Under Offer
Unit 22,
Cascades Shopping Centre,
Commercial Road,
Portsmouth,
Hampshire,
PO1 4RL
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Retail and Leisure
1,243 - 1,681 Sq Ft (115.47 - 156.16 Sq M)
- Predominant shopping centre in Portsmouth City Centre anchored by Primark, H&M, Next and Sports Direct
- Serviced by in excess of 1,000 adjacent car parking spaces
- 28,280 students at University of Portsmouth
- Footfall 6.7 million per annum (last 12 months)
- New flexible leases available
- Rent on application
- Other occupiers in the centre include Starbucks, Lush, TK Max, New Look and The Body Shop
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 Cascades Shopping Centre is the predominant and well managed shopping centre in the City Centre, anchored by Primark, H&M, Next and Sports Direct. On average the centre receives 130,000 visitors per week and is serviced by in excess of 1,000 adjacent car parking spaces.
Description
Class E Premises
Sales Area 115.47 sq m (1,243 sq ft)
Accommodation
The accommodation has the following approximate floor areas:
Sales Area 115.50 sq m (1,243 sq ft)
First Floor 40.64 sq m (437 sq ft)
Total 156.014sq m (1,681 sq ft)
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
Each party to bear their own legal costs incurred.
Terms
The property is available to let by way of a new (effectively) full repairing and insuring lease for a term to be agreed at a commencing rent of £35,500 per annum exclusive.
The service charge is £18,698 plus VAT per annum.
Rateable Value / Council Tax Band
Rateable Value: £40,000.
Rates Payable: £19,960.
Rates Payable with 75% Discount: £4,990.
Following the Government's latest budget, it has been confirmed that there will be a 75% discount from 1st April 2023 until 31st March 2024.
Subject to annual cash cap of £110,000 per business and qualifying use. Interested parties should make their own enquiries to satisfy themselves of their business rates liability.
Energy Performance Rating
We understand the property has an EPC rating of C.
Viewing
For further information or to arrange a viewing, please contact:
Alice Masterman
023 9262 9006
a.masterman@flude.com