For Sale
29 London Road,
Portsmouth,
Hampshire,
PO2 0BH
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Investment
2,203 Sq Ft (204.66 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 / three car parking spaces
- Currently let to Audio T Limited until June 2031 at £27,500 pax
- OIEO £305,000
- Nearby occupiers include national and regional retailers such as Lidl, Iceland, Poundland, Costa and Greggs, contributing to a vibrant local trading environment
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 subject property comprises a single-storey, end-of-terrace retail unit of traditional construction. Internally, the accommodation is configured to provide an open-plan lock-up shop with roller shutter security to the frontage, together with ancillary staff and storage areas situated towards the rear.
Externally, the demise benefits from three designated off-road car parking spaces located to the rear of the premises.
Accommodation
The accommodation has the following approximate Net Internal Area (NIA):
Energy Performance Rating
We understand the property has an EPC rating of B-41.
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.
Taxation
Rateable Value (2023): £26,000.
Tenancy Information
The entire property is let to Audio T Limited on a 10-year lease commencing 25th June 2021. The lease includes a tenant-only break option in June 2027 and a rent review in June 2026. The current rent is £27,500 per annum exclusive (pax). The lease is on full repairing and insuring (FRI) terms.
Covenant
Audio T is the UK's largest independent specialist retailer of high-fidelity audio and home cinema equipment. Established in 1966, the company has built a longstanding reputation for technical expertise and customer service, underpinned by over five decades of industry experience.
Operating from a network of ten physical retail outlets across England and Wales, Audio T maintains a strong high street presence while also catering to a nationwide client base through its online platform. The Portsmouth branch-situated within the subject premises-forms part of this strategic portfolio and serves as a regional hub for high-quality audio-visual products and personalised customer consultation.
Further information can be found at: https://audiot.co.uk/audiot-portsmouth
Terms
We have been instructed to market the freehold interest, subject to the existing tenancy and contract, at offers in excess of £305,000.
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.