For Sale
194 Fratton Road,
Portsmouth,
Hampshire,
PO1 5HD
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Retail, Food and Beverage, Offices
522 Sq Ft (48.49 Sq M)
- Well located close to public transport and shops
- Self-contained ground floor shop
- Suspended Ceiling
- Great opportunity for owner occupier or investor
- Long leasehold interest with 990 years remaining
- Peppercorn rent
- Sold with vacant possession
- ERV when fully let could be around £11,000 pax
- OIEO £110,000
- May be eligible for small business rate relief
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 on the eastern side of Fratton Road, close to its junction with Arundel Street.
Description
Ground Floor Shop Long Leasehold Opportunity
Total Size: 63.69 sq m (686 sq ft)
Accommodation
The property comprises a ground floor lock-up shop within a three storey building. The premises have been used as an office and benefits from suspended ceiling and carpeted floors.
The unit is open plan with kitchenette, W/C and storage. The unit has a hard shop frontage but could be used as a retail use.
Total NIA - 48.49 sq m (522 sq ft)
Energy Performance Rating
We understand the property has an EPC rating of D (88).
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.
This won't be suitable for food uses.
Taxation
Rateable Value (2023): £4,750.
The occupier may be entitled to 100% Small Business Rate relief.
Terms
We have been instructed to market the property at a guide price of £110,000 for the long leasehold interest, subject to contract and vacant possession.
ERV when fully let could be around £11,000 pax.
The long leasehold interest has 990 years remaining and pays a peppercorn rent.
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
Due to Government legislation, we are legally obliged to undertake Anti-Money Laundering checks on prospective Purchasers / Tenants where a transaction has a capital value of €15,000 (Euro) or more or a rental value of €10,000 (Euro) per calendar month or more. This includes checking proof and source of funds. Please note that we need to obtain the relevant information and record this on file before a transaction can be contracted.
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.