For Sale
64-66 Osborne Road,
Southsea,
Hampshire,
PO5 3LU
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Investment
2,009 Sq Ft (186.64 Sq M)
- Central location within Southsea
- Thriving retail and leisure destination
- Two retail units on the ground floor, together with two two bedroom flats above
- Open plan retail units
- Rear garden and access with a first floor patio space for the flats
- Total rent £38,700 pa
- Freehold subject to the tenancies
- Guide price £670,000 stc
- No VAT
- Occupiers in the vicinity including Waitrose, Queens Hotel, Southsea Coffee, Rapscallions and Rocka
Location
Osborne Road, Palmerston Road and Marmion Road form the main commercial centre of Southsea. The area is a popular, established retail and leisure destination, with national and independent occupiers in the vicinity including Waitrose, Queens Hotel, Southsea Coffee, Rapscallions and Rocka.
The property is situated on the southern side of Osborne Road, close to its junction with Netley Road and a short walk away from the seafront.
Description
The subject property comprises a pair of adjoining three-storey, mid-terrace buildings. The property is arranged as two ground floor retail units occupying their respective buildings, complemented with two self-contained residential flats spanning the first and second floors of their respective buildings.
Accommodation
The accommodation has the following approximate Net Internal Area (NIA) and Gross Internal Area (GIA):
| Description | Sq Ft | Sq M |
|---|---|---|
| 64 Osborne Road | 728 | 67.63 |
| 66 Osborne Road | 1281 | 119 |
| Flat 64a | 773 | 71.81 |
| Flat 66a | 913 | 84.82 |
| Total | 3,695 | 343.26 |
Energy Performance Rating
We understand the property has the following EPC ratings:
No. 64-66 - C (expiring 26/08/2035)
No. 64a - C (expiring 03/12/2029)
No. 66a - C (expiring 25/08/2035)
Planning
Interested parties should make their own planning enquiries and satisfy themselves in this regard.
Taxation
We understand the units to have the following Rateable Value (2023):
Unit 64 - £8,800
Unit 66 - £15,750
We understand the flats to have the following Council Tax Bands:
Flat 64a - B
Flat 66a - B
Tenancy Information
The ground floor retails units are both let to Care and Relief for the Young under two separate leases. Both are by way of a 5 year term that commenced on 1 March 2021, inside The Act, with effectively full repairing and insuring obligations. The tenants have an obligation to reinstate the party wall that originally divided the rears of the units. The passing rent for 64 is £7,200 pa and the passing rent for 66 is £10,800 pa.
No. 64a is let on a periodic AST tenancy at a rent of £9,900 pa. No. 66a is let on an informal basis to the same tenant currently paying £10,800 pa.
Therefore, the total rent for the property is £38,700 pa.
Terms
We have been instructed to market the freehold interest, subject to the existing tenancies and contract, at a guide price of £670,000.
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.