Under Offer

222/224 Commercial Road,
Portsmouth,
Hampshire,
PO1

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D1 and Other, Offices, Retail and Leisure

2,617 - 4,292 Sq Ft (243.12 - 398.73 Sq M)

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Features
  • Central position close to public car parks, bus and rail stations
  • Well located within Portsmouth city centre
  • Fully pedestrianised
  • Class E encompasses A1, A2, A3, B1 and some D1 and D2 uses
  • Open plan sales area
  • First floor storage 1,676 sq ft
  • New EFRI lease available
  • Rent £50,000 pax
  • Nearby occupiers include Primark, H&M, Boots, Flannels and Cascades Shopping Centre

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 situated on the eastern side of Commercial Road, which is fully pedestrianised and one of the main shopping areas within the city. Nearby occupiers include Primark, H&M, Boots, Nationwide and Flannels.

Description

City Centre Class E Premises
Sales Area - 243.09 sq m (2,617 sq ft)

Accommodation

The property comprises a purpose-built, two-storey retail unit. The ground floor provides open plan sales area, together with storage space on the
first floor.

The accommodation has the following approximate Net Internal Area (NIA)

Description sq m sq ft
Total sales 243.09 2,617
Storage 155.68 1,676
Total NIA 398.77 4,292

Planning

A new Use Classes Order (UCO) came into effect on 1st September 2020. Under the new UCO a new Use Class E was introduced to cover commercial, business and service uses. Use Class E encompasses A1, A2, A3, B1 and some D1 and D2 uses under the former UCO. We therefore understand that the premises benefit from Class E 'Commercial Business and Service' use within the Use Classes Order 2020.

Interested parties should make their own planning enquiries and satisfy themselves in this regard.

VAT

We understand the property is registered for VAT.

Legal Fees

The prospective tenant will be required to contribute to the costs incurred in this transaction.

Terms

The property is available to let by way of a new (effectively) full repairing and insuring lease for a term of 10 year leases with a five year break option and open market rent review (upward only) at a commencing rent of £50,000 per annum exclusive. The landlord requires a six month rent deposit and personal guarantor.

Rateable Value / Council Tax Band

Rateable Value (2017): £110,000.
Future Rateable Value (2021): £69,500.

Currently, all occupied retail, hospitality & leisure properties receive a discount of 66% on rates payable until 31st March 2022. Following the Government's latest budget, it has been confirmed that there will be a 50% discount from 1st April 2022 until 31st March 2023.

Should you require further information on Business Rates, please contact our in house rating surveyor Daniel Green (d.green@flude.com).

Energy Performance Rating

We understand the property has an EPC rating of E.

Sebastian Martin

023 9262 9007 Email

Alice Masterman

023 9262 9006 Email