For Sale
17-19 Highland Road,
Southsea,
Hampshire,
PO4 9DA
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Investment
1,346 Sq Ft (125.04 Sq M)
- Southsea is a vibrant and well-established coastal district situated within the city of Portsmouth
- Albert Road and Highland Road serves as one of Southsea's principal thoroughfares
- The property is arranged as two retail units and occupied as a café and bookshop
- Passing rent £20,576 pax (ERV £28,500 pax)
- Guide price £280,000 stc
- A purchase at this level would reflect a NIY of 7% and a reversionary yield of 10% based on our ERV of £28,500 pax
- Freehold interest available
- No VAT
Location
Southsea is a vibrant and well-established coastal district situated within the city of Portsmouth, Hampshire. Renowned for its strong mix of independent retailers, restaurants, cafés, and leisure facilities, Southsea benefits from a substantial residential catchment and a thriving visitor economy, particularly during the summer months.
Albert Road and Highland Road serves as one of Southsea's principal thoroughfares and is a key commercial artery, linking the seafront with the wider Portsmouth area. The road is characterised by a diverse range of occupiers including national operators, independent traders, and a lively evening and night-time economy, underpinned by several public houses, bars, and entertainment venues, including the well-known Kings Theatre.
Description
The property comprises a two-storey mid-terrace building of traditional construction beneath a pitched roof covering. The main elevations are rendered and painted. The shop fronts are timber-framed incorporating glazed display windows and entrance doors. Windows to the upper parts are uPVC double glazed units.
No. 17 is configured as a café, providing a front seating area together with a fitted kitchen, ancillary storage and WC facilities to the rear. No. 19 comprises an open-plan retail unit with ancillary storage, WC facilities and a kitchenette located to the rear.
The two residential flats above have been sold off on long leasehold interests and do not form part of the subject demise.
Accommodation
The accommodation has the following approximate Net Internal Area (NIA):
| Description | Sq Ft | Sq M |
|---|---|---|
| No. 17 | 621 | 725 |
| No. 19 | 621 | 57.69 |
| Total | 1,242 | 782.69 |
Energy Performance Rating
We understand the property has an EPC rating of B (expiry date - 19 March 2036).
Planning
Interested parties should make their own planning enquiries and satisfy themselves in this regard.
Taxation
No. 17 - Rateable Value (2026): £5,100
No. 19 - Rateable Value (2026): £4,850
Tenancy Information
No. 17 is let by way of a 10-year lease commencing 24 December 2022, contracted inside the security of tenure provisions of the Landlord and Tenant Act 1954, on effectively full repairing and insuring terms. The lease is granted without a tenant break option. The current passing rent is £14,300 per annum exclusive, subject to upward-only CPI-linked rent reviews at three-yearly intervals.
No. 19 is let by way of a 10-year lease commencing 24 December 2022, contracted inside the security of tenure provisions of the Landlord and Tenant Act 1954, on effectively full repairing and insuring terms. The lease is granted with tenant break options in 2026, 2028 and 2031 on six months notice. The current passing rent is £6,276 per annum exclusive, subject to upward-only CPI-linked rent reviews at three-yearly intervals.
Flat 1 above is sold on a long lease expiring January 2175 paying a rent of £100 per annum and Flat 2 is sold long lease expiring January 2085 paying a rent of £100 per annum.
Terms
We have been instructed to market the freehold interest, subject to the existing tenancies and contract, at a guide price of £280,000. A purchase at this level would reflect a NIY of 7% and a reversionary yield of 10% based on our ERV of £28,500 pax.
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.