For Sale
102 Albert Road,
Southsea,
Hampshire,
PO5 2SN
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Investment
815 Sq Ft (75.71 Sq M)
- Southsea is a vibrant and well-established coastal district situated within the city of Portsmouth
- Albert Road serves as one of Southsea's principal thoroughfares
- Large ground floor retail unit
- Passing rent £14,000 pax
- Guide price £185,000 stc
- A purchase at this level would reflect a NIY of 7.29%
- 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 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 three-storey mid-terrace mixed-use building of traditional construction beneath pitched and flat roofs.
The ground floor provides a retail unit arranged to offer a predominantly open-plan sales area to the front, together with a rear office, ancillary storage, kitchen and WC facilities. To the rear there is a small enclosed courtyard; however, there is no separate rear access.
The shop frontage is timber-framed incorporating glazed display windows and entrance door. The upper floors are fitted with uPVC double glazed windows.
The upper parts comprise a six-bedroom HMO arranged over the first and second floors, which has been sold off on a long leasehold interest and does not form part of the subject demise.
Accommodation
The accommodation has the following approximate Net Internal Area (NIA):
| Description | Sq Ft | Sq M |
|---|---|---|
| Sales Area | 353 | 435 |
| Ancillary | 148 | 380 |
| Total | 501 | 815 |
Energy Performance Rating
We understand the property has an EPC rating of E (expiry date - 03.02.35).
Planning
Interested parties should make their own planning enquiries and satisfy themselves in this regard.
Taxation
Rateable Value 2026): £8,600
Tenancy Information
The property is let by way of a 10-year lease commencing 01 April 2025, contracted outside 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 option in 2028 on six months notice. The current passing rent is £14,000 per annum exclusive, subject to upward-only CPI-linked rent reviews at three-yearly intervals.
102a above is sold on a long lease expiring September 2143 paying a rent of £150 per annum and is subjected to rent reviews every 25 years.
Terms
We have been instructed to market the freehold interest, subject to the existing tenancy and contract, at a guide price of £185,000. A purchase at this level would reflect a NIY of 7.29%.
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.