For Sale
Kestrel Court,
77-79 High Street,
Cosham,
Portsmouth,
Hampshire
Back to Results
Investment
3,172 Sq Ft (294.68 Sq M)
- Located in busy suburb of Portsmouth
- Strong and accessible location on high street
- Three retail units, together with two residential flats
- Open plan retail units
- Airspace above sold off on long lease
- Fully let with total income of £56,280 pa
- Freehold, subject to the tenancies
- Offers in excess of £575,000 stc
- No VAT
- Nearby occupiers include Peacocks, Greggs, Costa, Specsavers and Betfred
Location
Portsmouth is located approximately 19 miles south east of Southampton and 70 miles south west of London. The city benefits from excellent road communications being situated at the M27/A27 junction, which links to M3 and A3(M) and provides access to London and the wider national motorway network.
The property is located in Cosham, which is a busy suburb of Portsmouth. Nearby occupiers include Peacocks, Greggs, Costa, Specsavers and Betfred.
Description
The subject property comprises a single-storey mid-terrace building. The ground floor is arranged to provide three retail units, with two self-contained residential flats (1 x 1 bedroom and 1 x 2 bedroom) located to the rear and accessed via Dorking Crescent.
The part of the ground floor and airspace above the building benefits from planning permission for a residential development and has been sold off on a long lease.
Accommodation
The accommodation has the following approximate Net Internal Area (NIA):
| Description | Sq Ft | Sq M |
|---|---|---|
| 77 High Street | 636 | 59.08 |
| 77a High Street | 472 | 43.85 |
| 79 High Street | 686 | 63.73 |
| Flat 1 | 797 | 74.04 |
| Flat 2 | 581 | 53.97 |
| Total | 3,172 | 294.67 |
Energy Performance Rating
We understand the property to have an EPC ratings of:
77a High Street: B (expiry date - 09/07/2034)
77 High Street: B (expiry date - 09/07/2034)
79 High Street: B (expiry date - 13/07/2034)
Flat 1, Kestrel Court: D (expiry date - 06/06/2032)
Flat 2, Kestrel Court: D (expiry date - 06/06/2032)
Planning
Interested parties should make their own planning enquiries and satisfy themselves in this regard.
Taxation
We understand the units to have the following current (2023) and future (2026) Rateable Values, respectively:
77a High Street: £5,800; £6,800
77 High Street: £8,000; £9,400
79 High Street: £8,600; £10,000
We understand the flats to have the following Council Tax Bands:
Flat 1, Kestrel Court: B
Flat 2, Kestrel Court: A
Tenancy Information
The property is let to three commercial tenants and two residential tenants, as follows:
77a High Street: Let for a term of five years from 1st December 2021 to 30th November 2026, with a passing rent of £9,000 pa.
77 High Street: Let for a term of five years from 1st February 2026 to 31st January 2031, with a passing rent of £12,000 pa.
79 High Street: Let for a term of four years from 1st June 2023 to 31st May 2027, with a passing rent of £12,000 pa.
Flat 1, Kestrel Court: Let on a periodic AST tenancy at a rent of £12,540 pa.
Flat 2, Kestrel Court: Let on a periodic AST tenancy at a rent of £10,740 pa.
The air space above has been sold off on a long lease.
Therefore, the total rent for the property is £56,280 pa.
Terms
We have been instructed to market the freehold interest, subject to the existing tenancies and contract, with offers in excess of £575,000.
VAT
We understand that the property is not elected for VAT.
Legal Fees
Each party to bear their own legal costs incurred.
Anti-Money Laundering Regulations 2017
In accordance with current Government legislation, we are legally required to conduct Anti-Money Laundering (AML) checks on all prospective purchasers or tenants where the transaction involves a capital value of €15,000 (EUR) or more, or a rental value of €10,000 (EUR) per calendar month or greater.
This process includes verifying identity, as well as confirming the source and availability of funds. Please note that we must obtain and record this information before any transaction can be formalised or contracts exchanged.
Flude Property Consultants for themselves and for the vendors or lessors of this property whose agents they are give notice that: i) these particulars are set out in good faith and are believed to be correct but their accuracy cannot be guaranteed and they do not form any part of any contract; ii) no person in the employment of Flude Property Consultants has any authority to make or give any representation or warranty whatsoever in relation to this property.
Please note that whilst we endeavour to confirm the prevailing approved planning use for properties we market, we can offer no guarantees in this regard. Planning information is stated to the best of our knowledge. Interested parties are advised to make their own enquiries to satisfy themselves in respect of planning issues.
We advise interested parties to make their own enquiries to the local authority to verify the above and the level of business rates payable in view of possible transitional arrangements and any reliefs.