no break options until August 2034
• Current passing rent of £48,038 per annum.
• The lease benefits from a rent review of the fifth and tenth anniversary of the lease term commencement date.
• The rent is to be reviewed in line with annually compounded RPI uplifts, subject to a cap and collar of 1% and 3%.
• Strong Financial Covenant with a D&B Rating of 5A2 and shareholders funds in excess of £80 million.
• Opportunity to break up the two terraced houses and maximise returns through letting or sale.
• Offers in excess of £650,000 (Six Hundred and Fifty Thousand Pounds) are invited for the freehold interest, subject to contract and exclusive of VAT.
• A purchase at this level would equate to a net initial yield of 7.03% rising to 8.15% in August 2029, assuming purchasers costs of 5.18% and 3% pa RPI growth.

Description

The property provides a large corner commercial unit which incorporates the two terraced houses to the east. The premises is predominantly of traditional brick construction with pitched and hipped roof. The flat roof extension is of steel frame construction. Windows comprise a plate glass shop frontage to the ground floor, sash windows to the first floor north elevation. PVCu double glazed windows have been installed to the west and south elevations. To the rear of the store is a covered loading area accessed by metal gates. Accommodation comprises of sale floor, Post Office, bakery, storeroom, kitchen/ break out area and WCs.

Location

Located in an eastern suburb of Portsmouth within the county of Hampshire. The property is 1.5 miles to the East of Portsmouth city centre, 18 miles to the South East of Southampton and 61 miles to the South West of London. The A2030 (Eastern Road) is the primary road which connects the area to Portsmouth city centre as well as the A3 and M275. Fratton, Portsmouth and Southsea are the closest train stations to the property offering regular services to Portsmouth Harbour, London Waterloo, Southampton and Basingstoke.