For Sale
48 London Road,
Portsmouth,
Hampshire,
PO2 0LN
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Investment
2,491 Sq Ft (231.41 Sq M)
- Portsmouth is a major south coast city
- Well-established retail destination within a densely populated suburban district
- Substantial property with future development potential
- Rear access for loading and servicing
- Currently let to Exciting Escapes Limited until June 2028 at £23,000 pax
- Guide price £290,000 stc
- Occupiers London Road Portsmouth - Nearby occupiers include national and regional retailers such as Lidl, Iceland, Poundland, Costa and Greggs, contributing to a vibrant local trading
Location
Portsmouth is a major south coast city. The city enjoys excellent road connectivity, being positioned at the junction of the M27 and A27. The subject property is situated on the eastern side of London Road, in the North End area of Portsmouth. This is a well-established retail destination within a densely populated suburban district. Nearby occupiers include national and regional retailers such as Lidl, Iceland, Poundland, Costa and Greggs, contributing to a vibrant local trading environment.
Description
The property comprises a two-storey building, providing retail accommodation at ground floor level, with office/storage areas, a staff kitchen, and WCs on the first floor. At present, the property has been fitted out as an escape room. To the rear, there is a hardstanding area for loading and servicing, accessed via a dedicated service road.
Accommodation
The accommodation has the following approximate Net Internal Area (NIA):
Energy Performance Rating
We understand the property has an EPC rating of C.
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.
Taxation
Rateable Value (2023): £19,750.
Tenancy Information
The entire property is let to Exciting Escapes Limited on a 10-year lease commencing 25 June 2018. The lease includes a tenant-only break option and an upward-only open market rent review at the fifth anniversary, with the review capped at 125% of the passing rent. The current rent is £23,000 per annum exclusive (pax). The lease is on full repairing and insuring (FRI) terms, subject to a photographic schedule of condition. The landlord holds a rent deposit of £9,583, equivalent to five months' rent.
Covenant
Exciting Escapes Limited is a privately owned company specialising in immersive escape room experiences for families, friends, and corporate clients. Established in 2016 the company operates multiple venues across southern England, including Portsmouth, Basingstoke, and Croydon. The company employs 44 staff members and has demonstrated consistent operational activity since its incorporation.
The company's escape rooms are designed to offer engaging, story-driven challenges that promote teamwork and problem-solving. Each game typically lasts 60 minutes, during which participants work together to solve puzzles and complete missions. Exciting Escapes has received widespread acclaim, boasting over 5,000 five-star reviews across platforms such as TripAdvisor, Google, and Facebook.
Terms
We have been instructed to market the freehold interest, subject to the existing tenancy and contract, at a guide price of £290,000.
VAT
Rents and prices are quoted exclusive of, but may be subject to 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.